According to a recent report by Transparency Market Research (TMR), the global 2-methylpronene market is market by the presence of a few established players such as Evonik Industries AG, BASF SE, TPC Group, and Lyondell Basell Industries N.V. These players are equipped with strong financial might and technical expertise for the production of 2-methylproene and similar products. However, the report anticipates the entrance of several new players in this market in the near future, which will further intensify the competition. The leading players are expected to rely on their strong distribution and sales network to maintain their stronghold over the market.
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The TMR report evaluates that the global 2-methylpropene market was worth US$26.99 bn in 2015, and rising at a robust CAGR of 7.07% during the forecast period of 2016 to 2024, the valuation is estimated to reach US$49.91 bn by 2024. In terms of volume, the market is expected expand at a CAGR of 6.21% during the same forecast period.
Fuel and Lubricants Segment Remains Prominent
By product, the report segments the global 2-methylpropene market into polyisobutylene, butyl rubber, isooctane, MTBE, MMA monomer, and others including plastics and ETBE. Out of these, the segment of isooctane contributed to 36.67% of the demand in 2015, marginally more than MTBE, which is the second most significant 2-methypropene market segment. This extended demand for isooctane is a reflection of its growing application as a primary component in aviation gasoline and as octane booster for gasoline. Isooctane exhibit tremendous antiknock characteristic, and are quickly replacing MTBE as a gasoline additive.
Application-wise, the report bifurcates the 2-methylpropene market into rubber manufacturing, adhesives and sealants, fuel and lubricants, pharmaceuticals, antioxidants, agrochemicals, and others including neopentaoic acid, methallyl chloride, and plastic explosives. Fuel and lubricants segment currently serve the maximum demand, owing to the steady growth of the global automotive industry.
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Geographically, the report detects North America as the most lucrative region, constituting for 34.16% of the shares in 2015, although the demand is expected to experience moderate growth rate due to various environmental and health hazards. On the other hand, Asia Pacific is anticipated to expand the demand at most prominent rate in the near future. Asia Pacific resides vast population and several emerging economies with rapid industrialization. In countries such as India and China, automotive and aviation industry is touching new peaks each year, which is clearly evident from extended demand for 2-methypronene market. Excluding Japan, the region of Asia Pacific is expected to remain prominent through-out the forecast period.
Bio-based 2-Methylpropene Replacing Petroleum-based Variants
Apart from extending demand from the automotive and aviation industries, the global 2-menthylpropene market continues to gain sustained demand for MTBE, owing to government regulations pertaining to water contamination, environmental pollution, and health hazards. Increasing use of rubber products across several industries and the expansion of existing production facilities are some of the other factor that will fuel the demand for 2-menthylpropene during the forecast period. Conversely, the fluctuations in the prices of crude oil is expected to hinder the demand of 2-methylpropene-based products, especially MTBE, which is also losing popularity for its harmful properties.
According to the author of the report, “Bio-based 2-menthylpropene products are now quickly replacing petroleum-based variants. With growing trend of investments for renewable sources of energy across the world, the demand for bio-based products are gaining popularity. This factor will open new opportunities for the players in this market.”
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The information presented in this review is based on a Transparency Market Research report, titled, “2-Methylpropene Market (Product - Butyl Rubber, Polyisobutylene, MMA Monomer, Isooctane, MTBE, Plastics, and ETBE; Application - Rubber Manufacturing, Pharmaceuticals, Fuel and Lubricants, Adhesives and Sealants, Antioxidants, Agrochemicals, Plastic Explosives, Neopentaoic Acid, and Methallyl Chloride) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Key Segments of the Global 2-Methypropene Market
2-Methylpropene Market: By Product
- Butyl Rubber
- MMA Monomer
- Others(Plastics, ETBE)
2-Methylpropene Market: By Application
- Rubber Manufacturing
- Fuel & Lubricants
- Adhesives & Sealants
- Others(Plastic Explosives, Neopentaoic Acid, and Methallyl Chloride)
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