The global polyisobutylene market was valued at USD YY million in 2018. Research at DMI pegged the market forecast valuation at USD YY million by 2026 and estimated the polyisobutylene market size to grow at a CAGR of YY% during the forecast period 2019-2026.
Polyisobutylene (PIB) is a very versatile, non-toxic, water-white viscous liquid and can increase tackiness, to provide water-repellency, to improve viscosity-index and it offers excellent electrical insulation.
It possesses various superior properties such as thermal stability, low permeability to gases, dielectric, chemical resistance, tackiness, and non-toxicity.
It finds application in tires & tubes, automotive, adhesives and sealants, lubricants and others. Furthermore, Enhanced PIB-based additives are also used in the automotive sector to protect the combustion chamber and the fuel intake system from this deposition.
The increasing number of applications for these additives will propel the market growth. The use of Polyisobutylene as an additive in the manufacture of lubricant oils and motor fuels is another critical factor stoking the growth of this market. However, the risk of spilling of polyisobutylene is the primary factor restraining the increase of the polyisobutylene market across the world.
By the molecular weight, the polyisobutylene market is bifurcated into low & medium and high. Among all others, Medium molecular-weight polyisobutylene dominated the market.
The medium molecular weight polyisobutylene is used to adjust properties such as flexibility, elongation, cohesive strength, and gas barrier performance.
It is used as a viscosity modifier, tack improver in adhesive formulations, and primary binder in caulking and sealing compounds. Medium molecular weight polyisobutylene is also employed in fuel and lubricating oil additives. These properties are expected to help drive medium molecular weight polyisobutylene during the forecast period.
The global polyisobutylene market is classified based on application into tires and tubes, automotive, lubricants, adhesives and sealants, and others. Of these, the segment of tires and tubes dominated the polyisobutylene market in 2016 regarding volume.
The segment is expected to stay in the lead over the reports forecast period. Furthermore, polyisobutylene is preferably used in automobiles as it improves the viscosity index of gear oils and acts as a thickener in greases and smoke suppressants in 2-stroke oils. These factors expected to drive the growth of the global Polyisobutylene market.
By the end-user industry, the polyisobutylene market is segmented into transportation, industrial, food & beverage, and others. Among all others, transportation industry dominated the market.
The demand for polyisobutylene is majorly driven by the growth of the transportation industry across developing regions such as the Asia Pacific and Latin America. Moreover, the colossal manufacture and sales of automobile segment in North America have considerably contributed to the demand for tires in the US. Owing to the escalating demand, the market for PIB is also estimated to experience surge in future.
Geographically, the global polyisobutylene market has been segmented into North America, Europe, Asia-pacific, South America and Rest of the World. Among all the regions, Asia Pacific currently holds supremacy contributing the leading revenue to the global polyisobutylene market.
Moreover, rapidly expanding automotive and tire and tubes industry in the emerging economies such as India, China, and Thailand coupled with rising disposable income of the consumers is driving the market.
In the upcoming years, the polyisobutylene market in North America is expected to expand at a notable pace, whereas the polyisobutylene market in Europe is anticipated to grow at a relatively low pace over the forecast period.
While Europe has been a traditional region for the production and consumption of various chemicals, a shift in production from developed to emerging nations is hampering the market attractiveness of the area.
LANXESS, EYYon Mobil Corporation, INEOS Capital Limited, TPC Group, Lubrizol Corporation, BASF, JX Nippon Oil & Energy Corporation, Shandong Hongrui Petrochemical Co. Ltd, Zhejiang Shunda New Material Co, and Infineum International Limited are among the few critical operating players in the global polyisobutylene market.
In May 2015, BASF and Lanxess signed an agreement, according to which BASF purchased the polyisobutylene business that mainly consists the intellectual property for new technology to produce high molecular weight polyisobutylene. Under this agreement, Lanxess will manufacture the new polyisobutylene for BASF.
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