Polyisobutylene Market Overview to 2023
Polyisobutylene (PIB) is also known as butyl rubber. It is a synthetic rubber produced by cationic vinyl polymerization of monomer isobutylene. PIB possess various superior properties such as thermal stability, low permeability to gases, dielectric, chemical resistance, tackiness, and non-toxicity. It finds application in tires & tubes, adhesives, sealants, lubricants, electrical insulation, and stretch wrap. Product consumption is rising in the electrical industry with growing the demand for consumer electronic products such as smart TV, wireless speakers, and home appliances. Growing construction industry along with improving living standard and rising per capita income of the consumers are significantly driving the market growth. The demand for PIB is increasing from the healthcare industry due to non-toxicity and non-skin resistant properties.
Global Top 10 Key Players:
Some of the key players in the global polyisobutylene market are LANXESS (Germany), BASF SE (U.S.), DAELIM (South Korea), TPC Group (U.S.), Exxon Mobil Corporation (U.S.), Lubrizol Corporation (U.S.), INEOS (UK), JXTG Nippon Oil & Energy Corporation (Japan), Infineum International Limited (Singapore), and Chevron Oronite Company LLC (U.S.)
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The demand for polyisobutylene is majorly driven by the growth of transportation industry across developing regions such as the Asia Pacific and Latin America. Significant growth in automotive production and sales is propelling the market growth. Additionally, rising environmental concerns have increased the production of electric vehicles in both developed and the developing countries. Rapidly expanding aerospace industry with increasing demand for the aircraft is another important factor driving the global PIB market across the globe.
- Polyisobutylene manufacturers
- Traders and distributors of polyisobutylene
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratory
Some of the trends noted in the polyisobutylene market include business expansion and mergers & acquisitions between the market players. In 2018, BASF PETRONAS Chemicals set up a new plant for highly reactive PIB production in Malaysia with an annual capacity of 50,000 metric tons. This is likely to help the company to expand business in the Asia Pacific region backed by the raw material availability at a competitive cost.
Asia Pacific was largest polyisobutylene market in 2016 across the globe and is expected to grow at a significant rate during the review period. Moreover, rapidly expanding automotive industry in the emerging economies such as India, China, and Thailand coupled with rising disposable income of the consumers is driving the market growth. For instance, according to the Indian Brand Equity Foundation, sales of a passenger vehicle in India is expected to witness a CAGR of 11% during 2016-2026. Additionally, PIB consumption is increasing in the construction industry as a result of growing investment in the infrastructural activities in this region. Initiatives taken by the Indian government such as Smart Cities Mission and Atal Mission for Rejuvenation and Urban Transformation are augmenting the market growth in this region. Moreover, an appealing electrical industry with increasing demand for the miniaturized electronic devices is another important factor driving the PIB market of this region.
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North America and Europe are prominent regions for the polyisobutylene market with reviving automotive industry in this region. Prevalence of major automotive players such as General Motors, Ford, and Tesla are propelling the market growth in these regions. Additionally, growing demand for electronic devices in vehicles, pharmaceuticals, and home appliances is likely to bolster the growth of PIB market further. Latin America and the Middle East & Africa are likely to experience rapid growth in the polyisobutylene market owing to increasing demand for the automobiles, especially in Brazil & Mexico and the UAE.
The global polyisobutylene market is segmented into molecular weight, grade, applications, and region. On the basis of the molecular weight, the PIB market is bifurcated into low & medium and high, Based on the grade, the market is segmented into conventional PIB and highly reactive (HR) PIB. By the application, the market is segregated into tire & tubes, adhesives, sealants, lubricants, electrical insulation, and stretch wrap. On the basis of the end-use industry, the market is segmented into transportation, construction, electrical, food & beverage, healthcare, cosmetics & personal care, and others. On the basis of region, the market is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
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