Isobutylene Market: Introduction
Isobutylene, also referred to as isobutene, is a colorless four-carbon mono-olefin organic compound. It is produced mainly by catalytic cracking at refinery and steam cracking at olefin plants. Isobutylene is primarily used as a monomer for the production of rubber in the tire industry, anti-oxidant for plastics, an anti-knock agent in fuel additives and in the production of alkylated phenols, which are further used in the production of methyl-tertiary-butyl acetate (MTBE), ethyl-tertiary-butyl-acetate (ETBE) and tertiary butyl alcohol (TBA). The global production of isobutylene is around 15 million tons, and the market is expected to witness a healthy CAGR in the forecast period.
Isobutylene Market: Market Dynamics
The key growth driving factor for the isobutylene market is its increasing use in the automotive and aerospace industry. The increase in demand for isobutylene as a fuel additive in the automotive industry to boost the octane number, reduce carbon emission and to increase fuel efficiency is a major key factor for the growth of isobutylene market globally. Furthermore, its application in the production of butyl rubber is the key for demand growth of isobutylene. Butyl rubber is extensively used in tire production and has high demand in the North America region. Also, the isobutylene market has witnessed a downfall due to its potential risk of explosion as it is highly flammable and a ban in the usage of MTBE fuel in some regions including Latin America. For instance, in April 2019, KMCO chemical plant in Crosby exploded due to isobutylene, which caused severe injuries to the locality. Moreover, with an increasing focus on the development of new on-purpose isobutylene production technology, expansion in the production capacity, especially in China, and massive demand from the automotive industry will continue to drive the global isobutylene market in the forecast period.
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Isobutylene Market: Segmentation
The global isobutylene market is segmented on the basis of end-use application and region.
Based on end-use application, the global isobutylene market is segmented as:
- Fuel Additive
- Cosmetics Intermediate
- Pharmaceutical intermediate
- Butyl Rubber
- Adhesives & Sealants
Gasoline additive end-use application accounts for a share of around 40% – 45% in the global isobutylene market. Cosmetic ingredients will remain as one of the emerging hotspots for Isobutylene during the forecast period.
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Based on region, the global Isobutylene market is segmented as:
- North America
- Latin America
- East Asia
- South Asia
Isobutylene Market: Regional Outlook
Asia is estimated to account for more than 30% of global isobutylene consumption with key producers having their isobutylene manufacturing facilities and expansion strategy in the regions. Presence of emerging economies in the region such as China and India and Asia Pacific being one of the largest consumers of rubber and fuel additive, due to which the demand for isobutylene is expected to witness a steep growth. In North America, the demand is strongly driven by the automotive and aerospace industry and is expected to witness steady growth in the coming future. Europe, on the other hand, with an increase in investments in research & development activities, the demand for isobutylene will be steady in the forecast periods as the majority of the product is exported. In Latin America, with the ban in the use of methyl tertiary butyl ether (MTBE) in Mexico, the isobutylene market will decline, as it is a major raw material in the production of MTBE. Other regions, such as the Middle East & Africa and Oceania, will account for merely a single-digit share in the global isobutylene market.
Isobutylene Market: Prominent market stakeholders
Key market stakeholders in the global Isobutylene market are LyondellBasell Industries Holdings B.V., Evonik Industries, Lanxess, Nizhnekamskneftekhim, BASF SE, SONGWON, Zoucheng Qifa Chemical Co., Ltd., VINATI ORGANICS LIMITED, Lijin Petrochemical Plant Co., Shandong Shouguang Luqing Petrochemical Co. Ltd., Shandong Chambroad Petrochemicals Co. Ltd., Shandong Huachao Chemical Co., Ltd., The SIBUR Tobolsk, YEOCHUN NCC CO., LTD and Heilongjiang Anruijia Petrochemical Co., among others. The isobutylene market consists of well-diversified global and regional players with global vendors ruling the market. Some of the major expansion in isobutylene market include:
- In 2019, Nizhnekamskneftekhim launched a new production facility of isobutylene with a capacity of 160 kilo tons per year.
- In 2017, Shandong Huachao Chemical Co., Ltd. has expanded its production capacity to 200,000 tons per annum in its Shandong province.
- In 2017, Shandong Shouguang Luqing Petrochemical Co. Ltd. has started up new production unit of isobutylene in Shandong province, with production capacity of 170,000 tons/annum.
The research report presents a comprehensive assessment of the Isobutylene market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Isobutylene market report provides analysis and information, according to market segments such as geographies, application and industry.
This post was originally published on Space Market Research