Press release
Global Polyisobutylene Market Size to Grow at a CAGR of 5.03% in the Forecast Period of 2023-2028
Polyisobutylene Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.03%
The increasing demand for polyisobutylene in the automotive and transportation industry is driving the market growth. Polyisobutylene is used to produce various downstream automotive products including fuel additives, sealants, rubber, and lubricants, among others. Hence, the increasing sale of passenger and commercial vehicles, coupled with the thriving transportation sector, is boosting the growth of the global polyisobutylene market.
Polyisobutylene is also witnessing a heightened demand from the construction industry for crucial construction components. In this regard, the growing expansion of the building and construction sector across the developing economies is further fuelling the demand for polyisobutylene. In addition, the increasing population and rising living standards are likely to propel the demand for polyisobutylene in the development of residential and commercial complexes.
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Additionally, polyisobutylene is used in the food and beverage industry for the purpose of packaging. It is a strong product with medium molecular weight, anti-bacterial properties, hydrophobic stability, and adhesive properties, which makes it ideal for food transportation. Over the forecast period, the anticipated increase in demand for premium packaged food products is expected to bolster the polyisobutylene market dynamics.
Polyisobutylene Industry Definition and Major Segments
Polyisobutylene is a white coloured synthetic rubber without any odour which is used to manufacture a wide range of products including lubricants, adhesives, and sealants, among others. This compound has a low permeability to gas and moisture and has a high thickening ability. It is a good electrical insulator which makes it useful in the industrial sector, leading to a greater growth of the global market for polyisobutylene.
Based on molecular weight, the market is segmented into:
• Low
• Medium
• High
On the basis of product type, the market is classified into:
• Conventional PIB
• Highly Reactive PIB
By end use, the market is divided into:
• Automobile
• Industrial
• Food
• Others
Based on application, the market is segmented into:
• Tires
• Lube Additives
• Fuel Additives
• 2-Stroke Engines
• Industrial Lubes
• Adhesives and Sealants
• Others
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Polyisobutylene Market Trends
The key trends in the global polyisobutylene market include the technological advancements and innovations in the automotive industry such as the development of new energy vehicles. The increasing disposable income and growing research and development infrastructure in the major automotive manufacturing companies are fuelling the demand for polyisobutylene. Moreover, polyisobutylene is used in the manufacturing of tires for buses, cars, and trucks. In this regard, the expanding transportation infrastructure across the developing economies is propelling the demand for tires.
The increasing inclination towards lightweight and durable packaging materials are expected to fuel the polyisobutylene market in the forecast period. The thriving e-commerce industry is further boosting the demand for polyisobutylene for packaging to provide greater safety of consumer electronics, clothing items, and food products during shipment.
At a regional level, the Asia Pacific occupies a significant share in the market which is being driven by the presence of local manufacturers, as well as the rapid industrialisation across the emerging economies such as India and China. Furthermore, the high growth attained by tire and tube manufacturing companies in this region, which can be attributed to the maturing automotive and transportation infrastructure, is further providing impetus to the market.
Key Market Players
The major players in the Global Polyisobutylene Market are :
• BASF SE
• Kothari Petrochemicals Limited
• Ineos Group Ltd
• Reliance Industries Limited
• The Lubrizol Corporation
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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