According to a report by Grand View Research, Inc., global polyisobutylene market is anticipated to value USD 7.71 billion by 2024. Growing requirement of superior and environment-friendly raw material is anticipated to propel demand for polyisobutylene.
Increasing use of polyisobutylene in manufacturing of automobile tires attributed to its impermeability to gasses and moisture can augment growth of market. Growing adoption of product in manufacturing of pharmaceutical stoppers, construction sealants, hosepipes, and various other mechanical goods owing to better weathering resistance. High product demand in adhesives sector can stimulate growth of market. Properties such as flexibility, lightweight, and dielectric are likely to fuel use of polyisobutylene in manufacturing of electric wire coatings.
Based on product, the market can be categorized into low molecular weight, medium molecular weight, and high molecular weight. In 2015, high molecular weight polyisobutylene segment dominated the market and account for market share equivalent to USD 3.68 billion. Increasing use of product in sealants and automobiles owing to its superior oxidation, ultra violet (UV), and heat resistance properties. In addition, increasing use of electric wire coatings to lightweight, improved flexibility, dielectric properties can drive growth of market during the forecast period. It can be used in manufacturing of roofing sheets.
Similarly, medium molecular weight polyisobutylene segment accounted for 9.2% market share in that same year. The segment is expected to grow at CAGR of 5% from 2016 to 2024. Increasing use in adhesives sector can fuel product demand during the forecast period. In addition, use of medium molecular weight polyisobutylene in food and beverage sector for food packaging owing to its hydrophobic stability, anti-bacterial performance, high temperature resistance, adhesive nature and low toxicity absorption can augment growth of segment over the forecast period.
Full Research Report On Polyisobutylene (PIB) Market Analysis: www.grandviewresearch.com/industry-analysis/polyisobutylene-pib-market
U.S. Polyisobutylene Market Revenue, By Application, 2013 – 2024 (USD Million)
Based on application, the market can be classified into additive, automotive, and others. In 2015, automotive sector dominated the market and accounted for 75% market share. Increasing use of product based butyl rubber to manufacture tubeless tires attributed to improved air retaining and bonding properties can drive demand during the forecast period. In addition, increasing use of PIB in tire sector on account of improved heat retention capabilities during vulcanization can augment demand. Moreover, increasing use of product in manufacturing of automobile components including hosepipes, gaskets, and window strips can fuel market growth. Properties such as impermeability, thermal stability, and improved oxidization are likely to influence growth of market. Rising demand for automobiles in Asia Pacific and Middle East & Africa attributed to improving road infrastructure and increasing disposable income can fuel growth of segment.
In 2015, additive segment accounted for 11% of overall market in terms of volume. It is predicted to grow at CAGR of 6.9% from 2016 to 2024. Increasing R&D investments to enhance performance of diesel and gasoline fuel can propel demand for fuel additives during the forecast period. In addition, increasing use of PIB in lubricant additives owing to its deposit control property can propel growth in manufacturing sector during the forecast period.
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Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2015, Europe dominated the market and accounted for 43.7% of global volume. High demand for PIB in tire, automotive, and adhesives sectors can fuel growth of market in the region. Growing investments by petrochemical giants in R&D to develop new eco-friendly products can accelerate growth in the region. In addition, rising demand for packaging in pharmaceutical sector to preserve efficacy of drugs can augment growth during the forecast period.
In Asia Pacific, the market is predicted to witness significant share owing to rising investments by petrochemical companies in development of innovative products. In addition, high demand for polyisobutylene in end-use sectors such as sealants and automotive can fuel growth.
In North America, the market is predicted to grow well owing to increasing emphasis by local governments towards eco-friendly polyisobutylene products can fuel growth in innovations. This, in turn can stimulate growth of market in the region over the forecast period.
Some of the leading companies offering polyisobutylene are Lanxess AG, BASF SE, Exxon Mobil, TPC Group, and INEOS.
Grand View Research has segmented the polyisobutylene market on the basis ofproduct, application, and region:
Global Polyisobutylene Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
High Molecular Weight
Medium Molecular Weight
Low Molecular Weight
Global Polyisobutylene Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
Automotive
Additive
Others
Global Polyisobutylene Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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