Albany, NY, Feb. 09, 2016 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new market report titled “Polyisobutylene Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.” According to the report, the global polyisobutylene market was valued at US$3.35 billion in 2014 and is anticipated to reach US$5.37 billion by 2023, expanding at a CAGR of 5.4% from 2015 to 2023.
Polyisobutylene (PIB) is a commercial synthetic elastomer used in a number of applications in various industries on account of its thermal stability, good flexibility, and impermeability to gases. It is a vinyl copolymer of isobutylene and isoprene. It is used in the manufacture of tires, agricultural chemicals, paper & pulp, and chewing gum. Furthermore, it is used as an additive in lubricating oils and motor fuels to reduce the generation of oil mist. It can also be used as a thickening agent in lubricants and for damp proofing and maintenance of roof membranes.
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Polyisobutylene is increasingly used as an inner lining in tire tubes due to its impermeable nature. This helps tires to remain airtight. Thus, growth in the automotive industry coupled with increasing demand for replacement tires and tubes is expected to drive demand for polyisobutylene during the forecast period. Additionally, rising demand for sealants and adhesives coupled with rapidly increasing need for polyisobutylene in pharmaceutical packaging is anticipated to augment demand for PIB in the near future. However, stringent regulations regarding the manufacture and usage of PIB may hamper demand in the next few years. Development of recoverable and recyclable polyisobutylene is estimated to open up new avenues for the polyisobutylene market.
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In terms of volume, medium molecular weight polyisobutylene accounted for over 10% of the market in 2014. The others segment (including low molecular weight polyisobutylene and high molecular weight polyisobutylene) accounts for major share of the market. High molecular weight polyisobutylene is extensively used in the manufacture of inner tubes of tires and other pneumatic components. Growth in the automotive industry is likely to boost demand for high molecular weight polyisobutylene.
In terms of volume, automotive dominated the polyisobutylene market, accounting for over 70% share in 2014. It is also expected to be the fastest-growing segment of the market during the forecast period. Additives was the second-largest application segment of the polyisobutylene market in 2014. Rising demand for lubricants required for repair and maintenance of vehicles is anticipated to fuel demand for polyisobutylene in additives during the forecast period.
In terms of volume, Asia Pacific dominated the global polyisobutylene market in 2014, accounting for more than 55% share. Asia Pacific is projected to be the fastest-growing regional market during the forecast period owing to increasing demand for automobiles, rapid industrialization, and urbanization in the region. Global polyisobutylene sales declined from 2008 to 2009 due to the economic slowdown; however, the business revived in 2010. The polyisobutylene market has witnessed an increasing growth trend since 2010.
Key players in the polyisobutylene market include BASF SE, Chevron Oronite, ExxonMobil Corporation, Infineum, Lanxess, and TPC Group. The report segments the polyisobutylene market as follows:
Global Polyisobutylene Market – Product Segment Analysis
- Medium Molecular Weight Polyisobutylene
Global Polyisobutylene Market – Application Analysis
- Others (Chewing Gum, Sports Equipment, Medical Bottle Stoppers, etc.)
Global Polyisobutylene Market - Country Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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Source:Transparency Market Research