Press release
Highly Reactive Polyisobutylene Market 2024 Key Information by Top Key Players - BASF, Petronas, Janex, Kothari Petrochemicals, Mayzo and TPC Group
Highly reactive polyisobutylene market for automotive is likely to rise with over 4% CAGR by 2024. It is primarily due to its applications in manufacturing tire inner liners which has propelled its demand across automotive industry. Moreover, the product offers excellent inflation pressure retention for all types of tires. It also offers barrier properties, resistance to ozone, high damping and heat aging, which makes it ideal for automotive vibration control. Thus, the increasing demand for tires, on account of the rapidly growing automobile industry, is expected to augment highly reactive polyisobutylene market substantially within the forecast period.
Key prominent highly reactive polyisobutylene market players are RB Products, Lanxess, BASF, Petronas, Janex, Kothari Petrochemicals, Mayzo and TPC Group. Major players are actively engaged in investing in HR-PIB production unit to expand their business in the market by undergoing merger, acquisition and joint agreement. For instance, BASF and Petronas had invested in a joint venture in South East Asia in March 2016, with an overall capacity of 50,000 tons of highly reactive polyisobutylene. It was intended to meet the rapidly rising consumer demand in the region due to growing automotive and construction industry.
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Robust product demand as lubricant & fuel additive due to its ability to improve the overall performance of vehicle by reducing emissions, this is a major factor which will make noteworthy contribution to highly reactive polyisobutylene market by 2024. Stringent environmental regulations imposed by regional regulatory bodies are encouraging product use which can reduce emissions from vehicles. Additionally, rising automotive industry primarily in Asia Pacific will also have positive impact on the highly reactive polyisobutylene market by 2024. This is majorly attributed to impervious nature of product which makes it preferable in manufacturing tubeless tires.
Product use as lubricant additive and may have environmental implications which is probable to obstruct the highly reactive polyisobutylene market by 2024. Its use in water transportation vehicles may have an adverse impact on aquatic life. Currently, there are limited regulations against product use, however, environmental protection groups including the Wildlife Trust, Marine Conservation Society, etc. are appealing the U.K. government to introduce and implement stringent regulations which is likely to hamper the overall highly reactive polyisobutylene market by 2024.
Asia Pacific highly reactive polyisobutylene market was valued over USD 100 million in 2016. Robust product demand is majorly due to rising automotive industry, primarily in India and China mainly due to growing population in the region. Additionally, construction industry in the region is likely to exhibit 7% CAGR in the coming years. This will subsequently have a positive impact on the highly reactive polyisobutylene market due to its applications as adhesive & sealant in flooring, insulation, panel, partitions and roofing, facades and fire protection.
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High molecular weight HR-PIB market was over USD 60 million in 2016. It is comparatively more viscous than low & medium molecular weight product and finds application in both tire manufacturing and as additive in lubricants & fuels, adhesive, sealants and various other applications including metal working, cosmetics, chewing gums, medical packaging, etc. High product demand across automotive, construction, medical industry, etc. will help achieve substantial gains to highly reactive polyisobutylene market by 2024.
Highly Reactive Polyisobutylene (HR-PIB) Market is poised to surpass USD 332.3 million by 2024,
Highly reactive polyisobutylene market research report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2013 to 2024, for the following segments:
Complete report for 2017-2024 on Highly Reactive Polyisobutylene market is now available at https://www.marketstudyreport.com/reports/highly-reactive-polyisobutylene-hr-pib-market
Related Report
Global Highly Reactive Polyisobutylene Market 2018-2022
Global Highly Reactive Polyisobutylene Market Size, Status and Forecast 2023 provides Market information about Manufacturers, Countries, Type and Application. This Industry report also states Company Profile, sales Market revenue and price, market share, market growth and gross margin by regions.
https://www.marketstudyreport.com/reports/global-highly-reactive-polyisobutylene-market-2018-2022/?utm_source=rr&utm_medium=DC
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