Polyisobutylene Market Size (GDP) – $ 2.77 Billion in 2020, Market Growth – 5.5% CAGR, Market Trends – Growing Demand from Tire Industry.
NEW YORK, NY, USA, December 18, 2021 /EINPresswire.com/ – The global polyisobutylene (GDP) market is expected to reach $ 4.24 billion by 2028, according to a new report from Reports and Data.
Polyisobutylene (PIB) is a commercial polymer used in multiple industries due to its flexibility, thermal stability and gas impermeability. It is also used for making tubeless tires because it is able to hold air for longer.
Polyisobutylene (PIB) features oxidation resistance, improved stability, and superior impermeability. Improved weather resistance for the manufacture of pharmaceutical plugs, construction sealants, garden hoses and various mechanical products is expected to encourage the growth of the market. Polyisobutylene (PIB) is used as a sealant in the sealing of panels of photovoltaic systems. This is due to its improved properties of electrical insulation and resistance to gas and water vapor.
The expansion of the automotive industry in emerging countries such as the Middle East and Asia-Pacific is driving the market in the region. Due to improved road infrastructure, increased spending capacity and increased number of vehicles per person are fueling the polyisobutylene (GDP) market. The rapid growth of end users, including the automotive and construction sector, further encourages the market.
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Some key players mentioned in the report are:
BASF SE, TPC Group Inc., Ineos Group, Braskem, Exxon Mobil, Lanxess AG, Chevron Oronite Company LLC, Infineum International Ltd., The Lubrizol Corporation and Berkshire Hathaway Inc. among
Other key findings from the report suggest:
Polyisobutylene (PIB) is preferred over other synthetic and natural rubbers due to its good breaking performance, high cleanliness and self-healing nature.
Tires have a 19% market share in 2020. The ability of the product to retain air longer in the tube increases the demand for the product in this industry.
2-Strokes Engine has the highest growth rate of 6.9% throughout the forecast period.
Automotive dominates the market with a 21% market share in 2020. The increasing application of polyisobutylene (PIB) in the tire industry to improve heat retention capabilities during tire vulcanization is further expected to boost the market.
High molecular weight polyisobutylene (PIB) holds the largest market share of 35% in 2020. It has high demand in industries like sealants and automotive due to its oxidation, UV properties. superior and high resistance.
The increased demand for packaging in the pharmaceutical industry to help preserve the quality of drugs is also driving the demand for the product in this sector.
Pharmaceuticals are forecast to grow with the highest CAGR of 6.4% throughout the forecast period.
APAC holds 24% market share in 2020. The emergence and expansion of automotive and sealant industries in APAC are fueling the growth of the market.
The increased investment for product development in the petrochemical sector will also propel the market growth in the Asia-Pacific region. The region is expected to grow at a CAGR of 6.0% throughout the forecast period.
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Chemicals are needed in many industrial processes. As a result, the materials and chemicals industry is inextricably linked with other sectors. When one is used to produce the other, there is a correlation. Other industries use chemicals from chemical manufacturers and suppliers as raw materials.
Over 70% of the chemicals industry’s products are consumed by other industries, of which around 20% are used by industry for other purposes. This 70 percent supports food and health, textiles, transport, medicines and other sectors. Only 10% of the products are intended for sale to the general public. The expansion of the materials and chemicals sector depends on demand from other industries. Therefore, supply is directly affected by increasing manufacturing rates in other industries.
The report offers complex dynamics on various aspects of the Polyisobutylene (GDP) market, which helps the companies operating in the market to make strategic development decisions. This study also details the significant changes which are highly anticipated to configure the growth of the Polyisobutylene (GDP) market, during the forecast period.
To learn more about the report @ https://www.reportsanddata.com/report-detail/polyisobutylene-pib-market
Based on the types:
Highly reactive GDP
Based on demand:
Industrial and other lubricants
Adhesives and sealants
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Based on regions in:
Middle East and Africa
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