Polyisobutylene Market Size, Share & Trends Analysis Report By Product (High Molecular Weight, Medium Molecular Weight, Low Molecular Weight), By Application, By Region, And Segment Forecasts, 2021 - 2028
New York, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Polyisobutylene Market Size, Share & Trends Analysis Report By Product, By Application, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06184565/?utm_source=GNW
Polyisobutylene Market Growth & Trends
The global polyisobutylene market size is expected to reach USD 2.53 billion by 2028. It is expected to expand at a CAGR of 4.0% from 2021 to 2028. The market is anticipated to expand in the years to come due to the growth of the automotive, electrical and electronics, food packaging, and building and construction industries across the globe.
Polyisobutylene exhibits low gas and moisture permeability, high thickening efficiency, good shear stability, good electrical insulation, adhesive, and tackifier properties, and resilience to UV. These properties make it suitable to manufacture filler compounds, adhesives, and sealants, tubeless tire inner lining, lubricants additives, fuel additives, wrap films, and cable insulation materials.
Major players are entering into partnerships to increase the polyisobutylene manufacturing capacity. For instance, in January 2019, Saudi Aramco and TotalEnergies entered into an agreement with Daelim Co., Ltd. to build a new polyisobutylene plant, which is expected to come on-stream in 2024. The facility will be located in Saudi Arabia and will give Daelim Co., Ltd. the opportunity to service customers in the Middle East and markets across Europe and Asia.
Polyisobutylene manufacturers are tapping the political scenarios in the region and engaging with governments to strengthen their foothold in the market.For instance, in March 2021, Kothari Petrochemicals received consent to operate for expansion from the Pollution Control Board in India.
This expansion consent obtained from the government agency is expected to increase the production capacity of polybutylene.
Key polyisobutylene manufacturers are carrying out different marketing initiatives to increase their brand presence in the market.For instance, in August 2021, Chevron Oronite, a part of Chevron Corporation, sponsored and exhibited their products, including polyisobutylene, dispersants, PIBSA, and other products at the Specialty & Agro Chemicals America conference.
Such initiatives are expected to result in promoting their brand in the market for polyisobutylene.
Polyisobutylene Market Report Highlights
• The automotive rubber components application segment is expected to register the highest revenue-based CAGR of 5.0% over the forecast period. This is attributed to the use of polyisobutylene in the inner lining of tubeless tires, which is expected to be driven by the growing demand for passenger and commercial vehicles
• By product, high molecular weight polyisobutylene dominated the market and accounted for more than 65.0% share of the overall revenue in 2020. This is attributed to its use in adhesives, fuel and lubricant additives, food-grade packaging films, and automotive rubber applications
• The increasing demand for tubeless tires in the automotive industry and the rising demand for lubricant additives are expected to drive the market for polyisobutylene
• Asia Pacific accounted for more than30.0% share of the overall revenue in 2020. This can be credited to the increasing demand for polyisobutylene from key industries, including automotive, construction, cosmetics, and aerospace, in emerging economies such as China and India
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