Global Polyisobutylene Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
This can be attributed to a rise in the demand for lubricants, tires and tubes across the globe along with increasing R&D activities.
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According to the latest report by IMARC Group, titled “Polyisobutylene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global polyisobutylene market reached a value of US$ 51 Billion in 2017. Polyisobutylene refers to a synthetic rubber or elastomer made from monomer isobutylene through the cationic vinyl polymerization process. It is a colorless, tasteless and odorless elastomer which exhibits resistance against weathering and ozone. This polymer can be found in either a semi-solid or an elastic rubbery viscous form and possesses high heat and damping properties, biocompatibility as well as flexibility. Apart from this, it is gas impermeable in nature and can hold air for a longer period of time. Owing to this, it is largely used in basketballs, footballs, soccer balls and other inflatable balls for providing an airtight inner compartment.
Global Polyisobutylene Market Trends:
Over the past few years, the transportation industry has witnessed a significant growth, resulting in a rise in the demand for tubes and tires across the globe. Additionally, polyisobutylene forms an important ingredient in the formulation of lubricants as it prevents the oil from thickening as well as controls the formation of sludge and deposits. Another major factor propelling the demand for polyisobutylene is the rising R&D investments by the manufacturers and advancements in technologies. However, the governments of several nations have implemented stringent regulations regarding the disposal of polyisobutylene on account of its negative environmental impact. This can act as a hinderance to the growth of the market in the upcoming years. Looking forward, the global polyisobutylene market is projected to reach US$ 3 Billion by 2023, exhibiting a CAGR of approximately 5% during 2018-2023.
Global Polyisobutylene Market Summary:
Based on products, the global polyisobutylene market has been segmented into conventional PIB and highly reactive PIB.
On the basis of end-use, the market has been segregated into transportation, industrial and food industries. Amongst these, the transportation industry represents the largest end-use segment wherein polyisobutylene is utilized in the form of fuel additives, rubber and lubricants.
Polyisobutylene currently finds myriad applications across various sectors some of which include tires, lube additives, fuel additives, 2-stroke engines, industrial lubes and others, and adhesives and sealants.
On a geographical front, the market has been segmented into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, Europe represents the biggest market, accounting for the majority of the total share. This can be accredited to the rising demand for polyisobutylene from various industries such as adhesives, tires and automotive.
The report has also analyzed the global polyisobutylene market on the basis of import and export trends. Presently, France represents the biggest importer, whereas the Republic of Korea represents the largest exporter for polyisobutylene across the globe.
The competitive landscape of the market has also been examined with some of the key players being Lanxess, BASF, Daelim Industrial Co., Ltd., Reliance Industries Limited and Lubrizol.
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