Highly Reactive Polyisobutylene (HR-PIB) Market Growth 2019 | BASF, PETRONAS, LANXESS, TPC Group, Kothari Petrochemicals
The impenetrable nature of the product makes it preferable for producing tubeless tires. Henceforth, the expanding automotive industry, chiefly in India and China, would also drive the market during the forecast period. It offers many other benefits including minimal char formation during the manufacturing process, further augmenting HR-PIB market during the forecast spell. The highly reactive polyisobutylene market poised to surpass USD 332 million; according to a new research report.
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Latin America Highly reactive polyisobutylene market is anticipated to rise with a CAGR close to 4% over the forecast timespan. Additive products have a growing demand in South America, primarily in Brazil and Mexico, due to the rising environmental concerns imposed by regulatory bodies accredited by the Ministry of Environment, which will drive the demand for lubricating oil with decreased emissions. Moreover, their improved standard of living is driving the automotive sector, which will subsequently help in expanding the market by 2024.
Major highly reactive polyisobutylene market companies are:
• RB Products
• Kothari Petrochemicals
• TPC Group
Almost all the above companies are strongly engaged in the expansion of highly reactive polyisobutylene production facilities in the industry by actively participating in joint ventures, acquisitions, and mergers. For example, TPC Group declared its capacity expansion program to improve the overall production and subsequently meet the rising product demand in the region which is expected to enhance its position in the HR-PIB market in the near future.
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According to the molecular weight, products having low molecular weight captured the maximum market share and is projected to grow at a CAGR of 4.5% by 2024. Wide product use as a reactive agent, i.e., as a fuel additive that helps in improving the vehicle performance is likely to make a substantial contribution to the low molecular weight highly reactive polyisobutylene market by 2024.
Additive application segment in HR-PIB market was valued at over USD 145 million in 2016. The incessant growth is mainly due to the detergent attributes, minimizing the particulate emissions and hydrocarbons when mixed with the fuel. The current growing need for low-soot fuels will enhance the product needs and accomplish high returns for highly reactive polyisobutylene market by 2024. It is mixed with lubricating oils in minimal amounts to prevent oil & mist creation and better end-product execution for the consumers.
Product usage as a lubricant additive may still have environmental stringencies, which will hinder the highly reactive polyisobutylene market in the near future. Its applications in water conveyance vehicles will have a negative impact on the aquatic life. Environment-concerned bodies including PETA, Oceanic Preservation Society, WWF, etc., are imposing the regulatory bodies to implement strict regulations against the use of reactive chemicals, which may hamper the aquatic life. These trends are likely to obstruct the global market in the coming years.
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