The global polyisobutylene (PIB) market is expected to reach USD 7.71 billion by 2024, according to a new report by Grand View Research, Inc. Rising product use in pharmaceutical industry in emerging markets such as China and India are expected to drive global polyisobutylene market growth over the next eight years.
The rapid growth of the automotive industry in emerging economies of Asia Pacific and Latin America owing to growing demand for automobile and rising disposable income of consumers is expected to drive growth over the forecast period. Growing application scope of polyisobutylene in sealing & caulking compounds and viscosity modifiers on account of superior binding & adhesive properties is likely to augment market growth. In addition, rising use of polyisobutylene in adhesives industry is expected to drive the market demand.
High molecular weight polyisobutylene was the prominent product segment and accounted for a major significant share of market volume. Wide application scope of high molecular weight polyisobutylene in industries including automotive, petrochemicals, and pharmaceuticals is expected to augment demand. However, rising concern regarding disposal of polyisobutylene is expected to pose a challenge to the market over the forecast period.
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Further key findings from the study suggest:
- The global polyisobutylene market demand was 1.0million tons in 2015 and is expected to reach 1.8million tons by 2024, growing at a CAGR of 6.1% from 2016 to 2024.
- High molecular weight polyisobutylene is expected to witness the fastest grow that a CAGR of 6.8% from 2016 to 2024.Factors such as low glass transition temperature and amorphous nature help high molecular weight polyisobutylene attain improved flexibility, tackiness, high temperature, and chemical resistance. These properties make high molecular weight PIB most widely used polyisobutylene in industries including adhesives, roofing, and wire manufacturing which in turn is expected to propel the market growth over next few years.
- Additive application of polyisobutylene is expected to grow at a CAGR of 6.9% from 2016 to 2024. Growing demand for fuel and lubricant additives in refining industries coupled with rising demand from manufacturing industry owing to rapid industrialization in the emerging economies of Asia Pacific and the Middle East& Africa is expected to drive the demand over the forecast period.
- Growing use of medium molecular weight polyisobutylene in food & beverage industry for food packaging on account of its adhesive nature, hydrophobic stability, anti-bacterial performance, high-temperature resistance and low toxicity absorption is likely to fuel the market demand over the forecast period.
- Europe was the dominant market and accounted for 44% in 2015. Rising demand for polyisobutylene from end-use industries such as food & beverage and pharmaceutical coupled with the presence of large refiners in the region with enhanced distillate processing capabilities are expected to accelerate market growth. The region is also expected to grow at a CAGR of 6.1% from 2016 to 2024.
- Polyisobutylene industry is moderately fragmented with the presence of a large number of prominent market participants across the globe. BASF SE is a specialty chemicals manufacturers involved in the manufacturing of intermediates, monomers, and catalysts. The company manufactures polyisobutylene under Intermediates segment. In May 2015, BASF SE acquired LANXESS’s high molecular weight polyisobutylene manufacturing intellectual process.