Global Polyisobutylene Market Anticipates High Growth 2022
The global polyisobutylene market anticipates high demand growth due to growing usage in the manufacturing of high-performance tires &tubes; increasing application as adhesives & sealants in the construction industry and rising applicability in the agricultural industry. Polyisobutylene (PIB) is artificial rubber, commercially used in a large number of applications in several end-use industries. PIB is the homopolymer of isobutylene. It comprises of various properties such as good flexibility, impermeability to gases and thermal stability, which makes it a beneficial product to use for a wide range of applications.
The report “Global Polyisobutylene Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast”
foresees that the i
ncreasing usage of Polyisobutylene as an inner lining of tires along with expanding automobile industry will be a major driving factor for the increase in the market demand over the coming years. It is widely used as an additive & thickening agent in motor lubrication to reduce the formation of oil mist and for damp proofing of the vehicle. Rising demand for lubricants (needed for maintenance and repair of vehicles) is estimated to fuel market demand for PIB in additives during the forecast period.
Growing applicability in the manufacturing of hoses, gaskets, and sound damping products will give a new direction to the growth of construction industry, which in turn will augment demand for PIB in the near future. However, stringent environmental regulations regarding the usage & manufacturing of PIB and high volatility in the prices of the products due to changing economic conditions are major restraints, which may negatively impact the growth of the market in the forthcoming years. Furthermore, the development of recyclable & recoverable PIB is expected to open new growth avenues for the market in the near future.
The global market has been segmented based on the basis of type into HR-PIB and enhanced-PIB. The HR-PIB is a fastest growing type segment and is estimated to witness a double-digit growth in the study period owing to the growing application scope in the manufacture of light tires,
footwear and light rubber goods globally. Furthermore, the market has been segmented based on application into automotive and additives. The automotive is a major application segment and is projected to continue its dominance over the forecast period on account of expanding automobile industry, rising demand for various automotive components such as PIB tire tubes, hoses, and gaskets across the globe.
Europe is a leading market, has accounted for major market share and is expected to grow at a significant rate during the forecast period due to increasing automobile manufacturing activity particularly in Italy & Germany along with the presence of stringent EU norms to regulate the external noises of tires in the region. North America and Asia-Pacific followed with a substantial market share and are anticipated to grow at a significant rate in the forthcoming years owing to increasing demand from automobile industry and rapid industrialization in the region.
Major industry players include ExxonMobil, BASF, INEOS, Lanxess, The Lubrizol Corporation and TPC Group, Chevron Oronite, DOW Corning, Infineum, Braskem and Daelim.
July 2015, BASF and Petronas has jointly built the polyisobutene plant in Malaysia with a total annual capacity of 50,000 metric tons of highly reactive polyisobutene (HR-PIB)
In June 2016, JX Nippon Oil & Energy has introduced a front-end engineering design for polyisobutylene (PIB) plant expansion at the company's site in Japan.
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