Isobutene Market Overview:
Isobutene Market size was worth USD 26.19 Billion in 2021, accounting for a CAGR of 4.5% during the forecast period (2022-2030), and the market is projected to be worth USD 38.92 Billion by 2030.
Isobutene, also referred to as Isobutylene is produced after breaking naphtha. It is a hydrocarbon that is unsaturated. Isobutene is typically used for building polybutylene (butyl rubber) and as a key material for producing methyl tert-butyl ether. Colorlessness, high flammability, and benzine odor are significant properties of Isobutene. This chemical is broadly utilized in plastic packaging, compounding, masterbatches, and hot melt adhesives along with the niche areas like compression packaging, electrical insulation, cables, and wires. Furthermore, the chemical’s huge scope ranges throughout several end-use industries especially comprising automotive, aerospace, and pharmaceutical sectors.
The Asia Pacific is the dominating region in terms of value and volume due to the growth of the automobile industry which uses isobutene in its automobile components. Following the Asia Pacific region North America holds the highest revenue in the forecast period owing to its usage in pharmaceuticals.
- The surging emphasis on bio-based isobutene to support the increased consumption of synthetic rubber in the automobile industry primarily drives the market growth.
- The isobutene market is anticipated to witness growth due to its wide usage in multiple applications that extends from polymers to agricultural equipment.
- Growth in the aerospace industry increased the manufacturing of aircraft. This in return increases the utilization of isobutene as its fuel additive which drives the market in the forecast period.
- As it is a petroleum derivative, the price of isobutene fluctuates. This fluctuation in crude oil directly affects the isobutene market.
- MTBE, one among the types of isobutene is a volatile organic compound (VOC), which is hazardous to the environment and human health. This hampers the isobutene market growth.
The outbreak of the pandemic has adversely affected the market of isobutene. Due to the shutdown of manufacturing industries during the lockdown, the demand for isobutene decreased eventually. This resulted in the growth of the market. Furthermore, disruption in the supply chain has also created obstacles for the market of isobutene. However, post-pandemic the relaxation of restrictions imposed by the government has gradually increased the demand for isobutene. Also, the restart of the automobile industry has propelled market growth.
Isobutene Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||38.92 Billion|
|By Type||Methyl Tert-Butyl Ether and Ethyl Tert-Butyl Ether|
|By End-use||Automotive, Aerospace, Antioxidants, Pharmaceuticals|
|By Geography||North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa|
|Key Players||Evonik, ExxonMobil, BASF, ABI Chemicals, Global Bioenergies, Praxair, Syngip BV, LanzaTech, Honeywell International, and LyondellBasell Industries.|
In terms of type, the Isobutene Market is bifurcated into methyl tert-butyl ether (MTBE) and ethyl tert-butyl ether (ETBE). Methyl tert-butyl ether (MTBE) arose as the leading segment in the isobutene market, having more than 80% of the volume in 2021. This type has several applications in industries like aerospace and automotive. This type is processed to produce butyl rubber by polymerization of isoprene and isobutylene. Moreover, Butyl rubber is employed widely in the pharmaceutical industries and automotive industries. Owing to these benefits the segmental growth of MTBE is high in the forecast period. The ETBE segment is anticipated to witness quick revenue growth in the forecast period. The combustion properties of gasoline enhanced by blending ETBE are more suitable for engines and pipelines compared to ethanol. This promotes the growth of the ETBE segment in the coming years.
By End Use
The end-user segment is incorporated with automotive, aerospace, antioxidants, and pharmaceuticals. The automotive industry is projected to hold the largest share in terms of volume and value. Butyl rubber extracted by the process of polymerization of isobutene is one of the key components in the automobile industry which is widely used in the manufacturing of tires for cars especially while manufacturing the inner tubes of the tire. Commercial trucks, agricultural tires, bicycles, and others are utilized as have excellent pressure retention. However, the aerospace industry is estimated to witness rapid revenue growth in the forecast period. This industry utilizes isobutene significantly as fuel additive.
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. The Asia Pacific region is holding the highest share of revenue in the forecast period. Owing to the rapid industrialization and the highest manufacturing of automobiles in this region, the market is growing subsequently. China is one of the largest manufacturers of automobiles. Furthermore, this region holds more than 50% of the automobile manufacturing industry where isobutene is predominantly utilized. However, North America holds the second largest share followed by the Asia Pacific region due to the region’s increasing demand for automobiles and booming pharmaceuticals industry (it is used in the production of some antioxidants). The European region is projected to have steady growth during the forecast period.
Isobutene Market Competitive Landscape
The competitive landscape of the market has been evaluated in the report, with detailed profiles of the key players operating in the industry. Further, the rise in Research and Development (R&D), product innovation, various business strategies, and Application launches have accelerated the growth of the Sample Preparation market. Key players in the market include-
- ABI Chemicals
- Global Bioenergies
- Syngip BV
- Honeywell International
- LyondellBasell Industries.
- In April 2018, Global Bioenergies and SkyNRG an Amsterdam-based firm collaborated to manufacture viable aviation fuel using an ASTM-certified bio-isobutene feedstock.
- In May 2022, BASF and Sinopec agreed to build a tert-butyl acrylic plant and expand their existing facilities in China.
- In March 2021, the partnership between OMV and BASF has availed a cutting-edge technology jointly for generating high-purity isobutene.
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