Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
Key Emerging Trends in the High Purity Isobutylene Market
High purity isobutylene (HPIB) is a valuable chemical that is used to make a variety of products, including tires, tubes, and rubber. The demand for HPIB is expected to continue to grow in the Asia-Pacific region due to a number of factors, including the growing automotive and pharmaceutical industries, increasing per capita incomes, and favorable trade regulations. The Asia-Pacific region is already the largest market for HPIB, and it is expected to remain so in the coming years. The regional market is projected to reach a value of USD 4,377.1 million by 2023, up from USD 2,726.9 million in 2017. This growth is being driven by a number of factors, including: Expanding production capacity: China, in particular, is expanding its production capacity for HPIB. This is due to the growth of the industrial sector in the country. Increased spending on passenger cars: More and more people in Asia-Pacific are buying cars. This is leading to an increased demand for tires, which are made using HPIB. Rise in tubes and tire manufacturing: The demand for tubes and tires is also increasing due to the growth of the automotive and transportation industries. Favorable government policies: Governments in developing countries in South-East Asia such as Thailand, Malaysia, and Vietnam are investing in the automotive and pharmaceutical industries. These investments are expected to drive the demand for HPIB in the region. The growing consumption of HPIB in butyl rubber is also leading to strategic initiatives by producers and raw material suppliers to gain larger market shares. For instance, in 2013, Lanxess opened a butyl rubber plant in Singapore to cater to the growing demand in Asia-Pacific. With this expansion, the company became the second-largest producer of butyl rubber in the world, with a capacity of 4.0 million tons annually after Exxon Mobil Corporation. Furthermore, in January 2017, Reliance Industries and SIBUR International GmbH signed an agreement to set up a butyl rubber plant in Gujarat, India. Thus, developments in the butyl rubber market are likely to have a positive impact on the growth of the high purity isobutylene (HPIB) market in Asia-Pacific. In addition to the factors mentioned above, the growth of the HPIB market in Asia-Pacific is also being driven by the shift towards bio-based production methods. Bio-based HPIB is a more sustainable and environmentally friendly alternative to traditional HPIB production methods. The global HPIB market is expected to reach a value of USD 10,684.2 million by 2023, growing at a CAGR of 7.06%. The market is segmented based on production method and application. MTBE decomposition was the dominant method in 2017, holding a market share of 36.7%. However, concerns about the toxicity of MTBE derivatives and the ban in the US are expected to drive a shift towards other methods like C4 fraction separation and isobutane dehydrogenation. In terms of application, butyl rubber is expected to remain the primary driving force behind HPIB demand, as its use in tire production continues to expand. The trimethylacetic acid segment is also projected to experience steady growth, with a CAGR of 6.09% during the forecast period. The Asia-Pacific region is expected to dominate market growth, with its regional market reaching a value of USD 4,377.1 million by 2023. The factors contributing to this growth include the rising production of automobiles, low labor costs, and production capacity expansions by regional players. Changing government policies on trade liberalization and new policy frameworks are also expected to create new opportunities for regional market players. In conclusion, the global HPIB market is poised for continued growth, driven by the increasing demand for synthetic rubber in the automotive industry, the shift towards bio-based production methods, and the expanding market in the Asia-Pacific region. Technological advancements, environmental considerations, and government policies will continue to shape the future of HPIB production and consumption. Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | growing need for high-performance elastomers and plastics. |
| Market Dynamics | increased use in the automobile industry |
High Purity Isobutylene Market Highlights:
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
