2-Methylpropene Market: Snapshot
The rising consumption of gasoline and lubricant additives and rubber products in the automotive and aviation industries, the expansion of existing production facilities, especially in Asia Pacific, and an increase in the bio-based production of 2-methylpropene have been known to significantly drive the 2-methylpropene market across the globe.
The global 2-methylpropene market is poised to register a steady CAGR of 7.07% from 2016 to 2024 in terms of revenue. In view of this, the opportunity presented by this market is likely to rise from US$26.99 bn in 2015 to reach US$49.91 bn by 2024. In terms of volume, the 2-methylpropene market is expected to expand at a CAGR of 6.21% during the forecast period.
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Globally, the prices of 2-methylpropene are increasing year-on-year due to its wide range of applications. The demand for bio-based 2-methylpropene for the production of jet fuel in the aviation sector is expected to propel the demand for as well as prices of 2-methylpropene during the forecast period.
Soaring Demand for 2-methylpropene in Aviation and Automobile Industries Propelling Global Market
In terms of product, the 2-methylpropene market has been classified into butyl rubber, polyisobutylene, MMA monomer, isooctane, MTBE, and others. By value, isooctane held the leading share of 36.67% in 2015, closely followed by MTBE. Isooctane is used as an octane booster for gasoline and as a primary component in aviation gasoline due to its prominent antiknock characteristic. Majority of isooctane is produced in refineries by distilling petroleum. However, isooctane is also produced from 2-methylpropene. The demand for MTBE is declining and is fast being replaced by isooctane as a gasoline additive.
By way of application, the 2-methylpropene market has been segmented into rubber manufacturing, pharmaceuticals, fuel and lubricants, adhesives and sealants, antioxidants, agrochemicals, and others. In terms of value, fuel and lubricants accounted for the dominant share of 63.86% in 2015. Steady growth in the global automotive industry has boosted the consumption of gasoline and lubricant additives as well as rubber products. An increase in the demand for 2-methylpropene in the aviation and automobile industries is therefore expected to propel the global 2-methylpropene market during the forecast period.
Demand for 2-methylpropene to be Comparatively Higher in APAC
From a geographical standpoint, the 2-methylpropene market has been segmented into North America, Western Europe, Eastern Europe, Asia Pacific (excluding Japan), Japan, the Middle East and Africa, and Latin America.
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In terms of value, North America constituted the dominant share of 34.16% in 2015, closely followed by Asia Pacific (excluding Japan) with a 32.16% share that year. While North America leads in terms of installed production capacity, it is expected to lose market share in terms of demand owing to the bans imposed on the usage of MTBE.
Geographically, the high demand for MTBE in Asia Pacific (excluding Japan) has resulted in the expansion of existing 2-methylpropene production facilities in China. The demand for 2-methylpropene in APAC is rising at a rate higher than any other region. Even though the demand for MTBE is declining in developed countries such as the U.S., Germany, and Russia, a significant volume of 2-methylpropene-based isooctane is being utilized as gasoline additives in the automotive sector in these countries.
Prominent players in the global 2-methylpropene market include BASF SE, Evonik Industries AG, LyondellBasel Industries NV, TPC Group, Chevron Phillips Chemical Company, Songwon Industrial Co., Ltd., Sumitomo Chemical Co., Ltd., Zibo Qixiang Petrochemical Group Ltd., Heilongjiang Anruijia Petrochemical Co., Ltd., and Shandong Yuhuang Chemical (Group) Co., Ltd.