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Global Polyisobutylene (PIB) Market – by Product Type, End Use, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Polyisobutylene (PIB) Market – Segmented by Product Type, End Use, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts, Competitive Intelligence, Company Profiles | MarkGenes
Polyisobutylene (PIB), also called as Butyl Rubber, is a vinyl polymer/commercial polymer used in numerous industries. It is a very versatile, non-toxic, water-white viscous liquid which has the capability to increase tackiness thus enabling it to provide water-repellency, improve viscosity index as well as provide excellent electrical insulation. It is generally used as a thickener and lubricant in a wide range of products such as adhesives, glues, resins, lubricants, electrical insulation, cosmetics and food. The global polyisobutylene market was USD 2.14 billion in 2018 and is estimated to reach USD 3.04 billion by 2025 at a CAGR of 5.16% during the forecast period
Growth by Region
Asia Pacific led the global market size in 2018 due to the strong market prevalence of tire and tube manufacturing industries in China, India, Indonesia and Malaysia. It is considered to be the major factor contributing to the business growth of the APAC region. North America and Europe follows the APAC region due to the increasing durable tires demand from consumers and massive automobile customer base, thus boosting the growth of the region. In addition to that, the upcoming US construction industry will boost the product demand for adhesives and sealant applications enabling the North American region to escalate its growth to a much larger extent. Latin America, Middle East and Africa (LAMEA) region hold the least share compared to other regions and face a slow growth during the review period.
Drivers vs Constraints
The market is mainly driven by the rising product usage in tubeless tire manufacturing, increased R&D investments and technological advancements. All these will substantially create more growth opportunities for the polyisobutylene market share contributors owing to the market growth. However, the major constraints are the increasing awareness towards protecting the environment accompanied with stringent government legislation.
Industry Trends and Updates
Lanxess AG, a German-based chemical company is set to invest a lump sum of €500 million in North America through 2022 with an intention to upgrade sites and expand capacity through Brownfield expansions.
BASF, a German chemical giant is planning to invest USD 10 billion to build a new ‘Verbund’ site in Guangdong, China and is expected to own the entire site without a partner company. This new project is BASF’s largest ever investment. The company plans to open its first plants in the year 2026.
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