Market Trends of Isobutylene Industry
Increasing Demand from Aerospace Sector
- The increased demand for the product in the aerospace industry is projected to impact the global isobutylene market positively.
- Isobutylene is highly employed in the aerospace industry as a fuel additive as it improves fuel efficiency, reduces carbon emissions, and raises the octane number.
- According to the International Air Transport Association (IATA), the global revenue for commercial airlines was valued at USD 472 billion in 2021. It was estimated at USD 727 billion in 2022, registering a growth rate of 43.6% Y-o-Y.
- Furthermore, the revenue is expected to reach USD 779 billion by 2023. Such factors are likely to increase the demand for isobutylene in the aircraft industry.
- In North America, according to the Boeing Commercial Outlook 2022-2041, the total deliveries of new airplanes are anticipated to account for 9,310 units by 2041, with a market service value of USD 1,045 billion. Hence, supporting the market's growth
- Furthermore, according to the Bureau of Transportation Statistics, the combined operating revenue of United States airlines has been increasing significantly. For instance, United States Airlines generated about USD 206.3 billion in 2022, thus benefiting the market positively.
- Therefore, owing to the above-mentioned factors, the market is expected to grow significantly during the forecast period.
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Asia-Pacific to Dominate the Market
- Asia-Pacific has the largest share of the global Isobutylene market, owing to the growing automotive, aerospace, and pharmaceutical industries.
- Expanding automotive and aerospace sectors across major countries such as China, Japan, India, Korea, etc., are, in turn, boosting the growth of the isobutylene market.
- In the Asia-Pacific region, China, Southeast Asia, and South Asia aerospace market are expected to rise at a significant rate, which will further support the demand for the studied market. In China, according to the Boeing Commercial Outlook 2022-2041, around 8,485 new deliveries are expected to be made by 2041 with a market service value of USD 545 billion.
- According to the China Association of Automobile Manufacturers (CAAM), China had the largest automotive production base in the world, with a total vehicle production of 27 million units in 2022, registering an increase of 3.4 % compared to 26 million units produced last year.
- Further, in the first seven months of 2022, the country produced 14.57 million units of cars, registering a growth rate of 31.5% Year on Year. Thus, boosting the consumption of isobutylene in automotive sector.
- Moreover, in India, during FY 2021-22 (April 2021 to March 2022), according to the Society of Indian Automobile Manufacturers (SIAM), the country's automotive industry produced a total of 22,933,230 vehicles compared to 22,655,609 units during April 2020 to March 2021. Hence, supporting the market growth.
- Therefore, owing to the above-mentioned factors the Asia-Pacific region it is expected to benefit the market significantly.
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