Polyisobutylene Market (PIB) Expected To Surpass USD 2 Billion By 2024
Surging investments in the automotive and constructions sectors have led to the growth of global polyisobutylene (PIB) market. The automotive sector across the globe has been on a constant rise of late, which will lead to an increase in the demand for tires and tubes. PIB is extensively used in the manufacturing of tubes and tires.
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It is also one of the key constituents used for the manufacturing of medical packaging stuff such as serum vials, seals, saline bottles, and injectables pertaining to the product benefits such as low permeability to gases, air, and moisture which will boost polyisobutylene (PIB) industry share.
High molecular weight polyisobutylene market dominated the product landscape in 2015 and is expected to generate a notable revenue over the years ahead. This product offers the characteristics such as oxidation and heat resistance, which will fuel its demand across automotive applications.
Additives and automotive are the primary application segments of polyisobutylene market. Additives application segment will collect significant revenue with an annual growth rate of more than 4.5% over the coming seven years. Increasing requirement of the product to diminish oil mist generation in the lubricating oils and fuels will augment the industry growth.
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Additionally, surging demand of lubricants for automotive maintenance will influence the market size positively. Automotive applications dominated the application segment of polyisobutylene industry by covering more than 50% of the share in 2015 and will collect noticeable revenue by the end of 2024. Increasing use of the product to manufacture tubes and tires will contribute toward the industry growth noticeably.
Geographically, Asia Pacific polyisobutylene market led the regional landscape in 2015 and will collect significant revenue by the end of 2024. Surging demand of the product across the tire & tube manufacturing sector will augment the industry growth. India, China, Malaysia, and Indonesia will be the prominent revenue contributors of APAC region.
North America polyisobutylene (PIB) industry will exhibit an annual growth rate of 4% over the period of 2016 to 2024. Growing automobile customer base across this region will fuel the product demand. Additionally, surging usage of the product as adhesive and sealant across the construction sector will influence the industry size positively. U.S. is slated to be one of key contributors toward the regional growth.
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The notable players in polyisobutylene market are BASF SE, Chevron Oronite Company LLC, ExxonMobil Corporation, TPC Group, Infineum International Ltd., Lanxess AG, and Berkshire Hathaway Inc.
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