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Highly Reactive Polyisobutylene Market to Cross $332.3mn by 2024

Highly Reactive Polyisobutylene Market to Cross $332.3mn

Highly Reactive Polyisobutylene (HR-PIB) Market to surpass USD 332.3 million by 2024; according to a new research report by Global Market Insights, Inc.

Robust product demand as lubricant & fuel additive due to its ability to improve the overall performance of vehicle by reducing emissions, this is a major factor which will make noteworthy contribution to highly reactive polyisobutylene market size by 2024. Stringent environmental regulations imposed by regional regulatory bodies are encouraging product use which can reduce emissions from vehicles. Additionally, rising automotive industry primarily in Asia Pacific will also have positive impact on the highly reactive polyisobutylene market size by 2024. This is majorly attributed to impervious nature of product which makes it preferable in manufacturing tubeless tires.

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Product use as lubricant additive and may have environmental implications which is probable to obstruct the highly reactive polyisobutylene market size by 2024. Its use in water transportation vehicles may have an adverse impact on aquatic life. Currently, there are limited regulations against product use, however, environmental protection groups including the Wildlife Trust, Marine Conservation Society, etc. are appealing the U.K. government to introduce and implement stringent regulations which is likely to hamper the overall highly reactive polyisobutylene market size by 2024.

High molecular weight HR-PIB market size was over USD 60 million in 2016. It is comparatively more viscous than low & medium molecular weight product and finds application in both tire manufacturing and as additive in lubricants & fuels, adhesive, sealants and various other applications including metal working, cosmetics, chewing gums, medical packaging, etc. High product demand across automotive, construction, medical industry, etc. will help achieve substantial gains to highly reactive polyisobutylene market size by 2024.

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Highly reactive polyisobutylene market size for automotive is likely to rise with over 4% CAGR by 2024. It is primarily due to its applications in manufacturing tire inner liners which has propelled its demand across automotive industry. Moreover, the product offers excellent inflation pressure retention for all types of tires. It also offers barrier properties, resistance to ozone, high damping and heat aging, which makes it ideal for automotive vibration control. Thus, the increasing demand for tires, on account of the rapidly growing automobile industry, is expected to augment highly reactive polyisobutylene market size substantially within the forecast period.

Asia Pacific highly reactive polyisobutylene market size was valued over USD 100 million in 2016. Robust product demand is majorly due to rising automotive industry, primarily in India and China mainly due to growing population in the region. Additionally, construction industry in the region is likely to exhibit 7% CAGR in the coming years. This will subsequently have a positive impact on the highly reactive polyisobutylene market size due to its applications as adhesive & sealant in flooring, insulation, panel, partitions and roofing, facades and fire protection.

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Key prominent highly reactive polyisobutylene market players are RB Products, Lanxess, BASF, Petronas, Janex, Kothari Petrochemicals, Mayzo and TPC Group. Major players are actively engaged in investing in HR-PIB production unit to expand their business in the market by undergoing merger, acquisition and joint agreement. For instance, BASF and Petronas had invested in a joint venture in South East Asia in March 2016, with an overall capacity of 50,000 tons of highly reactive polyisobutylene. It was intended to meet the rapidly rising consumer demand in the region due to growing automotive and construction industry.

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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: https://www.gminsights.com

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