High Purity Isobutylene Market Exclusive Trends and Growth Opportunities Analysis to 2030

[Ram Vasekar]

Market Snapshot

The High Purity Isobutylene (HPIB) Market is projected to travel on an upward trajectory over the next several years. During the projection period (2021-2030), the market is set to record a CAGR of 7.62% and a value of USD 7 billion. 

Market Highlights

Over the years, demand for HPIB has increased in regions such as APAC, LatAm and MEA, fast-developing countries. This is attributed largely to these areas being increasingly industrialized. The growth of the automobile industry has had a positive influence on the global HPIB demand in these areas. HIPB is a desirable raw material in the manufacture of automobile rubber. Many of the major players are looking at developing markets to boost their position on the market. Such factors promote growth in the global HPIB market. Moreover, the increased use of isobutylene in the manufacture of gasoline and lubricant additives in part drives global demand. In fuel and lubricant additives, this substance essentially functions as an antioxidant. Methyl tertiary butyl ether (MTBE) decomposition in methanol and isobutylene remains the most common form of high-grade isobutylene processing. At the same time, isobutane dehydrogenation is still commonly used for HPIB development, but due to its environmental effects, the Process has been subject to scrutiny. The advent of bio-based high purity isobutylene has nevertheless produced new opportunities for market players.

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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.

Manufacturers are consciously working on the more efficient methods of development. owing to its cost savings and low energy consumption, a substantial number of manufacturers opt for the C4 fraction separation. For example, companies like Shandong Chambroad Petrochemicals Co. Ltd, Honeywell International Inc., Evonik Industries AG, TPC Group, Tasco Group, among others, are inclined towards the technique of C4 fractional separation.

Market Segmentation   

MRFR's report also includes a detailed segmental analysis of the HPIB market based on application and method.

Based on the application, the market has been segmented into trimethylacetic acid, terybutyl-phenol series product, methyl-ally-chloride, polyisobutylene, butyl rubber, and others. The butyl rubber category controls the largest market share and is projected to remain extremely lucrative over the measurement period. Thanks to its rising use in the manufacture of tires, demand for butyl rubber has risen significantly.

The market was segmented according to the Process into isobutane dehydrogenation, MTBE decomposition, C4 fraction separation and others. In these, the category in MTBE decomposition accounts for most market share in value terms. Moreover, by 2023 the segment is projected to reach a market cap of USD 3.8 billion. 

Regional Overview

The research includes the regions of Europe, Asia Pacific (APAC), Middle East & Africa (MAE), Latin America and North America. At the moment, APAC is at the forefront of the high purity isobutylene global market. During the forecast period, the HPIB market in APAC is expected to exhibit a remarkable 8.30 percent CAGR and hit an estimation of more than USD 4.3 billion. The growth of end-use industries is one of the main driving forces of HPIB revenues in APAC. Countries like China, Japan, and India are some of APAC 's main HPIB markets. Many of the APAC countries are experiencing big economic reforms that market players in the region welcome.