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(IT-NEWSWIRE.COM, December 21, 2022 ) The global Polyisobutylene Market is estimated to reach USD 4.0 billion by 2027, at a CAGR of 6.8% between 2022 and 2027. Increasing demand of polyisobutylene coming from transportation and construction end-use industries is expected to drive the growth of the Polyisobutylene Market across the globe. This is due to the increase in demand for non-corrosive, high-viscous polymer materials to withstand high operating temperature range.
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Based on application, polyisobutylene market is segmented into tires, lube additives, fuel additives, 2-stroke engines, industrial lubes & others, and adhesives & sealants. Tires application segment of the polyisobutylene market is projected to grow at the highest CAGR during the forecast period. For a variety of vulcanized elastomers, such as natural rubber (NR), butyl rubber (BR), and styrene butadiene rubber (SBR), polyisobutylene function as extenders and plasticizers. Because they are so flexible and long-lasting, NR, BR, and SBR are frequently utilized to produce vehicle tyres. They feature minimal rolling resistance and great abrasion resistance.
The Asia Pacific polyisobutylene market is projected to grow at the highest CAGR between 2022 and 2027. The growth of the Asia Pacific polyisobutylene market can be attributed to the increased demand for polyisobutylene from China, Japan, and India for use in different end-use industries. The high demand for polyisobutylene from various end-use industries can be attributed to advantages offered by polyisobutylene that include low gas permeability, high tensile strength, and improved electrical insulation.
China accounted for a major share of the Asia Pacific polyisobutylene market and is projected to register the highest CAGR during the forecast period. The rising new product development based for newer application segments is driving the polyisobutylene market in China. Also, the low cost of raw materials coupled with less stringent government regulations is driving the market in the country. The leading players in the polyisobutylene market are focusing on the Asia Pacific region and hence, have undertaken various strategies such as expansions, joint ventures, and agreements to enhance their foothold in the region.
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Browse In-Depth Toc On "Polyisobutylene Market”
276 - Market Data Tables
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The transportation end-use industry segment of the polyisobutylene market is projected to grow at the highest CAGR between 2022 and 2027. Polyisobutylene is used in the form of lubricants, adhesives, fuel additives, and sealants, among others in the transportation end-use industry as it increases the performance of automobiles.
Polyisobutylene is available in three molecular weights, namely, low molecular weight PIB, medium molecular weight PIB, and high molecular weight PIB. Low molecular weight PIB dominates the global polyisobutylene market and is expected to dominate the market in the forecasted years. These low molecular weight PIB is used in various applications such as fuel additives and lube additives in transportation end-use industry.
Lubrizol Corporation (US), BASF (Germany), TPC Group (US), Lanxess AG (Germany), Nizhnekamskneftekhim (Russia), Reliance Industries (India), Sibur (Russia), Exxon Mobil (US), INEOS (UK), and Daelim (South Korea), among others are the key players operating in the polyisobutylene market. These companies have adopted various organic and inorganic growth strategies such as agreements, acquisitions, expansions, and joint ventures to increase their global presence and enhance their position in the polyisobutylene market.
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