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Butyl Rubber Market 2024 - By Industry Demand, Leading Players, Regional Overview And Forecast To 2033
Butyl Rubber Market
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According to The Business Research Company's, The butyl rubber market size has grown strongly in recent years. It will grow from $3.55 billion in 2023 to $3.75 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to need for improved tire performance, growth in various industrial applications, need for materials resistant to chemicals, rapid urbanization and infrastructure development, growth in the packaging industry.
The butyl rubber market size is expected to see strong growth in the next few years. It will grow to $4.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to rising demand for butyl rubber in waterproofing and sealing applications, increased infrastructure projects, rising industrial development, and growing demand of automobile tires. Major trends in the forecast period include advancements in polymer blending, technological innovations, increased use in protective clothing, digital transformation in manufacturing, and shift toward high-performance applications.
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Market Drivers and Trends:
The expansion of the automotive industry is expected to propel the growth of the butyl rubber market going forward. The automotive industry refers to the economy sector focused on designing, developing, manufacturing, marketing, and selling motor vehicles. The automotive industry is expanding due to growing global demand driven by rising middle-class incomes and technological innovations such as electric vehicles that attract new customers. Butyl rubber is valuable in the automotive industry for its gas impermeability and durability, making it ideal for tire inner tubes and sealing components. For instance, in May 2024, according to the European Automobile Manufacturers Association, the Belgium-based lobbying and standards group for the European Union automobile industry, new car registrations in the European Union increased by 13.7% between April 2023 and April 2024. Therefore, the expansion of the automotive industry is expected to drive the butyl rubber market.
Major companies in the butyl rubber market are focusing on developing innovative solutions, such as butyl waterproof tapes, to enhance product durability and meet the growing demand in the construction and automotive industries. Butyl waterproof tapes are high-performance sealing solutions made from butyl rubber, offering superior waterproofing, adhesion, and durability, particularly in harsh environments. For instance, in August 2024, Weifang Senke Waterproof Materials Co. Ltd., a China-based manufacturer of the waterproofing industry, launched a new range of advanced butyl waterproof tapes designed for superior sealing solutions in various applications such as roofing, automotive, and construction. The product line includes standard butyl waterproof tape, versatile Senke waterproof tape, and durable aluminum foil butyl waterproof tape, all engineered for exceptional adhesion, flexibility, and weather resistance. Butyl waterproof tapes are engineered for high quality and durability, offering exceptional adhesion and flexibility that make them ideal for effectively sealing joints, seams, and cracks. These tapes are designed to withstand extreme weather conditions and provide long-lasting protection against water, moisture, and air leaks. Additionally, they are user-friendly and easy to apply, ensuring quick and efficient installation, making them suitable for residential and commercial use.
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Major Key Players of the Market:
ExxonMobil Corporation, Reliance Industries Limited, LG Chem, Michelin, Mitsui Chemicals Inc., Eastman Chemical Company, Sumitomo Rubber Industries Ltd., Sibur International GmbH, Versalis S.p.A., Kumho Petrochemical, Kuraray Co. Ltd., UBE Corporation, Synthomer plc, JSR Corporation, Nippon Zeon Co. Ltd., Nizhnekamskneftekhim, Zeon Corporation, Hexpol AB, Nynas AB, ARLANXEO, Kraton Corporation, Arakawa Chemical Industries Ltd., TSRC Corporation, Firestone Natural Rubber, Chang Horing Rubber Group, Lion Elastomers, Plasti Dip International, Tokyo Zairyo, Japan Butyl Co. Ltd.
Butyl Rubber Market 2024 Key Insights:
• The butyl rubber market size is expected to see strong growth in the next few years. It will grow to $4.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Impact Of Automotive Industry Expansion On Butyl Rubber Market Growth
• Advanced Butyl Waterproof Tapes For Superior Sealing In Construction And Automotive Industries
• Asia-Pacific was the largest region in the butyl rubber market in 2023
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