The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Global Butyl Rubber Market: Overview
Butyl rubber is a synthetic rubber manufactured by the copolymerization of isobutylene with isoprene. Butyl rubber is mostly used in the tires and tubes industry. A new research report by Persistence market Research highlights the overall scenario as well as the forecast for the global butyl rubber market. The report further throws light on the key dynamics that are likely to impact the growth of the global butyl rubber market. According to the report titled “Butyl Rubber Market: Global Industry Analysis 2012-2016 and Forecast 2017-2025,” the global butyl rubber market is expected to reach a market valuation of over US$ 4,200 Mn by the end of 2025, growing at a CAGR of 4.7% during the forecast period. The rise in demand for butyl rubber is due to its growing applications. The butyl rubber market is witnessing a rapid increase in demand from the pharmaceutical industry. Another driver of the market is an increase in the rate of tire replacements taking place in the automobile industry. With the projected growth of the market, manufacturers are focusing on increasing production capacity of butyl rubber to cater to the ever increasing demand in various applications. Global market companies are also planning their overseas business development and sales in addition to the domestic market.
Global Butyl Rubber Market: Segmental Analysis
Based on application, the global butyl rubber market is expected to witness maximum demand from the tires and tubes segment, which is projected to reach a market value of over US$ 3,700 Mn by the end of 2025.
On the basis of rubber type, halo-butyl rubber is expected to lead the market with a market share of over US$ 3,500 Mn by the end of 2025, growing at a robust CAGR of 5.0% during the forecast period. Among the different types of halo butyl rubbers, bromo-butyl contributes the most in the growth of the halo butyl rubber market.
In terms of regions, APAC leads the global market with a high margin. The APAC butyl rubber market is expected to reach a valuation of over US$ 2,400 Mn by the end of 2025, with a growth rate of 5.3% during the forecast period.
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