Albany, NY -- (SBWIRE) -- 03/13/2017 -- The global market for medium molecular weight polyisobutylene (MMW PIB) appears to be consolidated owing to the presence of a few number of manufacturers, who have been adopting strategies such as acquisitions and mergers. The top four manufacturers, BASF SE, Shandong Hongrui Petrochemical Co., Ltd., Zhejiang Shunda New Material Co.,Ltd., and JX Holdings, Inc. held a massive share of 42.4% in the global MMW PIB market in 2014. The growing number of market players from Asia Pacific will pose a challenge to the leading firms, finds Transparency Market Research (TMR).

The global MMW PIB market is expected to grow at a CAGR of 4.3% during the forecast period between 2015 and 2023, reaching a valuation of around US$610.1 mn by the end of 2023, according to TMR.

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High Flexibility, Low Cohesive Strength of Adhesives Boost Growth

Some of the major growth drivers of the market are rapid expansion of construction activities, technological advancements in medical applications such as drug delivery, prosthetics, and dental and disposable medical devices. The increasing demand for sealants and adhesives has also been assisting the growth of the global medium molecular weight polyisobutylene market. Factors driving the growth of this segment are low cohesive strength and flexibility of these products at low temperatures and their excellent barrier properties. The adhesives that use MMW PIB are extensively used in commercial applications such as paper, cement, roofing sealants, pressure sensitive adhesives, and cable glazing. These adhesives are also used in insulation, panel, flooring, partition, and roofing. Therefore, the market for MMW PIB will witness an upsurge over the coming period.

On the other hand, strict regulatory policies because of the potential harm posed by these products to aquatic animals might restrict growth. However, the chewing gum segment is slated to rise up with considerable opportunities. Most modern chewing gums deploy food-grade polyisobutylene as central gum base, as this substance enhances the gum's elasticity and stickiness.

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Infrastructural development in MEA, Latin America to Trigger Demand

Based on geography, the global MMW PIB market is categorized into Middle East and Africa, North America, Latin America, Asia Pacific, and Europe. In terms of volume, Europe accounted for more than 29.7% share of the global MMW PIB market. The rapid rate of growth of this region can be attributed to the flourishing heavy machine manufacturing and automobile industries which are driving the growth of lubricants segment in the region. Germany is a prominent country segment of this region.

However, it is Asia Pacific that presently leads the market for MMW PIB market in terms of volume, as per TMR's findings. The regional market is projected to account for a share of 35.4% by the end of 2023. The tremendous demand for MMW PIB primarily comes from the adhesives application in numerous end-user industries of Bangladesh, India, Pakistan, Vietnam, and China. The presence of strong manufacturing industries in India and China are likely to prove beneficial to the overall market growth. The regions of Middle East and Africa and Latin America are also likely to grow extensively, due to advancement of real estate and infrastructure industries.

On the basis of application, sealants, adhesives, gum base, lubricants, and others (including bitumen modification) are the major categories. The adhesives application is growing at a phenomenal rate due to high demand from construction and automotive segment. This segment is expected to expand with a CAGR of 4.8% during the forecast period, achieving a revenue worth US$258.7 mn by the end of 2023.

Key segments of the Medium Molecular Weight Polyisobutylene market

Global Medium Molecular Weight Polyisobutylene Market - Application Analysis

-Gum base
-Adhesives
-Sealants
-Lubricants
-Others (Including bitumen modification, etc.)

The information presented in this review is based on a Transparency Market Research report, titled, "Medium Molecular Weight Polyisobutylene Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023"