Highly Reactive Polyisobutylene Market Size Worth $697.44 Mn, Globally, by 2028 at 4.6% CAGR - Exclusive Report by The Insight Partners

The Insight Partners published latest research study on "Highly Reactive Polyisobutylene Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Application (Adhesives/Sealants, Lubricants & Grease, Hydraulic Fluids, Metal Working Fluids, and Others)", the global highly reactive polyisobutylene market growth is driven by the increasing use of highly reactive polyisobutylenes (HR-PIB) in high-performance fuel and lubricant additive production, and the proliferation of the automotive sector.

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Report Coverage- Details
Market Size Value in- US$ 508.77 million in 2021
Market Size Value by- US$ 697.44 million by 2028
Growth rate- CAGR of 4.6% from 2021 to 2028.
Forecast Period- 2021- 2028
Base Year- 2021
No. of Pages- 119
No. Tables- 31
No. of Charts & Figures- 60
Historical data available Yes
Segments covered Application
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Highly Reactive Polyisobutylene Market: Competitive Landscape and Key Developments
TPC Group; RB PRODUCTS INC.; BASF PETRONAS Chemicals Sdn. Bhd; Shandong Hongrui New Material Technology Co., Ltd; Daelim Co., Ltd.; Chevron Corporation; The Lubrizol Corporation; KEMAT Polybutenes; Weifang Binhai Petro-chem Co., Ltd.; and Nelson Brothers Incorporated are among the key market players in the global highly reactive polyisobutylene market.

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Key Developments:

In 2018, BASF PETRONAS Chemicals introduced new plant for the production of HR-PIB with a total annual capacity of 50,000 metric tons at its integrated site in Gebeng, Kuantan, Malaysia.

In 2019, Daelim Industrial announced an investment in its polyisobutylene plant in Saudi Arabia.

In 2020, Asia Pacific held the largest share of the highly reactive polyisobutylene market. The growing production of fuel and lubricant additives, such as fuel detergents and dispersants, for engine oils are mainly contributing to the highly reactive polyisobutylene market growth in the region. Further, the increase in industrialization and construction in the APAC region is driving the demand of machineries and equipment for manufacturing facilities, hydraulic fluids and sealants are widely used in this industries. HR-PIB has excellent sealant properties such as reducing shrinkages. The dominance of automotive industry in the region is driving the demand for lubricants and grease, which results in surge in consumption of highly reactive polyisobutylene in APAC. In recent years, the major market players in Asia Pacific have invested heavily in R&D activities.

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Proliferation of Automotive Sector Boosts Highly Reactive Polyisobutylene Market Growth:
Demand for dispersants and detergents in the automobile industry has increased notably in the last few decades. China continues to be the world's largest vehicle market in terms of annual sales and manufacturing outputs, while India is one of the largest automobile markets. According to the India Brand Equity Foundation (IBEF), the country was the seventh-largest manufacturer of commercial vehicles in 2019. It is also a prominent automobile exporter that further focuses on attaining strong export growth in the near future. To keep up with the growing demand, several automakers are investing heavily in various segments of the industry. The tremendous growth of the automotive sector in North America further contributes to the market growth in the region. As HR-PIB finds applications in the production of fuel and lubricant additives, sealants, adhesives, and greases, among others, the flourishment of the automotive sector creates a high demand for the same, which is boosting the market growth.

Highly Reactive Polyisobutylene Market: Segmental Overview

Based on application, the market is segmented into adhesives/sealants, lubricants & grease, hydraulic fluids, metal working fluids, and others. The lubricants & grease segment held the largest share in the market in 2020. HR PIB possesses several other value-added advantages, including less char generation during manufacturing, and the ability to enhance final lubricant and fuel performance. HR PIB is extensively used as a fuel and lubricant additive to improve the overall performance due to its greater reactivity than conventional polyisobutylene.

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Impact of COVID-19 Pandemic on Highly Reactive Polyisobutylene Market:

The COVID-19 pandemic caused a significant economic loss across the globe in 2020 and early 2021. Governments of various countries announced country-wide lockdowns to restrict the spread of SARS-CoV-2, which had a direct impact on the growth of the industrial sector. The automotive sector is one of the major consumers of HR PIB. China is a leading automotive market in terms of production and consumption. A decline in demand in this market has led to lowered demand for HR PIB. However, various industries, including the automotive industry, began resuming their operations from Q4 2020, which eventually triggered the demand for HR PIB.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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