ALBANY, New York, July 11, 2017 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Polyisobutylene (Low Molecular Weight, Medium Molecular Weight and High Molecular) Market for Tires & Tubes, Automotive, Lubricants, Adhesives & Sealants and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025" According to the report, the global polyisobutylene market was valued at US$ 3.92 Bn in 2016 and is projected to reach US$ 6.39 Bn by 2025 at a CAGR of 5.6% from 2017 to 2025.
The automotive industry have been expanding significantly in Asia Pacific, Latin America and Middle East & Africa in past few years. Growth in automotive industries has led to significant growth of tires and tubes market. Polyisobutylene is majorly used in manufacturing of tire linings and tubeless tire applications. The global tire market is anticipated to rise at a CAGR of more than 4% during the forecast period. Thus, growth in the tires market is ultimately anticipated to result in the development of the polyisobutylene market. Polyisobutylene is used for inner liner that holds air in the tire. It provides excellent inflation pressure retention for all types of tires. It offers barrier properties, resistance to ozone, high damping and heat aging, which makes it ideal for automotive vibration control. Thus, the increasing demand for tires, on account of the rapidly growing automobile industry, is expected to augment the demand for polyisobutylene substantially within the forecast period.
Medium molecular weight PIB is primarily used as an additive in the manufacture of lubricating oils and fuels. It is also used as a thickening agent in some formulations. There is higher demand for lubricants for the maintenance of efficiency of vehicles. Additionally, lubricants are used in various manufacturing companies. Thus, rising demand for lubricants, led by the boom in automobile and manufacturing industries, is anticipated to drive the market for MMWPIB in the next few years. However, factors such as availability of substitutes such as reclaimed rubber and the recent environmental impact of PIB spills is projected to hamper market growth during the forecast period.
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In terms of applications, tires & tubes was the largest segment of the global polyisobutylene market, accounting for more than 45% volume share in 2016. The segment is anticipated to continue its dominance during the forecast period due to continual growth of the global automotive industry. Polyisobutylene is used as an additive in the manufacture of various lubricant oils and motor fuels in the form of polyisobutylene succinimide. This helps reduce the generation of oil mist significantly, thereby lowering the operator's inhalation of oil mist. Thus, PIB reduces hydrocarbon and particulate emissions when added to diesel fuel. Furthermore, when added to lubricant grease, PIB improves viscosity and extreme pressure resistance of products. Therefore, rise in the demand for PIB from the lubricants segment is anticipated to further augment the growth of PIB market by the end of the forecast period. In terms of molecular weight, high molecular weight PIB therefore dominated the global PIB market in 2016, accounting for more than 70% of the market share. High molecular weight PIB segment is estimated to continue its dominance witnessing notable growth in the next few years due to the steady increase in demand from the developing regions. The increasing research and development activities for developing renewable and recyclable polyisobutylene is expected to offer lucrative opportunity to the polyisobutylene market, during the forecast period.
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Asia Pacific dominates the polyisobutylene market, followed by North America and Europe. Developing regions (including Latin America and Middle East & Africa) are expected to be the key upcoming markets for polyisobutylene during the forecast period. Significant expansion in the tire & tube and automotive application segments in developing regions is anticipated to be a key factor driving the polyisobutylene market in these regions.
The global polyisobutylene market is consolidated, with the major players dominating the global polyisobutylene market. Key players include BASF SE, TPC Group Inc., Ineos Group and Braskem amongst other manufacturers.
The global polyisobutylene market has been 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.)
Polyisobutylene Market: Regional Analysis
- North America
- Rest Of Europe
- Asia Pacific
- Rest Of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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SOURCE Transparency Market Research