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Polyisobutylene Market Report 2024 - Polyisobutylene Market Trends, Size And Opportunities
Polyisobutylene Market
According to The Business Research Company's, The polyisobutylene market size has grown strongly in recent years. It will grow from $2.49 billion in 2023 to $2.65 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increase in lubricant and fuel additives, expansion of construction and infrastructure, rise in demand for industrial rubber, increase in polymer modification applications, growth in the adhesives and sealants industry, stringent regulations in the chemical industry.
The polyisobutylene market size is expected to see strong growth in the next few years. It will grow to $3.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to advancements in polymer science, rise in demand for biodegradable polymers, focus on sustainable packaging, increase in demand for synthetic rubber, demand for high-performance lubricants.. Major trends in the forecast period include technological innovations in tire manufacturing, advancements in polymer modification, high molecular weight pib, globalization and market expansio, technological innovations in pib production.
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Market Drivers and Trends:
Rising demand for the tires and tubes market is expected to propel the growth of the polyisobutylene market going forward. Tires and tubes are the automotive components that are helpful in transportation. Polyisobutylene is a synthetic rubber utilized in the production of tire inner tubes for buses, vehicles, lorries, and airplanes due to its ability to act as a barrier to the passage of oxygen, thus, an increase in demand for tires and tubeless tires is propelling the demand for polyisobutylene. For instance, in August 2022, according to an article published by U.S. Tire Manufacturers Association, a US-based trade association for the manufacturers producing tires, total tire shipments in the United States are expected to reach 342.1 million units in 2022, up from 335.2 million units in 2021. Therefore, rising demand for the tires and tubes market is driving the growth of the polyisobutylene market.
The increased demand for personal care products is anticipated to propel the growth of the polyisobutylene market going forward. Personal care products refer to a category of consumer goods designed for personal hygiene and grooming, which includes skincare, haircare, and oral care products. Polyisobutylene is used in cosmetics and personal care products to create a protective film or layer on the skin in lotions, creams, moisturizers, hair care products, and hygiene products. For instance, in September 2023, according to the Bureau of Labor Statistics, a US-based government agency, the average consumer expenditure on personal care products increased by 12.3 percent, which was $866 in 2022, up from $771 in 2021. Therefore, the increased demand for personal care products is driving the growth of the polyisobutylene market.
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Major Key Players of the Market:
Badische Anilin und Soda Fabrik Societas Europaea; TPC Group; Lubrizol Corporation; INEOS Group Limited; Kothari Petrochemicals Limited; Braskem; ENEOS Corporation; Janex S.A.; RB Products Inc.; Chevron Corporation; Mayzo Inc.; Reliance Industries Limited; Evonik Industries AG; KEMAT N.V; Santa Cruz Biotechnology Inc; Daelim Industrial Company Ltd; ExxonMobil; Lanxess; Dowpol Corporation; The Lubrizol Corporation; Infineum; Shandong Hongrui New Material Technology; Afton Chemical Corporation; Zhejiang Shunda New Material; SABIC; Kemipex; FERRO-PLAST S.r.l.; SpecialChem; Chemspec Ltd.; Jilin Petrochemical Company; Efremov Synthetic Rubber Enterprise Company; Naxant; Connect Chemicals; JXTG Nippon Oil & Energy Corporation
Polyisobutylene Market 2024 Key Insights:
• The polyisobutylene market will grow to $3.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Growing Tire And Tube Demand Fuels Polyisobutylene Market Growth
• Rising Demand For Personal Care Products Drives Growth Of Polyisobutylene Market
• Asia-Pacific was the largest region in the polyisobutylene market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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