Albany, NY -- (SBWIRE) -- 03/12/2018 -- The global polyisobutylene (PIB) market is featured by a high degree of consolidation with a handful of multinational players that operate in global markets and occupy leading market shares, observes Transparency Market Research in one of its recent reports. In the coming years, however, participation of new entrants predominantly in Asia is likely to alter the scenario, thereby altering the market share of leading players.
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Key players in the global polyisobutylene market are hard focused on expansion of core products and divesting from other products in a bid to strengthen their presence in the polyisobutylene market. For example, TPG Group Inc., sold its Baytown-based operations of manufacture of tetramer, nonene, and other propylene derivatives to SI Group. This will help the company focus in its core business areas.
Furthermore, well-entrenched players are striving for capacity expansion with the objective to increase the output of core products. This will help them serve the rising needs of end use industries and steal a march over their competitors.
Some of the leading players in the global polyisobutylene market are BASF SE, TPC Group Inc., Kothari Petrochemicals Limited, The Lubrizol Corporation, INEOS Group Ltd., and Shanndong Hongrui Petrochemical Co. Ltd.
According to a report by Transparency Market Research, the global polyisobutylene market is likely to expand at a CAGR of 5.6% for the forecast period between 2017 and 2025. At this pace, the market is expected to reach a valuation of US$6.39 bn by the end of 2025 increasing from US$3.92 bn in 2016.
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On the basis of molecular weight, low, medium, and high are the segments into which the global polyisobutylene market is segregated in this report. The segment of high molecular weight polyisobutylene led in 2016 accounting for a whopping 70% market share. On the other hand, the segment of medium molecular weight is expected to rise with the growing demand for lubricants from the automobiles and manufacturing industries.
Tires and tubes accounted for the leading share of more than 45% vis-à-vis volume in 2016. The segment is expected to hold on to its dominant position on the back of continual growth of the automotive industry.