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Polyisobutylene Market 2018-2024 | key players BASF, ExxonMobil Corporation, Lanxess AG, TPC Group, The Lubrizol Corporation, Chevron Oronite Company LLC, Infineum International Ltd. and Berkshire Hathaway Inc.
Polyisobutylene (PIB) Market
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Polyisobutylene (PIB) Market size is poised to surpass USD 2 billion by 2024; according to a new research report by Global Market Insights, Inc. Escalating product demand in the adhesives & sealants industry will be the prominent polyisobutylene market size contributor over the projected timeframe. It is chiefly used as a modifier or base polymer in the adhesives & sealants industry due to its superior characteristics such as stability, adhesion, moisture resistance and tackiness. These properties make the product ideal for hot melt pressure sensitive adhesive applications.
The global adhesives business generated revenue close to USD 25 billion in 2015 and is likely to exceed USD 35 billion by 2024. Robust growth in the adhesives & sealants business on account of its widespread applications spectrum in industries including packaging, construction and automotive for flooring, insulation, panel, partitions and roofing will positively impact on the polyisobutylene market share by 2024.
Tire and tube manufacturing industries are the potential polyisobutylene market driver. The product is majorly used in the tubeless tire manufacturing owing to its water-resistant characteristics. In addition, the global tires and tubes industry is projected to expand with more than 5% CAGR by 2024, which will subsequently push the business growth over the estimated period. Furthermore, improving consumer spending pattern towards lavish lifestyles, has substantially propelled the automotive production and sales across the globe.
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Positive growth indicators in the medical packaging business will drive the global polyisobutylene market size by 2024. Widespread product applications in serum vials, saline bottles and seals due to its low absorptivity and superior chemical resistance against moisture, air and gases will positively influence the PIB market size over the projected timeframe.
Product disposal in water bodies destroys the aquatic flora and fauna. Therefore, the industry is stringently directed and regulated by government regulations, particularly in Europe and North America. Prevalence of these norms may hamper the polyisobutylene market size for its applications as a marine lubricant. The PIB industry participants are involved in extensive R&D towards developing sustainable disposable measures and thus will create new growth prospects by 2024.
In 2015, high molecular weight led the global polyisobutylene market size, primarily due to its widespread applications in the sealants and automotive industry. Also, superior flexibility and dielectric characteristics along with light weight, makes the product suitable in manufacturing electric wire coatings. Medium molecular weight will observe gains around 5% CAGR by 2024.
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In 2015, automotive accounted for more than 50% of the global polyisobutylene market share. Increasing product usage in tires and tubes manufacturing owing to its high inflation pressure capacity, high damping and ozone resistance will positively impact business growth. Adhesives will experience maximum growth more than 4.5%.
Asia Pacific accounted for the major polyisobutylene market share in 2015. Presence of strong tire and tube manufacturing industries in India, China, Malaysia and Indonesia along with increasing automotive sales on account of improving consumer lifestyles was the prime factor promoting the regional growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. ExxonMobil Corporation
2. BASF SE
3. Lanxess AG
4. INEOS
5. TPC Group
6. Chevron Oronite Company LLC
7. The Lubrizol Corporation
8. Infineum International Ltd.
9. Berkshire Hathaway Inc.
10. Kothari Petrochemicals
Read More Related News @ https://www.marketwatch.com/press-release/geosynthetics-market-to-cross-11-billion-square-meters-consumption-by-2024-2018-09-10
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
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Email: sales@gminsights.com
Web: www.gminsights.com
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