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Isobutene Market Overview:
As per the International Trade Centre (ITC), the trade of synthetic rubber across the globe reached a value of $27.521 billion in 2018. The usage of rubber is prevalent across various industries including transportation, garments, pharmaceutical, and others. In comparison to natural rubber, synthetic rubbers are much more thermally stable and compatible with petroleum products because of constituents which include chemical compounds such as isobutene, isoprene, chloroprene, and others. Growth of the synthetic rubber industry across the globe is significantly supporting expansion of the isobutene market which was valued at $32.9 billion in 2018, and is expected to grow at a CAGR of 4.6% during the forecast period of 2019-2025.
In 2018, North America held maximum share of the isobutene market, amounting to 42%, due to growth of the automotive and pharmaceuticalindustries, which extensively use rubber. According to the International Organization of Motor Vehicle Manufacturers (OICA), Mexico manufactured 41,00,525 vehicles in 2018, which resulted in substantial growth of the isobutene market.
Isobutene Market Outlook:
Isobutene, which is also known as Isobutylene or 2-Methylpropene, is a versatile compound. The product has a diverse featureand is used in various industries. This colorless gas, which has a faint petroleum-like odor, is often used as an intermediate in the manufacturing of various industrial products. Its different byproducts act as solvents and anti-knocking agents make the production process easier, thus offering the market lucrative opportunities to flourish.
The key application of isobutene is in rubbers. Butyl rubbers, manufactured from isobutene are used in the pharmaceuticals industry pharmaceutical stoppers and sealants because they have low permeability and can withstand high temperatures. According to the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), the U.S. share in the global pharmaceutical market is expected to hike from 40.3% in 2015 to 41% by 2020. In the wake of this, the isobutene market will experience a huge impact resulting in further growth. The application of isobutene in rubber is estimated to grow at a healthy CAGR of 5.2% through to 2025.
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Isobutene Market Growth Drivers and Trends:
According to NASA, global temperatures have risen staggeringly in the past 35 years. 2016 saw almost eight out of twelve months recording the warmest temperatures ever recorded in the respective months. Chlorofluorocarbons (CFCs) are considered to be one of the major contributors to global warming and use of CFCs was restricted to a level of up to 15% of their production by the Montreal Protocol. Isobutene acts as a replacement to CFCs in cosmetics and personal care products, and the emphasis on ensuring a CFC-free world is resulting in rise of the isobutene market.
Isobutene is more adaptable than hydrogen and is ideal for use as a gasoline additive and in jet fuels. High costs and pollution are plaguing the world and the ability of isobutene to act as a renewable fuel is impressive. According to the International Air Transport Association (IATA), the air transport fleet will grow to include 39,000 aircraft by 2027. This will make way for growth of the isobutene market in upcoming years.
In line with the surging population, the food industry is observing a humongous expansion. Isobutene is often used to make butylated hydroxytoluene, an antioxidant product which is used in minimal quantity as a food additive. A data of the Food and Drug Administration (FDA) shows that isobutene can be used as food additives so that the butyl content of the end food product is not less than 18 percent. Given that the food market is growing, the isobutene market is set to witness lucrative opportunities.
Isobutene Market Key Players–
The major companies in the isobutene market are LyondellBasell Industries N.V.l, TPC Group, Exxon Mobil Corporation, , Enterprise Products Partners, , Yuhua Group, Sumitomo Chemical Co., Ltd., Yuhuang Chemical Inc, Zoucheng Qifa Chemical Co., Ltd., SONGWON Industrial Group, Qixiang Electron Science & Technology Co.,Ltd., China Petroleum & Chemical Corporation, SINOPEC Beijing Yanshan Company, and Weifang Binhai Petro-Chem Co., Ltd.
Isobutene Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the isobutene market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth. The isobutene market research report also analyses the application of isobutene in automotive, aerospace, antioxidants, pharmaceuticals and other segments.
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