Butyl Rubber Market Size Worth USD 5.30 Billion in 2032 | Emergen Research

Vancouver, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The global butyl rubber market size was USD 3.21 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.1 % during the forecast period.

The global butyl rubber market is experiencing robust growth, fueled by its widespread application in the automotive and construction sectors. According to a recent market research report, the market is thriving on the back of the automotive industry's increasing reliance on butyl rubber for tire manufacturing, especially in the burgeoning Electric Vehicle (EV) market.

The International Energy Agency (IEA) reports a remarkable milestone, with EV sales surpassing 10 million units in 2022, constituting 14% of total sales and tripling from 4% in 2020. This surge in EV production is a significant factor propelling the butyl rubber market, as this synthetic rubber variant plays a crucial role in providing the necessary grip and traction required for braking and steering.

The tire and tube segment emerged as a key contributor to the butyl rubber market, with regular butyl rubber leading the way in 2022. Regular butyl rubber, known for its resistance to heat, chemicals, abrasion, and tearing, accounts for the largest revenue share. Major automotive tire manufacturers, such as Michelin, reveal that 60% of synthetic rubber is dedicated to tire production. Additionally, butyl rubber's application in construction, especially in the production of polymer concrete, further boosts its demand.

Despite this positive outlook, the market faces challenges due to the fluctuating prices of rubber. Global demand and supply dynamics, changes in international market trends, and government policies on rubber trade and exports contribute to price volatility. As the demand for rubber increases from the automotive sector, manufacturers are under pressure to produce substantial quantities to meet the rising demand.

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Key Market Segments:

1. Rubber Types:
   • Regular Butyl: Dominated the market in 2022, driven by its synthetic properties offering resistance to heat, chemicals, and abrasion. Widely used in tire production and construction applications.
   • Bromo Butyl: Expected to register moderate growth, valued for its unique physical and chemical properties, making it ideal for products requiring low permeability to gasses and liquids.
   • Chloro Butyl: Holds its ground in the market, contributing to the diverse applications of butyl rubber.
2. Applications:
   • Tires and Tubes: Anticipated to hold a significant revenue share in the global market. Recent advancements in tire technology, such as airless tires, contribute to the increased incorporation of butyl rubber in tire manufacturing.
   • Pharmaceuticals: Expected to witness steady growth, with butyl rubber preferred for its protective properties, ensuring the sterility of pharmaceutical products and applications in closures, stoppers, caps, and seals.
3. Regional Insights:
   • Asia Pacific: Led the market in 2022, driven by the surge in electric car sales in China and the projected growth of the tire industry in India. China alone accounted for nearly 60% of global electric car registrations in 2022.
   • North America: Secured the second-largest revenue share, propelled by the rapid growth of the automotive industry. The U.S. witnessed a surge in tire shipments, reaching 334.2 million units in 2023.
   • Europe: Expected to register the fastest growth, influenced by the increasing production of electric vehicles and the implementation of new Carbon Dioxide (CO2) standards by the European Union.

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Scope of Research

MAJOR COMPANIES and Market Share Analysis

The global butyl rubber market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions. Some major players included in the global butyl rubber market report are:

• LANXESS
•  Exxon Mobil Corporation
• SIBUR Holding PJSC
• JSR Corporation
• China Petroleum & Chemical Corporation
• Reliance Industries Limited
• Zhejiang Cenway Materials Co., Ltd.
• Royal Adhesive Industries 
• Vip Rubber Co., Inc.
• Hallstar
•  THE RUBBER COMPANY
• BRP Manufacturing
• Eswar Rubber Products Pvt. Ltd.

Strategic Development

• On 15 August 2023, The Global Platform for Sustainable Natural Rubber (GPSNR) revealed that Sri Trang Agro-Industry (STA) has become the group’s latest member within the producers, processors and traders category. STA has become part of GPSNR to work toward the sustainable and equitable production of natural rubber at scale. The firm has rubber plantations covering approximately 7,000ha in 19 provinces in Thailand.
• On 10 August 2022, Quanex released a new moisture protectant for solar panels that solar panel manufacturers can apply during the final manufacturing process. SolarGain Edge Sealant LP03 is a polyisobutylene butyl rubber adhesive with integrated desiccant. Preventing moisture ingress in solar modules, Solar Gain Edge Sealant helps better protect cells, connections, and conductive coatings to maximize performance and longevity. Quanex suggests an additional 10 to 15 years of useful life can be added to a solar panel with use of its sealant.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global butyl rubber market on the basis of rubber type, application, and region:

Rubber Type Outlook (Revenue, USD Billion; 2019-2032)

• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Tires and Tube
  • Pharmaceuticals
  • Adhesives and Sealants
  • Industrial and Medical Gloves
  • Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
• • Regular Butyl
  • Bromo Butyl
  • Chloro Butyl

• • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of Middle East & Africa

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