The Increasing demand for automotive tires for new vehicles and the replacement of old tires are driving the demand for the market.
NEW YORK CITY, NY, UNITED STATES, December 11, 2021 /EINPresswire.com/ — According to a new report by Reports and Data, the global Butyl Rubber market is forecast to reach USD 6,859.8 Million by 2028. Butyl rubber is a type of synthetic rubber used mostly in tires and tubes, as it consists of unique properties such as excellent resistance to heat, chemicals & ozone, permeability to gas, and high low-temperature flexibility. It is also used in adhesives, sealants, protective clothes, closures, pharmaceutical stoppers, electrical cables, vials & tubes, hoses, and shoe soles.
With the growth in the manufacture of vehicles, the demand for tires is also expected to rise in the original equipment manufacturing market. This will have a significant impact on the market as butyl rubber is an indispensable raw material used for the manufacture of tires and tubes. Market players are also focusing on the replacement of old tires in keeping with new emission standards. The excellent gas barrier & good flex characteristics of butyl rubber has boosted its use across various industries. The butyl rubber sorbent has helped in removing PAH toxicity to a larger extent. The escalating use of the product for repairing roofs will propel the growth of the industry over the forthcoming years.
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The global chemicals and materials have a wide range of application areas such as crop protection, animal nutrition, dietary supplements, preservatives, flame retardants, surface ingredients, active pharmaceutical ingredients, and matting agents among others. Population explosion along with rapid economic growth is expected to propel market growth. Moreover, the growing urbanization, rapid industrialization, and high investment in infrastructure development create market demand over the forecast period.
The global Butyl Rubber market research report provides a competitive strategy analysis portfolio to provide a better understanding of the competitive landscape. The report further discusses in depth the business strategies undertaken by key manufacturers on mergers and acquisitions, joint ventures, and collaborations. It sheds light on the companies holding the largest market share in terms of revenue in the global Butyl Rubber market.
Key participants include Lanxess, JSR, Sinopec Beijing Yanshan, Sibur, Panjin Heyun Group, Zhejiang Cenway Synthetic New Material, Formosa Synthetic Rubber, ExxonMobil, PJSC NizhneKamskneftekhim, and Reliance Industries Limited, among others.
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Further key findings from the report suggest
There are new regulations that require manufacturers to reduce the consumption of fuel of both tractors and trailers. Market players are improving fuel efficiency by focusing on developing innovative materials and high-grade butyl rubber, such as halo-butyl rubber. The application of halo-butyl in the tire tread application improves its dynamic properties such as improved wet and dry traction and improved performance in rolling resistance.
The market product is used in the explosives industry for the manufacture of plastic explosives. The increasing demand for the compound as a binding agent in explosives coupled with the rise in demand from the mining industry for explosives is driving its demand in the coming period.
The increasing demand for butyl rubber for roof repairing and damp proofing is expected to propel the growth of the market. Moreover, the usage of food-grade butyl rubber in food applications is expected to propel the demand in the sector.
North America is forecasted to hold a market share of 20.3% in the year 2018. The region is switching to environmentally friendly products, and the growth in industrialization and automotive are fueling the demand for the market product.
For the purpose of this report, Reports and Data have been segmented into the global Butyl Rubber market on the basis of product, applications, end-users, and region:
Product Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
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Applications Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
Tires & lubes
Adhesives, sealants, stoppers
Industrial & medical gloves
End Users Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
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