Global Polyisobutylene Market: Overview
Polyisobutylene is a commercial polymer that has widespread applications across numerous industries owing to its superior thermal stability, flexibility, and impermeability to gases. PIB is majorly used in the manufacture of inner tire tubes and adhesives and sealants.
The derivatives of PIB are used as thickening agent in motor fuels and in lubricating oils to minimize oil mist production.
Global Polyisobutylene Market: Key Trends
The global polyisobutylene (PIB) market is primarily driven by the strong demand from the tires and tubes manufacturing industries. Rubbers that contain PIB, stryrene-butadiene rubber, and nitrile rubber are preferred over conventional ones due to their impermeable nature. With increasing demand for tubeless tires due to their durability and low maintenance cost, the PIB market is expected to receive a boost.
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Overall, robust demand for automotives in North America and Europe combined with increasing demand for automotives in BRIC nations with changing consumer demographics will favor the industry’s growth.
PIB is extensively used in medical packaging due to its high chemical resistance and its low permeability to air, gases, and moisture. The other medical packaging applications of PIB include saline bottles, injectables, serum vials, and seals. Moreover, high cleanliness, good fragmentation performance, and excellent self-healing are the advantages that PIB rubber offers over natural and other synthetic rubbers.
However, the PIB market faces certain growth constraints as well. The use of PIB as a lubricant in ship engines contaminates water, thereby affecting aquatic life by causing genetic alterations and deaths. Thus, measures for environment protection along with stringent government stipulations may challenge the market’s growth.
Nevertheless, increasing R&D efforts, rising usage of PIB in tubeless tire manufacturing, and technological advancements will open substantial opportunities for the growth of the PIB market.
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Global Polyisobutylene Market: Market Potential
The PIB market is marked by strategic alliances and collaborations to attain business goals. In a recent industry development, Daelim Industrial, the South Korean petrochemical company has entered into a contract with the U.S. based chemical company Lubrizol to supply its PIB production technology. The agreement is a part of Lubrizol’s initiatives to remodel its additives infrastructure to be carried out under an investment plan that was previously announced.
As per Daelim, the technology can be utilized in the production of several PIBs, from conventional ones to highly reactive PIBs.
Global Polyisobutylene Market: Regional Overview
North America, led by the U.S. is expected to witness substantial growth in the polyisobutylene market over the forecast period. Increasing demand for durable car tires for strong grip on the road in snow will have a positive influence on the growth of the regional market. Massive automobile ownership in the U.S. is expected to drive the demand for additives application of polyisobutylene. Moreover, the booming construction industry in the U.S. will propel the demand for adhesives and sealant applications.
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Asia Pacific stood as the largest regional market in the recent past. The presence of robust tire and tube manufacturing industries in India, China, Indonesia, and Malaysia significantly contributed to the growth of the regional market. Increasing automobile ownership in China and India due to rising economic prosperity along with decline in interest rates on car loans will favor the polyisobutylene market in the region.
Global Polyisobutylene Market: Competitive Landscape
Some of the key players in the global polyisobutylene market include BASF SE, Lanxness AG, The Lubrizol Corporation, Infeneum International Ltd., ExxonMobil Corporation, TPC Group, Chevron Oronite Company LLC, and Berkshire Hathaway Inc.