Polyisobutylene Market (Medium Molecular Weight Polyisobutylene and Others) for Automotive, Additive, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Albany, NY -- (SBWIRE) -- 01/25/2016 -- Transparency Market Research has published a new market report titled "Polyisobutylene Market (Medium Molecular Weight Polyisobutylene and Others) for Automotive, Additive, and Other Applications – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015–2023." According to the report, the global polyisobutylene market was valued at US$3.35 bn in 2014 and is anticipated to reach US$5.37 bn by 2023, expanding at a CAGR of 5.4% from 2015 to 2023.
Polyisobutylene (PIB) is a commercial polymer that is used in the manufacture of inner tubes of tires, adhesives, agricultural chemicals, caulks, sealants, paper & pulp, and chewing gum among others. Polyisobutylene has good thermal stability, flexibility, and impermeability to gases. Additionally, it offers high resistance to acids, alkalis, and salts.
In terms of volume, Asia Pacific was the largest regional market for polyisobutylene, accounting for more than 55% in 2014. Growth in the automobile industry in emerging economies such as China and India is expected to boost demand for polyisobutylene in this region. In addition, Asia Pacific is estimated to witness strong growth in the automotive industry in the next few years. This, in turn, is anticipated to increase demand for polyisobutylene required in the manufacture of tires in this region.
Europe accounted for more than 15% of the global polyisobutylene market in 2014. The polyisobutylene market in Europe is projected to expand significantly during the forecast period. The European legislation has been implementing stringent regulations in order to reduce pollution caused by automobiles in Europe. This, in turn, is projected to significantly drive the polyisobutylene market as it is extensively used in motor fuels to reduce the generation of oil mist, thus preventing pollution and improving the efficiency of vehicles.
Sharp rise in gasoline prices coupled increasing awareness regarding environment pollution has led the Government of the U.S. to consider stringent fuel efficiency standards. Thus, consumers focus on the use of lubricants and other automotive fuels to maintain the efficiency of vehicles. This, in turn, is expected to augment demand for polyisobutylene in the next few years. The U.S. held the largest demand for polyisobutylene in North America in 2014. Maintenance of old vehicles and replacement of tires activities is a booming market in this region. Thus, demand for polyisobutylene is anticipated to remain steady in the next few years.
The polyisobutylene market in Latin America and Middle East & Africa is anticipated to witness significant demand during the forecast period. Growth in the food & beverages industry in Brazil is expected to boost demand for polyisobutylene in the near future. Additionally, increase in infrastructural activities in GCC and growth in the paper & pulp industry in South Africa are anticipated to be major market drivers.
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Key players in the polyisobutylene market include BASF SE, Chevron Oronite, ExxonMobil Corporation, Infineum, Lanxess, and TPC Group. The report segments the polyisobutylene market as follows:
Global Polyisobutylene Market – Product Segment Analysis
Medium Molecular Weight Polyisobutylene
Global Polyisobutylene Market – Application Analysis
- Others (Chewing Gum, Sports Equipment, Medical Bottle Stoppers, etc.)
Global Polyisobutylene Market – Country Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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