APAC Polyisobutylene Market to depict a lucrative growth chart over 2016-2024, surging demand from automotive sector to boost the regional revenue
The incredible expansion of the automotive industry across the globe will stimulate Polyisobutylene (PIB) Market significantly over the next few years. Players of the automotive sector are also increasingly investing in research & development activities and technological innovations, which will further augment PIB industry. Polyisobutylene is mainly used in rubber, which is the primary constituent of tires and tubes. Of late, the automobile industry has witnessed the invention of the tubeless tire as well. Such inventions are sure to propel global polyisobutylene industry.
PIB is heavily deployed to manufacture packaging products due to its low permeability to moisture, air, and gasses along with high chemical resistive nature, which will spur PIB industry size from the medical sector. According to Global Market Insights, Inc., “Polyisobutylene market having had a revenue of USD 1.25 billion in 2015, will witness an annual growth rate of 5% over the coming years of 2016 to 2024.”
Europe Polyisobutylene Market size, by application, 2015, 2020, 2024 (USD Million)
Byproducts obtained from the chemical reaction of polyisobutylene are extensively used as additives in fuels and lubrication oils. Adhesive application in polyisobutylene industry is anticipated to register an annual growth rate of more than 4.5% over the period of 2016 to 2024. PIB is used as a lubricant thickening agent and it helps clean water-borne oil stumbles as well. The growing demand for lubricants for vehicle maintenance will thus, favorably influence the industry growth.
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The automotive sector dominated the application landscape by accounting more than 50% of the global revenue share in 2015 and will record a considerable growth rate over the coming seven years. The growth can be attributed to the increasing need of tubes and tires for the automobiles pertaining to characteristics such as high damping, better inflation pressure holding, and heat aging.
Based on molecular weight, polyisobutylene market is mainly divided into low, medium, and high. High molecular weight product will exhibit considerable growth rate over the years ahead, owing to its escalating requirement in the automotive sector pertaining to its key properties such as oxidation and heat resistance. PIB products with high molecular weight possess characteristics such as improved flexibility, dielectric properties, and light weight. Pertaining to this fact, these products are used to manufacture electric wire coatings. Medium molecular weight polyisobutylene market will record an annual growth rate of 5% over the coming seven years.
Considering the regional landscape, Asia pacific led global polyisobutylene industry in 2015 and is predicted to generate substantial revenue over the years ahead. The attributing factor toward industry growth is the presence of a large tire and tube manufacturing base in the region. India, China, Malaysia, and Indonesia are the prominent revenue contributors toward APAC business growth.
U.S. led North America polyisobutylene market share in 2015 and is anticipated to exhibit a CAGR of 4% over the period of 2016 to 2024, primarily driven by the growing requirement for tires across this region. Moreover, surging demand for sealants and adhesives across the construction sector will also account for significant revenue generation.
Top three industry giants accounted for more than 50% global revenue in 2015. The notable players in polyisobutylene market are Lanxess AG, ExxonMobil Corporation, BASF SE, TPC Group, Chevron Oronite Company LLC, Berkshire Hathaway Inc., Infineum International Ltd.
Author Name :Sunil Hebbalkar