The isobutylene market is projected to grow at a healthy CAGR of 5% in terms of value through the period of forecasting between 2020 and 2030. The growth of the market is majorly driven by perpetual demand for isobutylene in the production of methyl tert-butyl ether (MTBE) and ethyl tert-butyl ether (ETBE). However, the COVID-19 pandemic has hindered the smooth growth trajectory of the entire chemical sector, leading to a downfall in sales of isobutylene.
“Owing to its versatility, isobutylene finds usage as a fuel additive and as an intermediate in butyl rubber across cosmetics and chemical industries. Moreover, isobutylene’s ability to act as an antioxidant, additive, intermediate, and feedstock ensures healthy adoption in several applications,” says the Fact.MR report.
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Isobutylene Market – Key Takeaways
Isobutylene Market – Driving Factors
Isobutylene Market – Constraints
Anticipated Market Impact by Coronavirus Outbreak
On the back of the COVID-19 outbreak, the global chemical industry has come to a screeching halt, in turn, creating a downtrend in the demand for isobutylene. Furthermore, a steep decline in the consumption of fuel over the first and second quarters of 2020 is also negatively impacting the market’s growth trajectory. Although uncertainty prevails over the complete revamp of revenue prospects, manufacturing plants in East Asian nations such as Japan and South Korea are gradually restarting operations, which is expected to alleviate the impact to an extent.
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The key players operating in the isobutylene market include, but not limited to, Enterprise Products Partners L.P., LyondellBasell Industries Holdings B.V., Nizhnekamskneftekhim, Shandong Huachao Chemical Co., Ltd., TPC Group, and Heilongjiang Anruijia Petrochemical Co. Market players are focusing on upscaling their production capacities to cater to the growing demand. On these lines, in 2019, Enterprise Products Partners LP expanded its production capacity to 425 kilotons. Likewise, Saudi Aramco announced a joint venture with Total Company to establish a new production facility for poly-isobutylene.
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The FACT.MR’s market research report provides in-depth insights into the Isobutylene Market. The market is scrutinized on the basis of grade (<99% and >99%), function (additive, intermediate and antioxidant) and end-use industry (fuel, rubber, chemical & cosmetics, lubricants, and others) across seven major regions (North America, Europe, East Asia, South Asia & Oceania, Latin America, and Middle East & Africa (MEA)).
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