Press Release / Business / Polyisobutylene Market Analysis, Size, Share And Global Industry Forecast -2023

Polyisobutylene Market Analysis, Size, Share And Global Industry Forecast -2023

Polyisobutylene Market- Overview
Polyisobutylene (PIB) also known as butyl rubber is a polymer of isobutylene widely used in the manufacturing of tires & tubes and lubricants due to improved performance and gas impermeability. PIB is segmented by low & medium molecular weight PIB and high molecular weight PIB. High molecular weight PIB is most widely used owing to more viscosity and tackiness. Its usage is increasing due to rising demand for lubricants, adhesives, and sealants. Based on the grade, highly reactive PIB is majorly used in the lubricants as it produces less char. PIB finds application in various industries such as transportation, construction, electrical, healthcare, and food & beverages. Expanding automotive and aerospace industry in the developing regions is driving the market growth. The product is vastly preferred in the electronic devices as a result of the well-balanced barrier and flow properties. Consumption of polyisobutylene is rising in the food and beverage industry because it protects the food products from moisture. Due to its non-skin resistant properties, it is largely used in the pharmaceutical industry in pressure sensitive adhesives.
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Competitive Analysis
Some of the key players in the global polyisobutylene market are LANXESS (Germany), BASF SE (U.S.), DAELIM (South Korea), TPC Group (U.S.), Exxon Mobil Corporation (U.S.), Lubrizol Corporation (U.S.), INEOS (UK), JXTG Nippon Oil & Energy Corporation (Japan), Infineum International Limited (Singapore), and Chevron Oronite Company LLC (U.S.)
Market Segmentation
The global polyisobutylene market is segmented into molecular weight, grade, applications, and region.
On the basis of the molecular weight, the PIB market is bifurcated into low & medium and high,
Based on the grade, the market is segmented into conventional PIB and highly reactive PIB.
By the application, the market is segmented into tire & tubes, adhesives, sealants, lubricants, electrical insulation, and stretch wrap.
On the basis of the end-use industry, the market is segmented into transportation, construction, electrical, food & beverage, healthcare, cosmetics & personal care, and others.
Geographically, the market is segmented into five regions, including Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Regional Analysis
Asia Pacific is the fastest growing region in the Global Polyisobutylene Market owing to the rapidly expanding automotive industry in the developing economies such as India, China, & Thailand. Furthermore, growing construction industry as a result of rising investment in the infrastructural activities by the government.
North America and Europe are expected to witness a significant growth as a result of growing demand for the product from the major end-use industries such as transportation, construction, electrical, and healthcare.