Polyisobutylene Market to Develop Rapidly by 2024
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Key players in the global polyisobutylene market are hard focused on expansion of core products and divesting from other products in a bid to strengthen their presence in the polyisobutylene market. For example, TPG Group Inc., sold its Baytown-based operations of manufacture of tetramer, nonene, and other propylene derivatives to SI Group. This will help the company focus in its core business areas.
Furthermore, well-entrenched players are striving for capacity expansion with the objective to increase the output of core products. This will help them serve the rising needs of end use industries and steal a march over their competitors.
Some of the leading players in the global polyisobutylene market are BASF SE, TPC Group Inc., Kothari Petrochemicals Limited, The Lubrizol Corporation, INEOS Group Ltd., and Shanndong Hongrui Petrochemical Co. Ltd.
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According to a report by Transparency Market Research, the global polyisobutylene market is likely to expand at a CAGR of 5.6% for the forecast period between 2017 and 2025. At this pace, the market is expected to reach a valuation of US$6.39 bn by the end of 2025 increasing from US$3.92 bn in 2016.
On the basis of molecular weight, low, medium, and high are the segments into which the global polyisobutylene market is segregated in this report. The segment of high molecular weight polyisobutylene led in 2016 accounting for a whopping 70% market share. On the other hand, the segment of medium molecular weight is expected to rise with the growing demand for lubricants from the automobiles and manufacturing industries.
Tires and tubes accounted for the leading share of more than 45% vis-à-vis volume in 2016. The segment is expected to hold on to its dominant position on the back of continual growth of the automotive industry.
Growth of Automotive Industry Ramps up Polyisobutylene Demand
The primary factor fuelling growth in the global polyisobutylene market is the booming automotive industry, predominantly in Asia Pacific, the Middle East and Africa, and Latin America. Polyisobutylene is used in the manufacture of tubeless tires and tire linings that form essential components of the automotive industry. The global tire market poised to rise at a CAGR of more than 4% between 2017 and 2025 is anticipated to positively influence the global polyisobutylene market.
Polyisobutylene is also used as an additive in the production of several motor fuels and lubricant oils on account of associated environmental benefits. This is because polyisobutylene when added to diesel oil helps reduce hydrocarbons and particulate matter emissions. Also, the use of PIB as an additive improves viscosity of products. These factors are boosting the market’s growth further.
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Environmental Concerns related to PIB Spills Hinders Growth
On the flip side, impact on the environment related to PIB spills is proving to be a major roadblock for the growth of global polyisobutylene market. Nevertheless, rising acceptance of recyclable polyisobutylene material is expected to extend growth opportunities to the polyisobutylene market over the forecast period.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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