Pharmaceuticals industry emerges as a strong competitor for the tires and tubes application, with a projected high growth rate
Butyl rubber is a type of synthetic rubber mostly used in tires and tubes, as it possesses special properties such as permeability to gas, excellent resistance to heat, chemicals & ozone and high low-temperature flexibility. Other than tires and tubes, butyl rubber is also used in sealants, adhesives, protective clothes, pharmaceutical stoppers, closures, vials & tubes, electrical cables, hoses and shoe soles. A new research report suggests that the butyl rubber market is witnessing a surge in demand from various application areas. The application of butyl rubber has increased lately. Among various areas of application for butyl rubber, tires and tubes is constant in its position as the dominating segment in the global market, projected to grow at a CAGR of 4.8% during the forecast period. However, the pharmaceuticals industry is also experiencing a rise in growth. The report indicates that the pharmaceuticals segment is expected to grow at a CAGR of 3.4% during the forecast period.
Tires and tubes industry is helped by a rapid increase in the rate of tire replacement
As the economies are developing, people are spending more on automobiles. With the growth in the production of vehicles, the demand for tires is expected to increase in the OEM market. This will have a positive impact on the tire industry as over 60% of the global natural & synthetic rubber produced is consumed during the manufacturing of tires & tubes. Butyl rubber is an indispensable raw material used in the manufacturing of tires and tubes and an increase in the global demand for tires and tubes is expected to increase the demand for butyl rubber during the forecast period. Key players are also focusing on the replacement of tires in keeping with new emission standards. The new rules require manufacturers to reduce fuel consumption of both trailers and tractors. To improve fuel efficiency, key players are focusing on developing innovative materials and high grade butyl rubber, such halo-butyl rubber. The use of halo-butyl in the tire tread application enhances dynamic properties such as improved performance in rolling resistance and improved wet and dry traction. A high tire replacement rate in North America for passenger cars as well as commercial vehicles is expected to result in an increase in the demand for butyl rubber in the coming years.
The use of butyl rubber to sterilize pharmaceutical products against contamination is anticipated to bode well for the global butyl rubber market growth
Butyl rubber has emerged as the most suitable product for storing pharmaceutical products. The inherent properties of butyl rubber makes it an obvious choice for stoppers and seals that are used to provide high cleanliness and gas barriers. In the pharmaceuticals industry, halo-butyl rubber is significantly used as a raw material for the production of antibiotics as well as infusion and biomedical stoppers. Increasing spending on pharmaceutical applications, primarily owing to increasing health consciousness and demand for a high level of cleanliness is expected to provide substantial growth opportunities in the global butyl rubber market.
Persistence Market Research has given the detailed information about the provision of after sales services, which is the key focus area of players in the global butyl rubber market. Mergers and acquisitions, strategic collaborations and technology transfer agreements play a vital role in the global butyl rubber market. The team of analysts who have extensively studied this market have highlighted manufacturers’ need to efficiently meet the requirements of various sales channels while ensuring customized services. Further, it has been noticed that acquisitions and collaborations are the key strategies adopted by global and local players for better service provision and to increase their consumer base in different geographies.
Report structure that incorporates in-depth analysis, key recommendations and overall market viewpoint
The key part of this report is Persistence Market Research’s analysis and recommendations on the global butyl rubber market. The report takes an overview of the global butyl rubber market and also underlines factors influencing the growth of the global butyl rubber market. The analysts have also provided key strategic recommendations for both existing and new players in the market to emerge sustainably profitable. The report covers the competitive landscape that provides a dashboard view of companies that manufacture and provide services in the global butyl rubber market. The report contains company profiles of some of the key players and a strategic overview of mergers and acquisitions along with companies’ expansion plans across regions. Apart from including these factors, the team of expert analysts have also taken into consideration the various macro-economic indicators such as butyl rubber market outlook, gross domestic product and other pointers to arrive at the indicated market numbers.
Top-down approach has been used to counter-validate the reached numbers in the butyl rubber market, while bottom-up approach has been used to assess key market numbers in the global market. Weighted average selling price is considered to estimate the market size of various products mentioned in the scope of the study. The country price is captured with the local currency. The local currency figures are then converted to USD to offer forecasts in a consistent currency standard.
By Product Type
Thoroughly analyzed interviews make this report an exceptional one
Each primary interview is thoroughly analyzed and average market volume is deduced and reconfirmed prior to incorporating in the report. The price of butyl rubber is deduced on the basis of the average price of each product type that is inferred across all the five assessed regions. The market value of the global butyl rubber market is thus calculated from the data derived from the average selling price and market volume. For the eight year forecast of the global butyl rubber market, various macroeconomic factors and changing trends have been observed, giving an idea about the future of the market. Other important factors considered to arrive at market forecast are the size of the current market, inputs from the supply side and the demand side and other dynamics shaping the scenario of the market. In the compilation of the report, the forecasts are conducted in terms of CAGR, while other important criteria such as year-on-year growth and absolute dollar opportunity have also been incorporated to present a clear picture of the growth and performance of the global butyl rubber market.