According to ChemAnalyst report, “Global Isobutylene Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Global Isobutylene market has shown tremendous growth in the past five years and is anticipated to achieve a healthy CAGR during the forecast period. Isobutylene has wide applications in Automotive, Aerospace, Antioxidants, Pharmaceuticals and is also useful for various niche applications, such as wires and cables, compression packaging, and electrical insulation. Automotive comes as the leading application segment accounting for a major part of the isobutylene market whereas, MTBE is the chief product accounting major part of the overall volume.
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Isobutylene (or 2-methylpropene) is a highly inflammable, colorless gas with a pungent odor. It is used in the production of a variety of products as it is alkylated with butane to produce isooctane or dimerized to diisobutylene (DIB) and then hydrogenated to make isooctane, a fuel additive. Polymerization of isobutylene produces butyl rubber (polyisobutylene or PIB). Antioxidants such as butylated hydroxytoluene (BHT) and butylated hydroxyanisole (BHA) are produced by Friedel-Crafts alkylation of phenols with isobutylene and it is also used in the production of methacrolein, MTBE and ETBE. Due to its considerable industrial value and wide application, there is an impeccable growth in its demand in the past few years.
Global economic slowdown due to COVID 19 impacted the manufacturing industries during the first half of 2020. Industries were lacking the feedstock due to supply chain disruption and global plant outages initially in 2020. There is a decline in the demand of electronics, chemicals and automobiles which directly affected the demand of global isobutylene market adversely. However, a positive trend has been witnessed in the demand and supply of isobutylene since December 2020. Increasing demand for isobutylene in production of antioxidants, fragrances, gas odorization products and in the form of a fuel additive in the aerospace and automotive industry is set to boost the market growth during the forecast period.
Region wise, Europe and North America are estimated to account for most of the demand in the global isobutylene market due to its high demand from the automotive and aerospace industry. However, the growth prospect of Asia Pacific is highly promising and is likely to exhibit rapid growth over the period of analysis. Moreover, China is one of the leading manufacturers as well as consumer of isobutylene and is estimated to drive the demand in the isobutylene market in Asia Pacific.
