Market Research Future (MRFR) has published a cooked research report on the “Global Isobutene Market” that contains information from 2018 to 2032. The Isobutene market is estimated to register a CAGR of 5.20% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Isobutene market— Yuhua Group, Sumitomo Chemical Co.Ltd., Weifang Binhai Petro-Chem Co.Ltd., TPC Group, Exxon Mobil Corporation, Enterprise Products Partners, China Petroleum & Chemical Corporation, SINOPEC Beijing Yanshan Company, Yuhuang Chemical Inc., Zoucheng Qifa Chemical Co.Ltd., LyondellBasell Industries N.V.l, SONGWON Industrial Group, Qixiang Electron Science & Technology Co.Ltd., and Evonik Industries AG.
The global isobutene market is registered at a CAGR of 5.20% during the forecast period and is estimated to reach USD 44.50 billion by 2032.
Isobutene, or 2-methylpropene, is a translucent and volatile liquid derived from petroleum oil. It is produced during the fractionation of refinery gases and the catalytic cracking of methyl-t-butyl ether. Isobutene is a crucial chemical with many applications, including fuel additives, polymers, pharmaceuticals, and agriculture.
In the aerospace industry, the rising demand for isobutylene was influenced by factors anticipated to improve fuel efficiency, reduce carbon emissions, and increase the octane rating over the forecast period. In addition, Polybutylene is butyl rubber used in the production of tires and other synthetic products. Consequently, the rising demand for butyl rubber will likely drive the demand for isobutylene over the forecast period.
The global Isobutene market has been segmented based on Product Type and application.
Based on Product Type, the market is segmented into Ethyl Tert-butyl Ether (ETBE) and Methyl Tert-butyl Ether (MTBE). The Methyl Tert-butyl Ether (MTBE) segment was attributed to holding the largest market share in 2022.
Based on application, the global Isobutene market has been segmented into Automotive, Aerospace, Antioxidants, Pharmaceuticals, and Others. The Automotive segment was expected to hold the largest market share in 2022.
Based on region, the global Isobutene market has been divided into North America, Europe, Asia-Pacific, and the rest of the World. North America consists of US and Canada. The Europe Isobutene market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Isobutene market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Isobutene market comprises of Middle East, Africa, and Latin America.
In 2022, the Isobutene market region in North America will dominate this market. The U.S. economic recovery has benefited the automotive industry, which has experienced a steady increase in vehicle production and sales. As disposable income increases, consumers become more self-confident and elect to purchase individual passenger vehicles, preferring luxurious models.
In 2022, Europe's Isobutene market holds the second-largest market share. Manufacturers in this region are tasked with identifying and capitalizing on white spaces in isobutylene applications, which include cosmetics, pharmaceuticals, and chemical lubricants. MTBE and ETBE are the most prevalent octane enhancers.
From 2023 to 2032, the Asia-Pacific Isobutene Market is anticipated to grow at the highest CAGR. These elements have contributed to the rise in consumer confidence and spending on automobiles and light vehicles. Increasing per capita disposable income and robust manufacturing sector growth in APAC are anticipated to drive product demand.
The growing need for isobutylene in manufacturing antioxidants, scents, and gas odorization products in Latin America, the Middle East & Africa is expected to drive market expansion over the forecast period.
Key Findings of the Study