Global Butyl Rubber Market 2020-2024 | Increasing Demand from the Medical and Healthcare Sector to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 21, 2019--
The global butyl rubber market is expected to post a CAGR of more than 3% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global butyl rubber market 2020-2024 (Graphic: Business Wire)
Synthetic rubber exhibits superior resistance to heat, and abrasion, along with slow aging properties. These properties have increased the applications of synthetic rubber in several end-user industries such as the automotive, packaging and healthcare industries. Moreover, the fluctuation in the prices of natural rubber is compelling consumers to increase the use of synthetic rubber. With the rise in the manufacture of cars and commercial vehicles, the demand for synthetic rubber is bound to increase during the forecast period, thereby driving the growth of the market.
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As per Technavio, the increasing demand from the medical and healthcare sector will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Butyl Rubber Market: Increasing Demand from the Medical and Healthcare Sector
Proteins present in natural rubber can cause allergic reactions, which is leading to the increasing use of butyl rubber in medical and healthcare applications. Butyl rubber is non-allergic, odorless, and does not undergo discoloration. Moreover, it also possesses several certain distinctive properties such as low tensile set properties, high resilience, and high elongation, which makes it highly suitable for use in the manufacture of products for the healthcare industry.
“Growing demand from the tire industry and rapid industrialization in emerging countries are other factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Butyl Rubber Market: Segmentation Analysis
This market report segments the global butyl rubber market by geography (APAC, Europe, MEA, North America, and South America) and application (tire, medical application, adhesives and sealants, and others).
The APAC region led the market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the rising adoption of automobiles in the region.
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Five Forces Analysis
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