Polyisobutylene Market to Develop Rapidly by 2024
The
global polyisobutylene (PIB) market is featured by a high degree of
consolidation with a handful of multinational players that operate in
global markets and occupy leading market shares, observes
Transparency Market Research in one of its recent reports. In the
coming years, however, participation of new entrants predominantly in
Asia is likely to alter the scenario, thereby altering the market
share of leading players.
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Key
players in the global polyisobutylene market are hard focused on
expansion of core products and divesting from other products in a bid
to strengthen their presence in the polyisobutylene market. For
example, TPG Group Inc., sold its Baytown-based operations of
manufacture of tetramer, nonene, and other propylene derivatives to
SI Group. This will help the company focus in its core business
areas.
Furthermore,
well-entrenched players are striving for capacity expansion with the
objective to increase the output of core products. This will help
them serve the rising needs of end use industries and steal a march
over their competitors.
Some
of the leading players in the global polyisobutylene market are BASF
SE, TPC Group Inc., Kothari Petrochemicals Limited, The Lubrizol
Corporation, INEOS Group Ltd., and Shanndong Hongrui Petrochemical
Co. Ltd.
According
to a report by Transparency Market Research, the global
polyisobutylene market is likely to expand at a CAGR of 5.6% for the
forecast period between 2017 and 2025. At this pace, the market is
expected to reach a valuation of US$6.39 bn by the end of 2025
increasing from US$3.92 bn in 2016.
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On
the basis of molecular weight, low, medium, and high are the segments
into which the global polyisobutylene market is segregated in this
report. The segment of high molecular weight polyisobutylene led in
2016 accounting for a whopping 70% market share. On the other hand,
the segment of medium molecular weight is expected to rise with the
growing demand for lubricants from the automobiles and manufacturing
industries.
Tires
and tubes accounted for the leading share of more than 45% vis-Ã -vis
volume in 2016. The segment is expected to hold on to its dominant
position on the back of continual growth of the automotive industry.
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Growth
of Automotive Industry Ramps up Polyisobutylene Demand
The
primary factor fuelling growth in the global polyisobutylene market
is the booming automotive industry, predominantly in Asia Pacific,
the Middle East and Africa, and Latin America. Polyisobutylene is
used in the manufacture of tubeless tires and tire linings that form
essential components of the automotive industry. The global tire
market poised to rise at a CAGR of more than 4% between 2017 and 2025
is anticipated to positively influence the global polyisobutylene
market.
Polyisobutylene
is also used as an additive in the production of several motor fuels
and lubricant oils on account of associated environmental benefits.
This is because polyisobutylene when added to diesel oil helps reduce
hydrocarbons and particulate matter emissions. Also, the use of PIB
as an additive improves viscosity of products. These factors are
boosting the market’s growth further.
Environmental
Concerns related to PIB Spills Hinders Growth
On
the flip side, impact on the environment related to PIB spills is
proving to be a major roadblock for the growth of global
polyisobutylene market. Nevertheless, rising acceptance of recyclable
polyisobutylene material is expected to extend growth opportunities
to the polyisobutylene market over the forecast period.
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