Polyisobutylene (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.
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.
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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.
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.
Key players in polyisobutylene market are:
- ExxonMobil Corporation
- BASF SE
- TPC Group
- Kothari Petrochemicals
- Lanxess AG
- Chevron Oronite Company LLC
- Infineum International Ltd.
- The Lubrizol Corporation
- Berkshire Hathaway Inc.
Extensive R&D by industry participants towards developing sustainable disposable measures will create new growth prospects by 2024.
Prior to this launch, the parent company of Leybold, Atlas Copco unveiled its new product – a multiple dry claw Polyisobutylene (PIB) system which is ideally suited for the industries operating in dry and hot working environments. This newly developed Polyisobutylene (PIB) aims to provide high energy efficiency and better operational performance. The future deployment of this product for performing numerous dry pumping applications comprising pneumatic pumping, packaging lines, and drying processes is certain to fuel Polyisobutylene market trends over the years ahead.
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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 polyisobutylene market by 2024.
It is rather overt that with the launch of a novel pumping system portfolio, core companies are looking forward to achieving competitive benefits ahead. The increasing need of highly efficient and environment-friendly pumping systems is considerably encouraging giants in Polyisobutylene (PIB) market to carry out intensive research programs as well. The recent R&D outcomes such as improved lifecycle and cost-effectiveness will prove to be game-changing for the biggies in market, which is predicted to generate a revenue of over USD 6.5 billion by the end of 2025.
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