Global Polyisobutylene (PIB) Market to Reach $2.8 Billion by 2026
SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Polyisobutylene (PIB) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 18; Released: May 2021
Executive Pool: 3247
Companies: 15 - Players covered include BASF SE; Chevron Oronite Company LLC; Daelim Industrial. Co. Ltd.; INEOS Group; Lubrizol Corporation; TPC Group Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product (Conventional, Highly Reactive); Molecular Weight (High, Medium, Low); End-Use (Automotive, Industrial, Food, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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ABSTRACT-
Global Polyisobutylene (PIB) Market to Reach $2.8 Billion by 2026
Polyisobutylene (PIB) or polyisobutene, (C4H8)n,,is a clear, synthetic hydrocarbon elastomer, produced by polymerization of isobutylene. Polyisobutylene (PIB) is one of the key raw materials used in the manufacture of a diverse range of products, including tires, lubricants, fuels, adhesives, sealants and others. Superior flexibility, thermal stability and impermeability characteristics make polyisobutylene a versatile material with several applications. Polyisobutylene properties include impermeability, ozone resistance, oxidation resistance, and enhanced stability. Additionally, it is weather-resistant, increasing its demand in manufacturing items such as pharmaceutical stoppers, hosepipes, construction sealants, and other mechanical items. The product is known for properties such as electrical insulation and impermeable to gases and water vapor, thus an ideal for sealants in the photovoltaic system panels. Primarily used in the manufacture of tires, demand for Polyisobutylene depends largely upon the trends in automotive industry. Increasing automotive production, driven by recovery in economies worldwide, along with rising sales of tires is driving demand for polyisobutylene across the globe. In addition, PIB continues to see rising demand as fuel additives, where it removes sludge, soot and oxidation byproducts that deposit in the engine and affect its performance. Technological advancements and trends have enabled greater use of PIB in tires resulting in growing demand. Enhanced bonding and air retention properties of PIB driven by technological advances contributing to growing demand for PIB in automotive applications. Rising demand for tubeless tires and increasing use of PIB in their fabrication are expected to engender significant opportunities for growth in this application market.
Amid the COVID-19 crisis, the global market for Polyisobutylene (PIB) estimated at US$2.1 Billion in the year 2020, is projected to reach a revised size of US$2.8 Billion by 2026, growing at a CAGR of 5.5% over the analysis period. Conventional, one of the segments analyzed in the report, is projected to record 5% CAGR and reach US$1.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Highly Reactive segment is readjusted to a revised 6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $327 Million in 2021, While China is Forecast to Reach $648.5 Million by 2026
The Polyisobutylene (PIB) market in the U.S. is estimated at US$327 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$648.5 Million by the year 2026 trailing a CAGR of 7.3% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR.
Given the economic recovery post the COVID-19 scenario, demand for polyisobutylene would benefit from expected surge in automobile sales and demand for tires from new cars and replacement market. The market would also benefit from increasing use of PIB in other key applications such as additives in lubricants; adhesives and sealants; and rising demand in the medical sector. Industrial oils based on PIB, for instance, contain lubricant additives that prevent rust and oxidation, and play the role of anti-wear additives and paint depressants. PIB's physical properties, such as water resistance, viscosity, tackiness, and electrical resistance drive its use in industrial applications. In the additives sector, PIB is used for its chemical properties mainly in the manufacture of dispersants/detergents for fuels and lubricants. PIB's features such as tackiness, resistance to moisture and adhesion drive its use as base polymer or modifier in the adhesives and sealants sector. Higher resistive characteristics and low absorptivity features of PIB have attracted its use in medical packaging space such as bottle seals and vials, over conventional products such as rubber. PIB is used in packaging applications such as bottle seals and serum vials drive
The market is also expected to register stronger growth in the Highly Reactive PIB (HR-PIB) market, while slower growth in the Conventional PIB market is expected to offset overall growth in the market to an extent. HR-PIB continues to witness significant growth, emerging from markets such as mechanical rubber goods, adhesives, flooring, pharmaceuticals and footwear among others. Some of the major trends in the market include increasing popularity of PIB based PSAs (pressure sensitive adhesives), growing use of additives made from enhanced PIB, and rising use of PIB in photovoltaic (PV) systems as sealing agents. Further, polyisobutylene is expected to witness high growth in two-stroke engine oil industry owing to its capability to remove engine deposits and clear burning in the industrial engines and automobile industry. Rising investments in R & D to enhance gasoline fuel performance and diesel is likely to increase the demand for fuel additives over the analysis period. More
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SOURCE Global Industry Analysts, Inc.
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