New York, May 04, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Reports Insights, the methyl tertiary butyl ether (MTBE) market is poised for strong expansion and is expected to reach USD 27.63 Billion by 2030. The market, which was valued at USD 18.12 Billion in 2022, is predicted to grow at a compound annual growth rate of 4.8% during the period 2023-2030. The report highlights the increasing deployment of methyl tertiary butyl ether (MTBE) in fuel additives, chemical intermediates, and others, which is accelerating global market growth. Reports Insights study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the methyl tertiary butyl ether (MTBE) market.
Global Methyl Tertiary Butyl Ether (MTBE) Market Segmentation Details:
Based on Application, the fuel additive segment accounted for the highest market share in the year 2022. Methyl tertiary butyl ether is utilized in the fuel additives to enhance fuel performance and maintain safety standards. The increasing adoption of environment-friendly and sustainable fuel additives is accelerating the demand for methyl tertiary butyl ether. Thus, the increasing demand for fuel additives is favoring the methyl tertiary butyl ether (MTBE) market growth. Request Sample Now
Based on End-use Industry, the automotive industry segment is anticipated to offer substantial shares in the global methyl tertiary butyl ether (MTBE) market. Methyl tertiary butyl ether (MTBE) is a vital material used in fuel additives, which, in turn, is deployed in the automotive industry to increase the fuel efficiency and performance of a vehicle by cleaning fuel injectors. The increasing production activities associated with automobiles are driving the growth of the global methyl tertiary butyl ether (MTBE) market.
Based on region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. The automotive industry is a major end-use for fuel additives. The increased production of automobile particularly in countries such as China, India, Vietnam, Malaysia, and others are driving the demand for methyl tertiary butyl ether (MTBE) for the production of fuel additives.
For instance, as per the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, the total production of motor vehicles including cars and commercial vehicles in India was 5,456,857, an increase of 24% as compared with 2021. Thus, the growing automotive industry is driving the demand for methyl tertiary butyl ether (MTBE), which benefiting the market growth.
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Methyl tertiary butyl ether (MTBE) is employed in fuel additives as an anti-knocking agent ensure to minimum engine knocking and enhance the fuel's octane rating. Fuel additives are often deployed in automotive vehicles such as cars, buses, trucks, and others. The growth of the automotive industry is attributed due to factors such as the increasing spending power of people, the growth of the e-commerce sector, and others. As a result, the demand for fuel additives is increasing, which, in turn, is leading to the methyl tertiary butyl ether (MTBE) market growth.
For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2021, the total production of automotive vehicles in the Asia Pacific was 46,768,800 units, and in 2022, it was 50,020,793 units, an increase of 7% over 2021. Hence, the demand for methyl tertiary butyl ether (MTBE) is rising at the global level, which, in turn, is spurring market growth.
Furthermore, the growth of the pharmaceutical industry will create a potential opportunity for market growth. For instance, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2020, the total pharmaceutical production in Europe was Euro 286,697 million (USD 320,950.1 million). In 2021, the production of pharmaceuticals increased to Euro 300,000 million (USD 335,842.5 million), an increase of 4.6% over 2020. Hence, the pharmaceuticals industry growth will further boost the methyl tertiary butyl ether (MTBE) market growth in the upcoming years.
Nevertheless, methyl tertiary butyl ether (MTBE) is considered a hazardous substance material. This factor is restraining the adoption of methyl tertiary butyl ether in various end-use industries. Thus, the hazardous nature of methyl tertiary butyl ether is posing as a major roadblock for the global methyl tertiary butyl ether (MTBE) market growth during the projected forecast period.
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| Report Attributes | Report Details |
| Market Size By 2030 | USD 27.63 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 4.8% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | SABIC, LyondellBasell Industries Holdings B.V., ENOC Company, Evonik Industries AG., Formosa Plastics Corporation, U.S.A., LUKOIL, QAFAC, SIBUR International GmbH, Vinati Organics Limited, and Manas Petro Chem |
| By Application |
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| By End-use Industry |
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| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography |
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Key Market Takeaways
- The global methyl tertiary butyl ether (MTBE) market size is estimated to exceed USD 27.63 billion by 2030 with an astonishing CAGR of 4.8% during the forecast period (2023-2030).
- In the context of application, the fuel additive segment is expected to contribute significant shares to the growth of methyl tertiary butyl ether (MTBE) market statistics during the forecast period.
- By end-user, the automotive industry segment is anticipated to contribute the largest shares to the market growth in 2022.
- Asia Pacific accounted for the major share in the methyl tertiary butyl ether (MTBE) market growth in terms of value and volume due to the growing automotive industry, particularly in countries such as China, India, and others.
Find What You Need With Our Detailed Table Of Contents (TOC) & Summary Of Methyl Tertiary Butyl Ether (MTBE) Market Report @ https://www.reportsinsights.com/industry-forecast/global-methyl-tertiary-butyl-ether-mtbe-market-statistical-analysis-673881
Competitive Landscape
As per the research SABIC, LyondellBasell Industries Holdings B.V., and ENOC Company, among others, are major market players that comprise the latest market circumstances. These companies have strong research & development capabilities and a well-established distribution network in the market through their diverse product portfolios. Moreover, the methyl tertiary butyl ether (MTBE) market is expected to grow steadily due to the growth of industries, including automotive, chemicals, and others in key market regions such as Asia Pacific, North America, and Europe regions which are estimated to further spur the market size growth in the upcoming years. Additionally, innovations in the technologies for the manufacturing of methyl tertiary butyl ether (MTBE) are further anticipated to increase the competition in the market.
Recent Developments
- In February 2021, Sundow Polymers Co., Ltd., a leading player in the methyl tertiary butyl ether (MTBE) market launched a second line of manufacturing facilities for the methyl tertiary butyl ether (MTBE). Thus, the development of new manufacturing facilities for the expansion of methyl tertiary butyl ether (MTBE) production will further benefit the market growth.
List of Major Global Methyl Tertiary Butyl Ether (MTBE) Market:
- SABIC
- LyondellBasell Industries Holdings B.V.
- ENOC Company
- Evonik Industries AG.
- Formosa Plastics Corporation, U.S.A.
- LUKOIL
- QAFAC
- SIBUR International GmbH
- Vinati Organics Limited
- Manas Petro Chem
Global Methyl Tertiary Butyl ether (MTBE) Market Segmentation:
- By Application
- Fuel Additive
- Isobutene
- Synthetic Rubber
- Chemical Intermediates
- Electronic Display
- Fragrances and Flavors Compositions
- Paint Thinner Blending
- Others
- By End-use Industry
- Automotive
- Cosmetics and Personal Care
- Pharmaceutical
- Chemical
- Oil & Gas
- Others
Frequently Asked Questions in the Methyl Tertiary Butyl Ether (MTBE) Market Report
What was the market size of the methyl tertiary butyl ether (MTBE) industry in 2020?
What will be the potential market valuation for the methyl tertiary butyl ether (MTBE) industry by 2030?
What are the key factors driving the growth of the methyl tertiary butyl ether (MTBE) market, as well as the opportunities that may impact the market’s future development?
What is the dominating segment in the methyl tertiary butyl ether (MTBE) market by grade?
Based on current market trends and future predictions, which geographical region will have the fastest impact on the methyl tertiary butyl ether (MTBE) market's growth in the coming years?
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