The Asia Pacific Isobutene Market would witness market growth of 5.1% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 2,869.6 Kilo Tonnes, showcasing a growth of 2.9% (2019-2022).
Regulatory policies aimed at the carcinogenicity of petrochemicals have a massive impact on enterprise dynamics and product outcome sources. The primary need driver is the growing demand for rubber from the automotive industry. For instance, it is primarily used as a precursor to various chemicals in the polymerization reaction with isoprene to produce polybutene. In simple phrases, polybutene is butyl rubber used to produce tires and other synthetic products.
Isobutene is a key feedstock for producing synthetic rubber, particularly butyl rubber. Butyl rubber is used to manufacture tires, sealants, and other products. Isobutene is used to produce isooctane, a high-octane component added to gasoline to improve its performance. Isobutene produces chemical intermediates, including isobutyl alcohol, acetate, and methacrylate. Isobutene is used in the production of lubricant additives, such as polybutenes. Isobutene also finds applications in refrigerants, antioxidants, and pharmaceuticals.
According to the State Council of China, the domestic petrochemical industry saw its total revenue reach 14.45 trillion yuan in 2021, up 30 percent year-on-year. Total profit for the first time exceeded 1 trillion yuan to 1.16 trillion yuan, up 126.8 percent year-on-year. Both revenue and profit rose to record highs. The petrochemical industry is a substantial consumer of isobutene, and its growth in China can lead to increased demand for isobutene-derived products and feedstocks. Producers and manufacturers in the isobutene market can benefit from this growth by providing high-quality materials and chemicals that meet the diverse needs of the petrochemical sector in China. The aforementioned factors will significantly expand the market growth across the region.
The China market dominated the Asia Pacific Isobutene Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,542.2 Million by 2030. The India market is registering a CAGR of 5.5% during (2023 - 2030). Additionally, The Japan market would showcase a CAGR of 4% during (2023 - 2030).
Based on Product, the market is segmented into Methyl tert-butyl ether (MTBE), and Ethyl tert-butyl ether (ETBE). Based on Application, the market is segmented into Automotive, Aerospace, Pharmaceuticals, Antioxidants, and Others. Based on countries, the market is segmented into China, India, Japan, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Isobutene Market is Predict to reach $35.4 Billion by 2030, at a CAGR of 4.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BASF SE, Evonik Industries AG (RAG-Stiftung), Exxon Mobil Corporation, Sumitomo Chemical Co., Ltd., Global Bioenergies, Weifang Binhai Petro-Chem Co., Ltd (Tiande Chemical Holdings Co., LTD), Honeywell International, Inc., LyondellBasell Industries Holdings B.V., Linde PLC, and China Petrochemical Corporation (Sinopec Group).
By Product (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million, 2019-2030)
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