Report Description:
According to a report, the Global Polyisobutylene (PIB) Market is likely to grow in a significant manner. PIB which is also known as Butyl Rubber, is a vinyl polymer/commercial polymer used in many different industries. It is mostly used as a thickener and lubricant in various different kinds of products including adhesives, glues, resins, lubricants, electrical insulation, cosmetics and food as well which in turn is likely to propel its market size greatly in the next coming years.
Superior properties of Polyisobutylene including corrosion resistance, oxidation stability, high-thickening efficiency and low electrical conductivity are inspiring industries to use it in manufacturing of various different products which is likely to fuel its demand in the coming years Also, incredible development of the automobile industry across the world will further pump the polyisobutylene (PIB) market significantly during the anticipated time period.
With an increase in frozen foods market, the market for the flexible packaging will also upsurge in order to store them controlled temperature conditions. Growing consumption of packaged and canned food will drive the poluisobutylene (PIB) market in the future. However, some of the challenges including presence of various alternatives and strict environmental legislations might hamper the market size in the future.
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Market Segmentation
The global market for poluisobutylene (PIB) market has been segregated into molecular weight and application. Based on the application, the market has been divided into Coating, adhesive, sealants, elastomers, lubricant additives, fuel additives, cosmetics, and personal care and others. Based on the molecular weight the market has been divided into Low molecular weight, medium molecular weight, and high molecular weight.
Detailed Regional Analysis
The global Polyisobutylene (PIB) market has been analysed across Northern America, Europe, India, Japan, China, and Southeast Asia, South America and Middle East Africa. In terms of revenue, Asia Pacific region dominates the entire global market which is due to the strong market presence of tire and tube manufacturing industries in countries like China, India, Indonesia and Malaysia that are contributing towards the expansion of Polyisobutylene (PIB) in theAPAC region. Meanwhile, North American and European market is also expected to increase in the coming years, increasing demand of durable tires and massive automobile customer base are likely to boost the growth in the region. Additionally, upcoming US construction industry will further pump the product demand for adhesives and sealant applications in the US market.
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Competitive Landscape
The competitive landscape of the Polyisobutylene (PIB) market is formed by some of the leading market players who are operating in this market since past so many years. In order to cater to the growing market needs, more number of activities such as mergers & acquisitions, partnership deals are likely to happen in the future which will further influence this market.
Industry News
Lanxess AG, a German-based chemical company, is all set to invest huge amount in North American region by 2022 with an aim to upgrade sites and expand capacity through Brownfield expansions.
Growth by Region
Asia Pacific led the global market size in 2018 due to the strong market prevalence of tire and tube manufacturing industries in China, India, Indonesia and Malaysia. It is considered to be the major factor contributing to the business growth of the APAC region. North America and Europe follows the APAC region due to the increasing durable tires demand from consumers and massive automobile customer base, thus boosting the growth of the region. In addition to that, the upcoming US construction industry will boost the product demand for adhesives and sealant applications enabling the North American region to escalate its growth to a much larger extent. Latin America, Middle East and Africa (LAMEA) region hold the least share compared to other regions and face a slow growth during the review period.
Drivers vs Constraints
The market is mainly driven by the rising product usage in tubeless tire manufacturing, increased R&D investments and technological advancements. All these will substantially create more growth opportunities for the polyisobutylene market share contributors owing to the market growth. However, the major constraints are the increasing awareness towards protecting the environment accompanied with stringent government legislation.
Industry Trends and Updates
Lanxess AG, a German-based chemical company is set to invest a lump sum of €500 million in North America through 2022 with an intention to upgrade sites and expand capacity through Brownfield expansions.
BASF, a German chemical giant is planning to invest USD 10 billion to build a new ‘Verbund’ site in Guangdong, China and is expected to own the entire site without a partner company. This new project is BASF’s largest ever investment. The company plans to open its first plants in the year 2026.
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