Global Polyisobutylene Market Size, Industry Analysis Report, Regional Outlook (North America, Europe, Asia Pacific, Latin America, MEA), Application Development status, Price Trend, Competitive Market Share & Forecast, 2019-2024.
The major driver to the growth of the market is projected to be the ever-increasing demand for Polyisobutylene (PIB) in sealants & adhesives industry in the forecast period. Healthy growth in sealants & adhesives business is estimated in the near future because of the extensive applications in industries such as construction, automotive and packaging for the activities like insulation, flooring, roofing and partitions. These growth trends will have a positive influence on the PIB market by 2024.
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Global tubes and tires industry is probable to increase by over 5% CAGR by in forecast timeframe. On account of its water-resistant characteristics, the product is likely to witness higher demand from the tire and tube manufacturing industries by 2024.
Polyisobutylene holds higher growth indicators from medical packaging industry for its widespread applications in saline bottles, seals and serum vials. Chemical resistance capability against air, gases and moisture coupled with low absorptivity are the characteristics that will drive the global polyisobutylene market in coming years.
The PIB market is likely to witness certain stringent government regulations especially in North America and Europe in the forecast period. The product when used as marine lubricant poses a threat to the aquatic flora and fauna on its disposal in the water bodies. The norms regarding the product usage might hamper the polyisobutylene market to some extent by 2024.
Polyisobutylene Market, By Application
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High molecular weight held the largest share for polyisobutylene market in 2015, owing to its extensive applications in automotive and sealants industry. The product will have high demand for electrical wire coatings manufacturing for its features like superior flexibility, light weight and dielectric characteristics. Medium molecular weight is expected to grow with 5% CAGR in the forecast period.
In 2015, the automotive segment had over 50% of global PIB market share. The product characteristics such as ozone resistance, higher damping and higher inflation pressure capacity will drive its demand from the tires and tubes manufacturing industry in the coming years. Adhesives will witness maximum growth over 4.5% in the forecast period.
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Asia Pacific region contributed highest share for PIB market in 2015. Strong prevalence of tube and tire manufacturing businesses in China, India, Indonesia and Malaysia coupled with rising automotive sales will drive the regional PIB market.
Key industry players are ExxonMobil Corporation, BASF SE, TPC Group, Kothari Petrochemicals, Lanxess AG, Chevron Oronite Company LLC, INEOS, Infineum International Ltd., The Lubrizol Corporation and Berkshire Hathaway Inc. extensive R&D by industry participants towards developing sustainable disposable measures will create new growth prospects by 2024.