Albany, NY -- (SBWIRE) -- 05/15/2018 -- 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.
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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.
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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.