ALBANY, New York, October 17, 2016 /PRNewswire/ --
Transparency Market Research has released a new market report titled "2-Methylpropene Market (Product, Application, and Geography) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast -- 2016-2024." According to this report, the global 2-methylpropene market was valued at US$ 26.99 Bn in 2015 and is projected to reach US$ 49.91 Bn by 2024, at a CAGR of 7.07% from 2016 to 2024. In terms of volume the 2-methylpropene market is expected to reach 27,432.87 kilo tons by 2024, expanding at a CAGR of 6.21% between 2016 and 2024
2-methylpropene is a colorless gas with a faint petroleum-like odor. Fractionation process of refinery gases and catalytic cracking of methyl t-butyl ether produces 2-methylpropene. 2- methylpropene is a major source for the production of polyisobutylene, which is employed in the production of lubricant and fuel additives. 2-Methylpropene exhibits excellent thermal stability, hence, it offers resistance to decomposition at high temperature.
Products derived from 2-methylpropene include butyl rubber, polyisobutylene, MMA monomer, isooctane, and MTBE. Butyl rubber is synthetic rubber produced by co-polymerization of 2-methylpropene with a small amount of isoprene. Polyisobutylene is a polymer with high molecular weight, it is produced by 2-methylpropene polymerization. MMA monomer is widely employed in several applications, ranging from dental prosthetics and bone cements to contact lenses. Isooctane is used as an octane booster for gasoline and as primary component of aviation gasoline, (also known as avgas), due to its high antiknock quality.
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The feedstock considered for isooctane production is composed of 2-methylpropene and isopentane, which are produced in refineries through steam cracking of light gas oil. MTBE is produced by utilizing feedstock such as 2-Methylpropene and methanol in the ratio of 1.2:1 respectively. Demand for MTBE is stagnant due to implementation of stringent government regulations, groundwater contamination, health hazards, and environmental pollution. Other products manufactured from 2-methylpropene comprise ethyl tert-butyl ether (ETBE) and plastics.
Large number of buyers use 2-methylpropene in a wide range of applications such as rubber manufacturing, pharmaceuticals, fuel & lubricants, adhesives & sealants, antioxidants, and agrochemicals. Expansion of existing production facilities coupled with bio-based production of 2-methylpropene is driving the global demand for 2-methylpropene-based products and applications. Furthermore, several companies are adopting bio-based sources to comply with environmental regulations regarding the use of petroleum-based products. Under bio-based technologies, 2-methylpropene is produced through the fermentation route from sugar, glucose, sucrose, sugar beet, and sugar cane. The first full-scale commercial production plant of bio-based 2-methylpropene with annual production capacity of 50,000 tons is expected to start functioning by 2018.
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The global 2-methylpropene market has been segmented into two categories: by product by application, and region. In terms of product, the 2-methylpropene market has been classified into the butyl rubber, polyisobutylene, MMA monomer, Isooctane, MTBE, and Others. In terms of value, isooctane held the largest share (36.67%), followed MTBE (36.39%) in 2015. Isooctane is used as an octane booster for gasoline and as a primary component of aviation gasoline, also known as Avgas, due to its high antiknock quality. A majority of isooctane is produced in refineries by distillation of petroleum. However, some amount of isooctane is also produced from 2-methylpropene. Demand for MTBE is declining and is getting replaced by isooctane as gasoline additive.
In terms of application, the 2-methylpropene market has been classified into rubber manufacturing, pharmaceuticals, fuel & lubricants, adhesives & sealants, antioxidants, agrochemicals, and others. In terms of value, fuel & lubricants accounted for the largest share (63.86%) in 2015. Steady growth in the global automotive industry has boosted the consumption of gasoline & lubricant additives and rubber products. Increase in demand for 2-methylpropene in global aviation and automobile industries is expected to propel the 2-methylpropene market during the forecast period.
Demand for 2-methylpropene in the fuels & lubricants segment is anticipated to be driven by the development of bio-based 2-methylpropene. Full-scale commercialization of planned projects for the production of bio-based 2-methylpropene is anticipated to take place by 2018. Growth in the automotive sector coupled with commencement of pilot projects for the production of bio-based jet fuel is projected to augment the demand for 2-Methylpropene-based products across the globe.
Key players operating in the global 2-methylpropene market include BASF SE, Evonik Industries AG, LyondellBasel Industries NV, TPC Group, Chevron Phillips Chemical Company, and others. The global 2-methylpropene market has been segmented as follows:
2-Methylpropene Market: By Product
- Butyl Rubber
- MMA Monomer
- Others (Plastics, ETBE)
2-Methylpropene Market: By Application
- Rubber Manufacturing
- Fuel & Lubricants
- Adhesives & Sealants
- Others (Plastic Explosives, Neopentaoic Acid, and Methallyl Chloride)
2-Methylpropene Market: By Region
- North America
- The U.S.
- Western Europe
- The U.K.
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (Excluding Japan)
- South Korea
- Rest of Asia Pacific (Excluding Japan)
- Middle East & Africa
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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