Polyisobutylene Market (PIB) Growing at 5% CAGR Driven by High-Performance Tires to 2020
PUNE, India, February 4, 2016 /PRNewswire/ --
Global polyisobutylene market analysts say rising demand for eco-friendly, fuel-efficient, and durable PIB-based photovoltaic panels will have a positive impact on the market, which is set to grow at a CAGR of 5% during the period 2016-2020.
Complete report on polyisobutylene market spread across 58 pages, analyzing 7 major companies and providing 31 data exhibits is now available at http://www.rnrmarketresearch.com/global-polyisobutylene-market-2016-2020-market-report.html .
According to the polyisobutylene (PIB) market report, Europe dominated the market in 2015, accounting for a share of 39.23%. This was due to increased demand from the automotive segment for manufacturing tires, hoses, gaskets, and sound damping products. North America followed with a 30.93% market share and APAC contributed 23.92% in 2015.
The HR-PIB segment will be the largest segment in this market and will account for a market share of approximately 60% during the forecast period. The ability of HR-PIB to aid in the manufacture of light truck tires and related compounds like footwear and light-colored mechanical rubber goods will result in the strong growth of this market segment during the predicted period. This increase in the demand for high-performance tires is likely to boost the global polyisobutylene market until 2020.
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In this market study, analysts have estimated the automotive segment to account for more than 75% of the total market share by 2020. Due to the recent increase in the number of automobiles, the demand for PIB tire tubes, hoses, and gaskets will also increase. This increase in the demand for automotive components will foster growth in this market segment during the predicted period.
The prospects for growth in the global polyisobutylene market are highly dependent on the economic and industrial growths of different geographies. The global prices for PIB tend to be cyclical and volatile due to factors such as economic conditions, global political scenarios, and the extraction of natural gasses and crude oil. These factors negatively impact the market in terms of supply, which in turn affects the suppliers.
The leading vendors analyzed in polyisobutylene market are: BASF, Chevron Oronite, Daelim, Ineos, Lubrizol, and TPC. The other prominent vendors in the market include DOW Corning, Infineum, and Braskem.
Further, the polyisobutylene market report states that fluctuating raw material costs directly affect the revenue and profit margins of manufacturers.
Another related report is Global High Density Polyethylene Market 2015-2019, that forecasts global HDPE market to grow at a CAGR of 5.08% by revenue over the period 2014-2019. The growing world economy has fueled acceleration in consumer spending and manufacturing activity. Polyethylene continues to be the most widely used plastic resin in the world because of its low cost, recyclability, versatility, and ease of processing. The development of feedstock from various new sources such as coal, shale gas, and bio-based materials will indirectly give polyethylene a price or sustainability advantage relative to other plastic resins. Browse complete report @ http://www.rnrmarketresearch.com/global-high-density-polyethylene-market-2015-2019-market-report.html .
Key players in the global high density polyethylene market are: Dow Chemical Company, ExxonMobil Chemical Corp., LyondellBasell NV, Saudi Basic Industries Corp. (SABIC) and Sinopec Corp. Other prominent vendors in the market are: BASF SE, Borealis, Braskem, Chevron Phillips Chemical, DuPont de Nemours, Eastman Chemical, Equistar Chemicals, Formosa Plastics, Global Polymer Industries, Haldia Petrochemicals, Huntsman, INEOS, LG Chem, Lone Star Chemical, Mitusi Chemicals, Nova Chemical, NPC, Pemex Petroquimica, Petkim, Reliance Industries, Repsol, Sasol, Shanghai Secco Petrochemical, Tosoh, Total Petrochemicals and Westlake Polymers.
Explore other new reports on rubber market at http://www.rnrmarketresearch.com/reports/materials-chemicals/plastics/rubber .
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