LONDON--(BUSINESS WIRE)--Global isobutene market will grow by USD 7.31 billion during 2020-2024.
Amid the COVID-19 pandemic, the global isobutene market registered a YOY growth of 4.12% in 2020 and the market is estimated to expand at a CAGR of over 4% during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get Free Sample Report Delivered Instantly to Know More
Isobutene Market: Rising demand for rubber from the automotive industry to drive growth
The automotive industry has grown exponentially over the years, especially in developing countries such as China and India. This growth is significantly increasing the demand for tires in the automotive industry. Isobutylene is extensively used in the production of synthetic rubber, butyl rubber, and isobutylene-isoprene rubber (IIR). Therefore, the rising demand for rubber in the automobile industry is expected to fuel the growth of the global isobutene market during the forecast period.
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As per Technavio, the growing demand for isobutene 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 one of the key ingredients that is used in the production of plastics, adhesives, antioxidants, and specialty chemicals. Isobutene is also used in the manufacturing of antioxidants that find numerous applications in the food and beverages industry. Besides, the US FDA and regulatory bodies in the EU have approved the use of BHT as a food additive in minute quantities. These factors are increasing the demand for isobutene in the manufacture of various chemicals, adhesives, and antioxidants, which is driving the market growth.
“Rising demand for gasoline additives and the growth of aerospace and pharmaceutical industries will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Isobutene Market: Major Vendors
The report covers details on the market’s competitive landscape and offers information on the products offered by various companies, including:
- BASF SE
- Chevron Phillips Chemical Co. LLC
- Evonik Industries AG
- LANXESS AG
- LyondellBasell Industries NV
Isobutene Market: Segmentation Analysis
This market research report segments the isobutene market by product (Methyl tert-butyl ether (MTBE) and Ethyl tert-butyl ether (ETBE)) and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the isobutene market in 2020, followed by Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to factors such as the rapidly increasing automotive industry, growth in the manufacturing sector, and the rising per capita disposable income.
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Some of the key topics covered in the report include:
Market Share by Competitors
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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