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Polyisobutylene Market (PIB) Expected To Surpass USD 2 Billion By 2024

Polyisobutylene Market (PIB) Expected To Surpass USD 2 Billion

Worldwide Polyisobutylene Market having had a revenue of USD 1.25 billion in 2015, will register an annual growth rate of 5% over the period of 2016 to 2024, says new report by Global Market Insights, Inc.

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.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1 888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com

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