SELBYVILLE, Del., Aug. 9, 2021 /PRNewswire/ -- According to a new report by Global Market Insights Inc., the global Polyisobutylene Market was estimated at $1.99 billion in 2020 and is slated to exceed $2.77 billion by 2027, registering a CAGR of 5% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as the size and competitive scenarios.
Over the past few years, certain industries like construction, automotive, pharmaceutical, packaging, food & beverage, etc. have witnessed rapid expansion globally. Growth in these sectors has instigated the adoption of some of the chemicals that play a crucial role in the manufacturing process. One of these chemicals is polyisobutylene (PIB) which finds important usage in the automotive sector due to its excellent properties. It is widely used in the pharmaceutical industry for packaging in order to maintain medicinal efficacy. The rising product demand is giving major impetus to the polyisobutylene market.
In addition, the application of polyisobutylene in the tire industry for manufacturing tubes and tires is strongly influencing the industry landscape. The superior properties of polyisobutylene such as impermeability to moisture and gases are supporting the product demand further which is favoring the market progression further.
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Development of new products by market players:
Major industry participants are mainly focusing on developing innovative offerings to attract a larger consumer base and bolster their market presence globally. For instance, in 2021, a prominent manufacturer of polyisobutene, BASF launched OPPANOL® C in North America. According to the company, this unique PIB product is built as one-inch chips which can reduce the time for product development. It can also minimize the number of manufacturing steps for customers by facilitating faster and simpler processing.
Growing application of HR-PIB:
HR-PIB is gaining massive traction in various end-use industries as it finds important applications in automotive, packaging, and other industrial sectors. For the record, the HR-PIB segment had captured a substantial share of around 17.4% in 2020. It serves as a base for producing high-performance lubricant additives which in turn helps in producing more fuel-efficient engine designs. In addition, HR-PIB is used for producing high-performance fuel and lubricant additives for adhesives, engine oils, transmission oils, greases, hydraulic fluids, emulsifiers, etc. Besides, it has certain excellent features such as heat aging, ozone resistance, high damping which makes it appropriate for vibration control in automobiles.
Increasing adoption in adhesives & sealants industry:
The growing application of PIB in the adhesives & sealants industry can be ascribed to its ability to offer the balance of tack and cohesive strength through its low and high molecular weight. For instance, pressure-sensitive adhesion requires a specific ratio of low and high-molecular-weight of PIB, which can be prepared easily by dry mixing or solution. The rapid industrialization across emerging economies is further driving the product demand. With increasing demand, the adhesives & sealants segment is estimated to capture a significant share of 8.2% by 2027.
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Rising demand from various end-user industries in the Asia Pacific:
The Polyisobutylene industry is registering substantial gains from the Asia Pacific region, owing to the heightened demand from the regional automotive industry, especially in China. In addition, mounting demand from various industry verticals such as personal care, food & beverages, pharmaceuticals, and packaging is further supporting the business expansion. In 2020, the Asia Pacific polyisobutylene market had accounted for a sizeable share of around 20.8% and is anticipated to observe a lucrative CAGR of 5.7% through 2027.
Heightened product demand from the automotive, pharma, food & beverage, etc. sectors is significantly driving the growth of the global polyisobutylene market. This can be credited to the numerous superior properties of PIB that make it suitable for a wide range of industrial applications.
Key industry participants in the polyisobutylene industry are Braskem SA, RB Products, Inc., TPC Group, Lanxess, Infineum International Ltd., Kothari Petrochemicals, Janex, ExxonMobil Corporation, Berkshire Hathaway Inc., The Lubrizol Corporation, Chevron Oronite Company LLC, and Mayzo. Industry players are focused on product development, merger & acquisition, strategic partnership & joint venture, and R&D investment strategies over the long run.
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Polyisobutylene Market Statistics - 2027
SOURCE Global Market Insights Inc.