High demand for manufacturing durable tubes and tires for automobiles will lead to colossal growth in global Polyisobutylene (PIB) Market. Ranked as one of the most commercial polymers, polyisobutylene is extensively used across myriad industrial sectors owing to its favorable characteristics of high thermal stability, flexibility, impermeability, high chemical resistance, biological inertness, and low repair and maintenance costs. This product is used to manufacture adhesives, sealants, the inner tubes of tires, besides being used as a thickening agent in fuels and oils.
Polyisobutylene finds a wide array of applications in pharmaceutical packaging, automobile production, and tire manufacturing companies. The booming growth in the automotive and construction sectors will further complement product demand in the years to come. According to Global Market Insights, Inc., “Polyisobutylene (PIB) Market, having held a revenue of more than USD 1.25 billion in 2015, is slated to be worth more than USD 2 billion by 2024.”
Polyisobutylene products with high molecular weight exhibit features such as light weight, improved flexibility, heat resistance, dielectric strength, and oxidation characteristics, owing to which they are widely used in the sealants and automotive sectors. High molecular weight PIB, having dominated global product landscape in 2015, is slated to witness tremendous growth over 2016-2024, driven by increasing product usage across the electrical wire coatings sector.
Europe Polyisobutylene Market size, by application, 2015, 2020, 2024 (USD Million)
With extensive applications in the adhesives industry, medium molecular weight PIB market share is predicted to observe a growth of approximately 5% over 2016-2024. PIB product derivatives are increasingly used as additives for fuel and oil lubrication, which are essential components used in the adhesives industry. PIB market for adhesive applications is expected to increase at a CAGR of more than 4.5% over 2016-2024, driven by growing additives demand for repair and maintenance purposes.
Adhesives and sealants are important products used in the construction sector. Increased applications of these products will fuel U.S. polyisobutylene industry over 2016-2024. Robust growth in the construction industry will surge the requirement for additives, propelling the regional demand. In addition, huge sale for automobiles and growing customer demand for durable tires and tubes will drive the U.S. market. North America polyisobutylene market will observe an annual growth rate of 4% over 2016-2024, with U.S. being the chief revenue contributor.
Tires and tubes are the primary component parts used in the automotive sector. The superior characteristics of PIB products such as moisture resistance, barrier protection, inflation pressure holding, heat aging, and ozone resistance make them the most apt choice to manufacture tires and tubes with automotive vibration control. Automotive applications accounted for more than 50% of global PIB industry share in 2015, and is poised to witness substantial growth over the coming years, driven by rising demand for automobiles.
Growing automobile sales, changing consumer lifestyles, and high purchase parity will stimulate Asia Pacific polyisobutylene market over 2016-2024, which contributed to more than half of the worldwide revenue share in 2015. The existence of a huge number of tire and tube manufacturing companies coupled with rise in per capita income in countries such as China, Malaysia, India, and Indonesia is also likely to substantially drive APAC PIB industry in the coming years.
Global polyisobutylene market being highly consolidated, witnessed the top three industry participants holding more than 50% of the overall revenue share in 2015. Top companies operating in PIB market include The Lubrizol Corporation, Berkshire Hathaway Inc., BASF SE, Lanxess AG, Chevron Oronite Company LLC, TPC Group, Infineum International Ltd., and ExxonMobil Corporation. Top-notch companies are constantly involved in establishing their presence across various processes of the business sphere with an aim to maximize their profit margins.