2-Methylpropene Market by Regional Analysis, Key Players and Forecast 2024
The
global market for 2-methylpropene is led by established players such
as BASF SE, Evonik Industries AG, Lyondell Basell Industries N.V.,
and TPC Group. Transparency Market Research notes that these players
have, over the years, benefited from technical expertise and strong
capabilities of producing 2-methylpropene and related products.
Read
Report Overview @
Despite
being a highly capital-intensive market, the threat of new entrants
is projected to rise from a low to medium level during the course of
the forecast period, increasing the degree of competition among the
players. Establishing a strong distribution and sales network in
order to expand their reach has proven to be a successful strategy
for players in the 2-methylpropene market.
The
global 2-methylpropene market is slated to exhibit a steady CAGR of
7.07% during the forecast period in terms of revenue. In view of
this, the opportunity presented by this market is projected to rise
from US$26.99 bn in 2015 to US$49.91 bn by 2024. In terms of volume,
the 2-methylpropene market is expected to expand at a CAGR of 6.21%
from 2016 to 2024.
Fuels
and Lubricants Form Most Attractive Application Segment
By
product, isooctane held the leading share of 37.07% in 2015 in terms
of value. Isooctane will continue to remain a highly attractive
product segment throughout the forecast period, closely followed by
MTBE. In terms of value, the butyl rubber is anticipated to exhibit a
high CAGR of 8.12% from 2016 to 2024. This can be attributed to the
increased utilization of butyl rubber for the manufacture of tubes
and tires in the automotive industry.
Fuels
and lubricants formed the most attractive application segment of the
2-methylpropene market and this trend is expected to continue during
the forecast period. The rubber manufacturing segment, on the other
hand, is expected to witness strong growth by 2024 driven by the
increased application of rubber in the thriving automotive sector.
In
terms of value, North America constituted the dominant share of
34.16% in 2015 and will continue being the key revenue generator in
the global 2-methylpropene market. However, the declining demand for
MTBE owing to various environmental and health hazards is anticipated
to pose some challenges to this regional market. Registering an
impressive CAGR of 8.46% from 2016 to 2024, Asia Pacific excluding
Japan is anticipated to emerge as the most rapidly expanding regional
segment of the 2-methylpropene market.
APAC
Presents Untapped Opportunities in 2-methylpropene Market
There
has been significant growth in the global automotive as well as
aviation sectors over the years and this has resulted in the
increased consumption of lubricant additives, gasoline, and rubber
products. This in turn has had a positive impact on the demand for
2-methylpropene.
“This
trend is particularly true for the Asia Pacific region, wherein the
consumption of 2-methylpropene is high in the pharmaceutical and
automotive industries in India, China, and several ASEAN countries,”
the author of the study says.
Request
to view Sample Report:
Another
key trend driving the global 2-methylpropene market is the surging
demand for renewable sources of energy. “Bio-based 2-methylpropene
products are the ideal substitute for petroleum-based variants and
the various benefits of bio-based products will continue to support
the growth of this market,” the TMR analyst reports.
In
contrast, the volatility in crude oil prices is anticipated to hamper
the global demand for 2-methylpropene-based products, particularly
MTBE. In addition to this, the harmful properties of MTBE will also
pose a challenge to the growth of this market.
Comments
Post a Comment