Polyisobutylene (PIB) Market size to exceed $2 billion by 2024
Published Date: February 8, 2017 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Polyisobutylene (PIB) Market size is poised to surpass USD 2 billion by 2024. Escalating product demand in the adhesives & sealants industry will be the prominent contributor over the projected timeframe.
It is chiefly used as a modifier or base polymer in the adhesives & sealants industry due to its superior characteristics such as stability, adhesion, moisture resistance and tackiness. These properties make the product ideal for hot melt pressure sensitive adhesive applications.
The global adhesives business generated revenue close to USD 25 billion in 2015 and is likely to exceed USD 35 billion by 2024. Robust growth in the adhesives & sealants business on account of its widespread applications spectrum in industries including packaging, construction and automotive for flooring, insulation, panel, partitions and roofing will positively impact on the polyisobutylene market share by 2024.
Tire and tube manufacturing industries are the potential growth avenues for PIB market. The product is majorly used in the tubeless tire manufacturing owing to its water-resistant characteristics. In addition, the global tires and tubes business is projected to expand with more than 5% CAGR through 2024. Furthermore, improving consumer spending pattern towards lavish lifestyles, has substantially propelled the automotive production and sales across the globe.
Positive growth indicators in the medical packaging business will drive the global market by 2024. Widespread product applications in serum vials, saline bottles and seals due to its low absorptivity and superior chemical resistance against moisture, air and gases will positively influence the polyisobutylene market over the projected timeframe.
Product disposal in water bodies destroys the aquatic flora and fauna. Therefore, the industry is stringently directed and regulated by government regulations, particularly in Europe and North America. Prevalence of these norms may hamper the polyisobutylene market growth in applications where it is used as a marine lubricant. The industry participants are involved in extensive R&D towards developing sustainable disposable measures and thus will create new growth prospects by 2024.
Browse key industry insights spread across 128 pages with 138 market data tables & 15 figures & charts from the report, “Polyisobutylene (PIB) Market By Molecular Weight (High, Medium, Low), By Application (Automotive, Additives), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
In 2015, high molecular weight led the global polyisobutylene market, primarily due to its widespread applications in the sealants and automotive industry. Also, superior flexibility and dielectric characteristics along with light weight, makes the product suitable in manufacturing electric wire coatings. Medium molecular weight will observe gains around 5% CAGR through 2024.
In 2015, automotive accounted for more than 50% of the global PIB market share. Increasing product usage in tires and tubes manufacturing owing to its high inflation pressure capacity, high damping and ozone resistance will positively impact business growth. Adhesives will experience maximum growth rate of more than 4.5%.
North America is projected to expand at over 4% CAGR through 2024. The regional growth is primarily driven by enormous automotive demand in the U.S. Furthermore, recovering U.S. construction industry post 2008 economic turmoil will push the polyisobutylene market for sealants and adhesives applications.
Asia Pacific accounted for the major share in 2015. Presence of strong tire and tube manufacturing industries in India, China, Malaysia and Indonesia along with increasing automotive sales on account of improving consumer lifestyles was the prime factor promoting the regional polyisobutylene market growth.
In 2015, the overall polyisobutylene industry share was highly consolidated with three major companies holding over 50% of the total supply. BASF SE, Lanxess AG, ExxonMobil Corporation, The Lubrizol Corporation, TPC Group, Chevron Oronite Company LLC, Berkshire Hathaway Inc., and Infineum International Ltd are some the prominent PIB market share contributors.