Market Outlook:
Isobutene Market surpassed USD 30 Billion in 2023 and is likely to exceed USD 44.97 Billion by end of the year 2032, observing around 4.6% CAGR between 2024 and 2032.
Base Year Value (2023)
USD 30 Billion
19-23
x.x %
24-32
x.x %
CAGR (2024-2032)
4.6%
19-23
x.x %
24-32
x.x %
Forecast Year Value (2032)
USD 44.97 Billion
19-23
x.x %
24-32
x.x %
Historical Data Period
2019-2023
Largest Region
North America
Forecast Period
2024-2032
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Market Dynamics:
Growth Drivers & Opportunity: The increasing demand for Isobutene in the production of derivatives such as MTBE and polyisobutene is One of the key factor behind the growth for the Isobutene Market. The growth in the automotive industry, particularly in emerging economies, is also contributing to the expansion of the Isobutene Market. Furthermore, the rising demand for Isobutene in the manufacturing of Butyl rubber is expected to fuel market growth in the coming years.
Industry
Report Scope
Report Coverage | Details |
---|
Segments Covered | Product, Application |
Regions Covered | • North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC)
• Latin America (Argentina, Brazil, Rest of South America)
• Middle East & Africa (GCC, South Africa, Rest of MEA) |
Company Profiled | BASF, Evonik, ExxonMobil, ABI Chemicals, Global Bioenergies, Praxair, Syngip BV, LanzaTech, Honeywell Internationa |
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However, there are certain restraints hindering the growth of the Isobutene Market. A major obstacle is the fluctuating prices of raw materials, which impacts the production cost of Isobutene. Moreover, another significant challenge is the stringent regulations imposed by various governments on the use of Isobutene, which could limit market growth to some extent.