The 2-methylpropene market was estimated at US$39.56 Billion in 2022 and is projected to reach US$62.5 Billion by 2028, growing at a CAGR of 5.9% over the analysis period 2023-2028.
Isobutylene, also known as 2-methylpropene, is an important hydrocarbon in industrial applications. It is a branched alkene with four carbon atoms and is one of the isomers of butylene. Under optimal temperature and pressure conditions, it is a colorless, flammable gas, although it is not highly flammable. Isobutylene is used as an intermediate compound in the production of various product types. When reacted with methanol and ethanol, it serves as a precursor for the gasoline oxygenates methyl tert-butyl ether (MTBE) and ethyl tert-butyl ether (ETBE), respectively. It can also undergo alkylation with butane to produce isooctane, which is a fuel additive. Isobutylene finds application in the production of methacrolein as well. Polymerization of isobutylene leads to the formation of butyl rubber, also known as polyisobutylene (PIB). Additionally, isobutylene is utilized in the Friedel-Crafts alkylation of phenols to produce antioxidants like butylated hydroxytoluene (BHT) and butylated hydroxyanisole (BHA).
The rising demand from sectors like automotive, construction, and packaging is expected to play a crucial role in driving the growth of various chemical markets, including those that rely on 2-methylpropene as an intermediate. It is important to highlight that 2-methylpropene is utilized in the production of multiple chemicals. Hence the growth drivers for these chemicals and related industries can have an impact on the overall growth of the 2-methylpropene market. Advances in technology and process improvements can enhance the production efficiency and cost-effectiveness of 2-methylpropene and its derivatives. This can stimulate market growth by making the products more accessible and affordable for various applications.
Factors like stringent regulations on emissions, safety concerns associated with the handling of compounds, and availability of raw materials can hinder the growth of the 2- methyl propane market. Increasing environmental regulations aimed at reducing emissions and promoting sustainable practices can influence the demand for 2-methylpropene. Industries may need to comply with emission standards and utilize cleaner technologies, which could drive the adoption of 2-methylpropene-based products that offer environmentally friendly solutions. The handling, storage, and transportation of compounds derived from 2-methylpropene can pose safety risks. Stringent safety regulations and guidelines are in place to ensure the safe use and handling of these compounds. Concerns related to worker safety and environmental hazards can impact the market by influencing the choice of chemicals used in various applications. The availability and cost of raw materials required for the production of 2-methylpropene can affect market dynamics. Fluctuations in the supply of raw materials, such as propylene, which is a key feedstock for 2-methylpropene, can impact production capacity and pricing, thereby influencing the market.
The expansion of industries and infrastructure in emerging markets presents new opportunities for the 2-methylpropene market. It identifies the emerging market, untapped regions, and niche applications, demand for sustainable products sustainable and eco-friendly products, creating avenues for the market. These regions often experience rapid economic growth and increasing consumer demand, creating a potential market for 2-methylpropene-based products. Exploring untapped regions where the use of 2-methylpropene and its derivatives is not widespread can lead to market expansion. By targeting these regions and introducing the benefits and applications of 2-methylpropene, companies can tap into new customer bases and drive market growth. Identifying niche applications for 2-methylpropene that have not been fully explored can open up new market opportunities. By developing innovative products or solutions for specific industries or uses, companies can differentiate themselves and cater to specialized market segments. The growing consumer and industry preference for sustainable and eco-friendly products creates a significant market opportunity for 2-methylpropene. By positioning 2-methylpropene-based products as environmentally friendly alternatives, companies can meet the demand for sustainable solutions and gain a competitive edge.
The 2-methylpropene market, like many other industries worldwide, has been adversely affected during the pandemic. Manufacturing and supply chain operations faced significant disruptions due to lockdowns and restrictions imposed by governing authorities. Additionally, consumer demand has decreased as individuals prioritize essential expenses amidst the economic challenges brought about by the outbreak. These factors are anticipated to impact the revenue trajectory of the global 2-Methylpropene market in the foreseeable future. However, as authorities gradually lift lockdown measures, it is expected that the market will gradually recover.
2-METHYLPROPENE MARKET REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
5.9% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
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The Isobutane dehydrogenation segment is expected to dominate the 2-methylpropene market. This segment involves the dehydrogenation of isobutane to produce 2-methylpropene. Isobutane, a branched hydrocarbon, undergoes a catalytic process to convert it into 2-methylpropene. This method is commonly used in the production of 2-methylpropene and is a key process in the market. MTBE is a gasoline additive, and its decomposition yields 2-methylpropene along with other byproducts. The 2-methylpropene produced through this process can be used in various industries and applications.
Butyl Rubber
Polyisobutylene
Methacrylonitrile
MMA
PIB-Cl
The Butyl Rubber segment would account for the greatest proportion of the 2-methylpropene market. Butyl rubber is extensively used in the production of tire inner liners. It's low gas permeability, and excellent air retention properties make it an ideal material for maintaining tire inflation pressure. It is widely employed in the manufacturing of closures, stoppers, and seals for pharmaceutical products. Its resistance to gas and moisture permeation helps maintain the integrity and stability of pharmaceutical formulations. Butyl rubber is used in the formulation of adhesives and sealants. Its excellent adhesion properties, flexibility, and resistance to aging and weathering make it suitable for bonding and sealing applications.
The automotive segment is ruling with the highest shares of the 2-methylpropene market. Butyl rubber is used in the manufacturing of tire inner liners to enhance air retention and prevent leakage. Butyl rubber is employed in the production of various automotive hoses, including fuel hoses, coolant hoses, and brake hoses, due to its resistance to chemicals and fluids. Butyl rubber is used in automotive components such as engine mounts and suspension bushings to dampen vibrations and reduce noise.
The Asia Pacific region is expected to dominate the global 2-methylpropene market, accounting for over 42% of its usage. This dominance can be attributed to the increasing demand for chemical and automotive manufacturing in developing countries such as India, China, and other Southeast Asian nations. Additionally, the rising disposable incomes in these countries are contributing to market growth. Europe is anticipated to hold the second-largest market share for 2-Methylpropene, primarily due to stringent government regulations and environmental rules set by the European Commission regarding hydrocarbon consumption. These regulations have led to increased prices of 2-Methylpropene in European countries, thereby limiting its demand to a significant extent over the past decade.
Frequently Asked Questions
2-methylpropene market was valued at USD 39.56 Billion in 2023 and is projected to reach USD 62.5 Billion by 2028, growing at a CAGR of 5.9% from 2023 to 2028.
BASF SE, Evonik Industries AG, Lyondell Basel Industries NV, TPC Group, Chevron Phillips Chemical Company, etc
Asia Pacific region dominates the 2-methylpropene market
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