LONDON--(BUSINESS WIRE)--The global isobutene market size is expected to grow by USD 7.31 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
With the growing need for tires in automotive vehicles from original equipment manufacturers (OEM) and the aftermarket, the demand for rubber is expected to increase at a significant rate. Butyl rubber is highly used in tire manufacturing due to its excellent chemical and mechanical properties such as high vibration damping capabilities and low permeability to air and moisture. Countries such as Thailand, Indonesia, and Malaysia are the major markets for rubber due to their high production and consumption capacities. This is expected to drive the demand for isobutylene, as they are used in the production of synthetic rubber, butyl rubber, and isobutylene-isoprene rubber (IIR). Thus, the growing automotive market will foster the demand for rubber in tire manufacturing, thereby driving the growth of the isobutene market during the forecast period.
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As per Technavio, the growing demand in the manufacturing of fine chemicals, adhesives, and antioxidants will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Isobutene Market: Growing Demand in the Manufacturing of Fine Chemicals, Adhesives, and Antioxidants
Isobutene is known to be a key chemical that is used in the production of plastics, adhesives, antioxidants, and specialty chemicals. Since isobutene contains a reactive double bond, it is actively used in various types of chemical reactions. The product is used in the copolymerization reaction of isobutene and isoprene to form butyl rubber which is used in the manufacture of adhesives. Isobutene is also used in the manufacture of antioxidants. In a chemical reaction, when high-purity isobutene reacts with anisole or p-cresol, synthetic oxidants are obtained. These antioxidants find their applications in the food and beverages industry. High-purity isobutylene or isobutene is also used in the manufacture of neopentanoic acid, methyl chloride, polyisobutylene (PIB), and other chemicals. Such varying applications of isobutene will drive the growth of the market during the forecast period.
“Factors such as the rising demand for gasoline additives, the increasing R&D and M&A activities, and the establishment of new production facilities will have a significant impact on the growth of the isobutene market value during the forecast period,” says a senior analyst at Technavio.
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Isobutene Market: Segmentation Analysis
This market research report segments the isobutene market by product (methyl tert-butyl ether and ethyl tert-butyl ether) and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the isobutene market share in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the establishment of new production facilities, expanding aerospace and pharmaceutical end-user industries, and the increasing demand for rubber from the automotive industry.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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