The Europe Isobutene Market would witness market growth of 4.2% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 3,214.1 Kilo Tonnes, showcasing a growth of 2.2% (2019-2022).
Over the forecast period, the market is expected to be driven by demand from end-use industries such as automotive and aerospace. The chemical is extensively employed as a fuel additive and produces rubber tires and tubes. Isobutene is employed in producing polybutylene and as a precursor in the synthesis of methyl tert-butyl ether. These items are extensively employed in plastic packaging, hot melt glues, compounding, masterbatches, and niche applications such as electrical insulation, compressed packaging, and wires and cables.
As an industrially substantial hydrocarbon, the chemical has numerous applications in the automotive, aerospace, and pharmaceutical industries. It is produced by fractionating refinery gases and decomposing methyl tert-butyl ether catalytically. The demand is expected to grow due to its widespread use in applications from fuel additives and polymers to agricultural industries. Bio-based alternatives resolve sustainability issues related to isobutene and its derivatives on the market. Various governments support the renewable production of isobutene by providing incentives and tax breaks.
According to Germany Trade & Invest, Germany has the largest automotive industry in Europe, ranking first in production and sales, accounting for approximately 25 percent of all passenger cars produced and nearly 20 percent of new registrations. Additionally, Germany has the highest concentration of OEM facilities in Europe. Currently, there are 44 OEM locations in Germany. In 2021, the German OEM market share in the EU exceeded 55 percent. Germany has stringent environmental regulations and standards for fuel efficiency. Isobutene-derived additives can enhance fuel efficiency and reduce emissions, aligning with regulatory requirements and the market's emphasis on cleaner, more efficient vehicles. The above factors will drive the market growth in this region.
The Germany market dominated the Europe Isobutene Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,276.2 Million by 2030. The UK market is experiencing a CAGR of 3.3% during (2023 - 2030). Additionally, The France market would exhibit a CAGR of 5% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Isobutene Market will Hit $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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