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 is expected to witness an above-average CAGR of 7.06% between 2018 and 2023. 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.
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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.
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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.