Transparency Market Research has published a new research report titled “Polyisobutylene Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025” to their report store.
Albany, NY -- (SBWIRE) -- 07/14/2017 -- Transparency Market Research, as per one of its recent reports, observes the global polyisobutylene (PIB) market to be highly consolidated with a handful of multinational players that operate globally and occupy leading shares. However, the scenario is expected to change with the emergence of aspiring players from Asia that may alter the market share of leading players.
BASF SE, The Lubrizol Corporation, TPC Group Inc., INEOS Group Ltd, Kothari Petrochemicals Limited, and Shandong Hongrui Petrochemical Co. Ltd. are to name some of the key companies operating in the global polyisobutylene market. Expansion of core products and divesting from other products is on the cards of businesses to strengthen their presence in the market. TPC Group Inc., for example, sold its Baytown operations of manufacture of nonene, tetramer, and other propylene derivatives to SI Group. This is to help the company focus on its core businesses such as polyisobutylene.
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Another noticeable trend observed in the global polyisobutylene market is players vying for capacity expansion. The well-entrenched players are engaged in capacity expansion for higher output of core business products so as to meet the rising demand from end-use industries.
As per estimates by a report by Transparency Market Research, the global polyisobutylene market is expected to expand at a CAGR of 5.6% between 2017 and 2025 for the market to be worth US$6.39 bn by 2025 increasing from US$3.92 bn in 2016.
Tires and Tubes Application Segment to Remain Dominant
The segments of the global polyisobutylene market classified based upon molecular weight are low, medium, and high. High molecular weight PIB, amongst all, was the clear leader in 2016 with a whopping 70% market share. On the other hand, medium molecular weight segment is set to rise with the rising demand for lubricants with the booming automobiles and manufacturing industries.
Tires and tubes stood as the leading application segment accounting for more than 45% of the market in terms of volume. In the upcoming years, the segment is expected to continue its dominance on the back of continual growth of the global automotive industry.
From a regional perspective, Asia Pacific presently dominates the global polyisobutylene market followed by North America and Europe.
Automotive Industry Ramps Polyisobutylene Demand
One of the key growth factors of the global polyisobutylene market is the thriving automotive industry, which has been expanding significantly in Asia Pacific, Latin America, and the Middle East and Africa. This is because polyisobutylene is majorly used in the manufacture of tire linings and tubeless tires, which are essential components of the automotive industry. The global tire market is expected to rise at a CAGR of over 4% between 2017 and 2025, is expected to have a positive bearing on the development of polyisobutylene market.
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Another factor stoking growth of the market is on account of use of polyisobutylene as an additive in the manufacture of various lubricant oils and motor fuels. Also, PIB when added to diesel oil benefits the environment in terms of reducing hydrocarbons and particulate emissions. Furthermore, PIB when added to lubricants improves viscosity and extreme pressure resistance of products.
However, the growth of the global polyisobutylene market is majorly challenged due to environmental concerns related to PIB spills," says the lead analyst of the study. Nevertheless, rising awareness regarding the use of recyclable polyisobutylene materials is anticipated to present growth opportunities over the forecast period.
The global polyisobutylene market is segmented as follows:
Polyisobutylene Market: Molecular Weight Type Analysis
Polyisobutylene Market: Application Analysis
--Tires & Tubes
--Adhesives & Sealants
--Others (Medical, Chewing Gum, Detergents, and Dispersants etc.)
The information presented is based on the findings of a report by Transparency Market Research, titled "Polyisobutylene Market (Molecular Weight Type – Low, Medium, and High; Application - Tires & Tubes, Automotive, Lubricants, and Adhesives & Sealants) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."