SAN FRANCISCO, October 24, 2016 /PRNewswire/ --
The global isobutene market is expected to reach USD 30.71 billion by 2024, according to a new report by Grand View Research, Inc. Regulatory policies aimed at carcinogenicity of petrochemicals to have a huge impact on industry dynamics and product development sources. The primary market driver is the growing demand for rubber from the automotive industry. It was primarily used as a precursor to various chemicals, for instance, in the polymerization reaction with isoprene for the production of polybutene. Polybutene, in simple terms, is butyl rubber used for the production of tires and other synthetic products.
Tire production increased exponentially in the emerging countries of Asia Pacific including China and India. This increase in production is attributable to the growing transportation sector in these economies. Factors such as low-cost land for production facilities and easy availability of skilled labor have had a positive impact on the growth trend. Asia Pacific accounted for over 33% of the global volume in 2015.
Browse full research report with TOC on "Isobutene Market Analysis By Product (Methyl Tert-Butyl Ether (MTBE), Ethyl Tert-Butyl Ether (ETBE)), By Application (Automotive, Aerospace, Antioxidants, Pharmaceuticals) And Segment Forecasts To 2024" at: http://www.grandviewresearch.com/industry-analysis/isobutene-market
Further key findings from the report suggest:
- The global isobutene market demand was estimated at 11.59 million tons in 2015 and is expected to reach 16.23 million tons by 2024, growing at a CAGR of 3.9% from 2016 to 2024
- MTBE was the leading product segment and accounted for nearly 80% of the overall volume in 2015. However, growing concerns regarding groundwater contamination caused due to leakage of MTBE coupled with increasing popularity of ethanol as a gasoline blending agent is expected to segment impact growth negatively
- The U.S. EPA has decided to ban MTBE to be used for gasoline blending in the nation on account of the aforementioned factor. The regulatory ban might have an influential role on policies established in other regions as well.
- Automotive emerged as the leading application segment and accounted for over 35% of total market volume in 2015. The segment is also expected to witness the highest growth of 4.1% over the forecast period
- Product development and capacity expansions remain key determinants of competitiveness. Evonik Industries increased its production capacity by three times in Antwerp, Belgium.
- Global Bioenergies produced second generation bio sourced isobutene as an initiative to diversify accessible feedstock towards cheaper resources
- Key industry participants include Evonik Industries, BASF, ExxonMobil, Praxair Inc., Syngip BV, LanzaTech Inc., ABI Chemicals, Songwon Industrial Co. Ltd., Honeywell International, TPC Group LLC, and LyondellBasell Industries
Browse related reports by Grand View Research:
- Bunker Oil Market - http://www.grandviewresearch.com/industry-analysis/bunker-oil-market
- Monoethylene Glycol (MEG) Market - http://www.grandviewresearch.com/industry-analysis/monoethylene-glycol-market
- Ethylene Amines Market - http://www.grandviewresearch.com/industry-analysis/ethylene-amines-market
- Meningococcal Vaccines Market - http://www.grandviewresearch.com/industry-analysis/meningococcal-vaccines-market
Grand View Research has segmented the isobutene market on the basis product, application and region:
- Global Isobutene Product Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2024)
- Methyl Tert-butyl Ether (MTBE)
- Ethyl Tert-butyl Ether (ETBE)
- Global Isobutene Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2024)
- Global Isobutene Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2024)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
- North America
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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