Butyl Elastomers Market Introduction
- Butyl elastomer is a synthetic rubber; a copolymer of isobutylene with isoprene. It was the first rubber to be synthesized. It has good shock absorption characteristics, low moisture, and gas permeability. Butyl elastomer is utilized in numerous commercial applications.
- Butyl rubber is employed in the manufacture of adhesives, agricultural chemicals, fibre optic compounds, and ball bladders. One of the most popular uses of butyl rubber is in the making of automotive tires. Regular butyl provides excellent inflation pressure retention for truck, bicycle, industrial, agricultural, and specialty tires. The first major application of butyl rubber was tire inner tubes. This remains an important segment of its market today.
- The global butyl elastomers market can be segmented based on product type and end-user/applications
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Competitive Landscape of Global Butyl Elastomers Market
Major players operating in the global butyl elastomers market are adopting various organic and inorganic growth strategies such as joint ventures, mergers acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. The upcoming report aims to unveil their market shares, products, and geographical outreach, offers a detailed analysis of the various companies operating in the global butyl elastomers market. Key players operating in the market include:
- Exxon Mobil Corporation
- Reliance Industries Ltd
- China Petroleum and Chemical Corporation
- Japan Butyl Co. Ltd.
- Yanhua Petrochemical Company
- Kiran Rubber Industries Pvt. Ltd.
Key Drivers of Butyl Elastomers Market
- Increase in demand for automobiles due to the growing population has boosted tire production. Rise in demand for automobile tires for new vehicles and the replacement of old tires are vital factors driving the demand for butyl rubber. This, in turn, is projected to drive the global butyl elastomers market during the forecast period.
- Rise in usage of butyl elastomers in construction applications is expected to boost the market during the forecast period. Moreover, increasing applications of food grade butyl rubber and rising infrastructure activities are key factors that drive the butyl rubber market. Moreover, consistent research and improvement activities are likely to further create new opportunities for the butyl rubber market during the forecast period. Butyl elastomers are extensively employed to manufacture rubber stoppers used for sealing medicine vials and bottles. Expansion of pharmaceutical and construction industries is further driving the global butyl elastomers market.
Restraints of Global Butyl Elastomers Market
- Lack of universal directives pertaining to applications of butyl elastomers is expected to restrain the market during the forecast period. However, volatility in raw material prices, regulations for volatile organic compound (VOC) emissions due to rubber manufacturing, and availability of substitutes are expected to hamper the market in the near future.
Covid 19 impact on Butyl Elastomers Market
- The COVID-19 pandemic is hampering the demand for butyl elastomers in numerous applications. Several governments across the globe enforced lockdowns to curb the spread of the coronavirus. These lockdowns resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are declining the demand for butyl elastomers.
- Key players operating in the butyl elastomers market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers have spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East Africa. Numerous players have halted their production output in the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these materials. Thus, demand for butyl elastomers market declined in 2020.
- The COVID-19 outbreak has directly affected the production and demand for butyl elastomers. The industrial shutdown caused by the COVID 19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
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Asia Pacific to Constitute Significant Share of Global Butyl Elastomers Market
- In terms of region, the global butyl elastomers market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East Africa
- Asia Pacific dominated the global market in 2020; Asia Pacific is a prominent market for butyl rubber due to the expansion of the tire and tubes industry at an unprecedented pace. China and India are notable consumers of butyl rubber in Asia Pacific. Consumption of butyl elastomers in the production of pharmaceuticals is also boosting the butyl elastomers market in the region.
- North America and Europe are also key consumers of butyl elastomers. The market in North America and Europe is estimated to expand at a moderate pace during the forecast period, as butyl rubber is used significantly in several applications.
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