The
market currently stands over USD 7,000 Mn. Decomposition of methyl
tertiary butyl ether (MTBE) in to methanol and isobutylene continues to
be the most popular method of producing high grade isobutylene. At the
same time, isobutane dehydrogenation is also increasingly being relied
upon for HPIB production however the method has come under scrutiny
owing to its environmental implications. Nevertheless, the emergence of
bio-based high purity isobutylene has created new windows of opportunity
for market players.
Manufacturer
are actively focusing on adopting more viable production methods. A
large number of manufacturers are opting for C4 fraction separation
owing to its cost benefits and low energy consumption. For instance,
companies such as Shandong Chambroad Petrochemicals Co.Ltd, Honeywell
International Inc., Evonik Industries AG., TPC Group, Tasco Group, among
others are have inclined towards C4 fraction separation technique.
According to MRFR’s latest findings, the global High Purity Isobutylene (HPIB) Market Analysis is expected to witness an above-average CAGR of 7.06% between 2018 and 2023.
Over
the years, demand for HPIB has increased fast-developing countries in
region such as APAC, LatAm and MEA. This is primarily owing to the rapid
industrialization is these regions. The expansion of automotive sector
has in these regions has made a positive impact on the global HPIB
market. HIPB is a sought-after raw material in the automotive tire
manufacturing sector. Many of the global players are eyeing on emerging
market to improve their market position. Such factors are supporting the
growth on the global HPIB market. In addition, the increased usage of
isobutylene in fuel and lubricant additives manufacturing is partly
driving the global demand. This material basically acts as an
antioxidant in fuel and lubricant additives.
MRFR’s
report also include a detailed segmental analysis of the HPIB market
based on application and method. By application, the market has been
segmented into trimethylacetic acid, tery-butylphenol series product,
methyl-ally-chloride, polyisobutylene, butyl rubber, and others. The
butyl rubber segment commands the largest market share and is expected
to remain highly attractive during the assessment period. Demand for
butyl rubber has increased substantially owing to its growing
application in the tire manufacturing. By Method, the market has been
segmented into isobutane dehydrogenation, MTBE decomposition, C4
fraction separation and others. Of these, the MTBE decomposition segment
accounts for the majority share of the market in terms of value. In
addition, the segment is expected to surpass a market valuation of USD
3,800 Mn by the year 2023. However, formidable challenges lie ahead for
the segment owing to the harmful environmental and health impacts of
MTBE decomposition.
The
regions that are covered in the report include Europe, Asia Pacific
(APAC), the Middle East & Africa (MAE), Latin America and North
America. APAC is currently at the forefront of the global market for
high purity isobutylene. The HPIB market in APAC is projected to exhibit
an impressive CAGR of 8.30% during the review period and reach a
valuation of more than USD 4,300 Mn. Expansion of end-use industries is
the region is one of the major factors driving HPIB sales in APAC.
Countries such as China, Japan and India are some of the major markets
for HPIB in APAC. Many of the APAC countries are undergoing major
economic reforms which is being welcomed by market players active in the
region.
Competition Tracking:
TPC
Group, Saipem SpA, Tasco Group, Honeywell International Inc., Sumitomo
Chemical Co., Ltd., PJSC Nizhnekamskneftekhim, Global Bioenergies,
Shandong Chambroad Petrochemicals Co. Ltd., Zhejiang Shunda New Material
Co., Ltd., Sinopec Beijing Yanshan Company, Zibo Qixiangtengda Chemcial
Co., Ltd., LyondellBasell Industries Holdings BV, Exxon Mobil
Corporation, Evonik Industries AG., and Songwon are some of leading
companies mentioned in MRFR’s report.
Browse Full Report @ https://www.marketresearchfuture.com/reports/high-purity-isobutylene-market-7143
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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