The global market is anticipated to display considerable growth for synthetic rubber because of superior product properties in comparison to natural rubber. The high volatility in natural rubber prices has been a major driver for the growth of synthetic rubber. Butyl rubber is a type of synthetic rubber mostly used in tyres and tubes, sealants, adhesives, protective clothes, pharmaceutical stoppers and closures, etc. The growing demand for butyl rubber in the automobile, construction and healthcare sectors has attracted researchers to explore various types of cationic co‐initiators. Cationic initiating systems play a vital role in controlling polymer microstructure, molecular weight, unsaturation content, etc. The present review covers numerous developments in the field of cationic copolymerization of isobutylene and isoprene. The review summarizes the chemistry of initiating systems based on boron, aluminium, aluminoxane, zinc, metallocenes and rare earth metals. It also gives brief information about the commercial process (slurry and solution) and structural characterization of butyl rubber. © 2021 Society of Chemical Industry