Isobutylene Isoprene Rubber (IIR) Market Size, Share, Growth, And Industry Analysis, By Type (Regular IIR, Halogenated IIR) By Application (Tires, Medical Stoppers, Protective Clothing, Sporting Equipment, Others), and Regional Forecast From 2024 To 2032

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Isobutylene Isoprene Rubber (IIR) Market Report Overview

The global isobutylene isoprene rubber (iir) market size was USD 5.44 billion in 2023 and is projected to grow from USD 5.71 billion in 2024 to USD 8.4 billion by 2032, exhibiting a CAGR of 4.9% during the forecast period. Asia-Pacific holds leading position in isobutylene isoprene rubber (iir) market share in 2023.

Isobutylene Isoprene Rubber (IIR) is a synthetic rubber that is made up of a copolymer of isobutylene and isoprene. It is also commonly referred to as butyl rubber due to its high percentage of isobutylene monomer. This type of rubber is known for its excellent gas impermeability, chemical resistance, and thermal stability, making it a popular choice for a wide range of applications. IIR is created through the process of polymerization, in which the isobutylene and isoprene monomers are combined and allowed to react in the presence of a catalyst. The resulting polymer is a highly elastomeric material that can be molded into various shapes and forms.

One of the key characteristics of IIR is its low gas permeability, which makes it an ideal choice for applications that require a high degree of air and gas tightness. This includes the production of inner tubes for tires, inflatable bladders, and other products that need to maintain a specific pressure over time. The automotive industry is the largest end-user of IIR, followed by the construction and medical industries. The global IIR market is expected to grow at a steady pace in the coming years, driven by the increasing demand from various end-use industries.

COVID-19 Impact: Lockdown Caused Shortage of Raw Materials and Delay in Production Impeding the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre- pandemic levels once the pandemic is over.

The Covid-19 pandemic has had a significant impact on the IIR market, as it has on many other industries. The pandemic caused disruptions in the supply chain, leading to a shortage of raw materials and delay in production. The automotive industry, which is the largest consumer of IIR, was severely affected by the pandemic as the lockdowns and social distancing measures led to a decline in demand for vehicles. The construction and medical industries were also affected, but to a lesser extent. The pandemic also led to a shift in consumer behavior, with an increasing preference for online shopping, which affected the retail sector, leading to a decline in demand for IIR-based products.

Latest Trends

"Increasing Use of IIR in the Automotive Industry to Boost the Market Development"

The IIR market is witnessing several trends that are shaping its growth. One of the major trends is the increasing use of IIR in the automotive industry, particularly in the manufacture of tires. IIR has excellent air retention properties, which makes it an ideal material for tire inner liners. The increasing demand for fuel-efficient and eco-friendly vehicles is driving the growth of the IIR market in the automotive industry.

Isobutylene Isoprene Rubber (IIR) Market Segmentation

• By Type Analysis

According to type, the market can be segmented into regular IIR, halogenated IIR. Regular IIR being the leading segment of the market by type analysis.

• By Application Analysis

Based on application, the market can be divided into tires, medical stoppers, protective clothing, sporting equipment, others. Tires being the leading segment of the market by application analysis.

Driving Factors

"Increasing Demand from The Automotive Industry to Drive the Market Growth"

The automotive industry is the largest end-user of IIR, which is used in the manufacture of tires, particularly in the inner liner. The excellent air retention properties of IIR make it an ideal material for inner liners that can maintain tire pressure and reduce rolling resistance, resulting in improved fuel efficiency and reduced carbon emissions. With the increasing demand for fuel-efficient and eco-friendly vehicles, the IIR market in the automotive industry is expected to grow at a steady pace. Moreover, the growing demand for electric vehicles is also expected to boost the demand for IIR. This is because IIR is used in the production of battery seals and gaskets that can prevent the leakage of electrolytes and maintain the integrity of the battery system.

"Growing Demand from The Medical Industry to Drive the Market Development"

The medical industry is another major end-user of IIR. IIR is used in the production of medical gloves, syringe stoppers, and other medical devices due to its excellent chemical and ozone resistance. IIR is also preferred over other elastomers in medical applications because it does not cause allergic reactions in users. The global demand for medical gloves has been on the rise due to the Covid-19 pandemic, which has led to increased usage of PPE by healthcare workers. The increased demand for medical gloves has, in turn, driven the growth of the IIR market in the medical industry.

Restraining Factors

"Increasing Competition from Alternative Elastomers to Impede the Market Growth"

EPDM and SBR offer advantages such as lower cost and better mechanical properties, which are driving their adoption in various end-use industries. EPDM is widely used in the automotive industry due to its excellent weather resistance and low compression set. SBR, on the other hand, is used in the production of tires and other rubber products due to its high abrasion resistance and good bonding properties.

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Isobutylene Isoprene Rubber (IIR) Market Regional Insights

"High Demand for IIR in the Automotive and Medical Industries in North America to Bolster the Market Development of the Region"

The North American IIR market is driven by the high demand for IIR in the automotive and medical industries. The region is home to several major tire manufacturers, such as Goodyear, Cooper Tire & Rubber Company, and Michelin, which are among the largest consumers of IIR in the region. The increasing demand for fuel-efficient and eco-friendly vehicles in North America is driving the demand for IIR in the automotive industry. The US Environmental Protection Agency (EPA) has set regulations for tire fuel efficiency and greenhouse gas emissions, which are driving the adoption of IIR in tire manufacturing. In the medical industry, North America is one of the largest markets for medical devices and PPE. The Covid-19 pandemic has further increased the demand for medical gloves and other equipment, which has driven the demand for IIR in the region. Additionally, the aging population in North America is also driving the demand for medical devices, which is expected to further boost the demand for IIR in the coming years.

The Asia Pacific IIR market is expected to grow at the highest rate, driven by the increasing demand from the automotive and medical industries in countries such as China and India. China is one of the largest automotive markets in the world, and the increasing demand for fuel-efficient and eco-friendly vehicles in the country is driving the demand for IIR in tire manufacturing. The Chinese government has also set regulations to promote the production and use of eco-friendly vehicles, which is expected to further boost the demand for IIR in the country.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP ISOBUTYLENE ISOPRENE RUBBER (IIR) COMPANIES

• ExxonMobil (U.S.)
• Lanxess (Germany)
• PJSC NizhneKamskneftekhim (Russia)
• Sibur (Russia)
• JSR (Japan)
• Sinopec Beijing Yanshan (China)
• Formosa Synthetic Rubber (Ningbo) (Taiwan)
• Zhejiang Cenway Synthetic New Material (China)
• Panjin Heyun Group (China)
• Shandong Chambroad Petrochemicals (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.