The global sales of Polyisobutene in 2021 was held at US$ 2.2 Billion. With 7.5%, the projected market growth during 2022-2032 is expected to be slightly higher than the historical growth. The global polyisobutene market is expected to reach US$ 4.8 Billion by 2032. Conventional PIB is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 8.1% during 2022 – 2032. As per the Polyisobutene Market research by Fact.MR – a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Polyisobutene Market increased at around 6.1% CAGR.
The key revenue drivers which affected the Polyisobutene Market are rapid growth in industrialization and urbanization, wide usage of sustainable chemicals and raw materials, special chemicals and materials which are used in food and beverages, pharmaceuticals, personal care, cosmetics, textile, paper, tires, and lubricants.
Rising environmental consciousness among the public, technical developments in raw material and chemical production procedures, and the rise in the usage of organic and environmentally friendly industrial chemicals are all contributing to the worldwide market’s revenue growth. It is well known for properties such as electrical insulation and impermeable to gas and water vapor.
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What Factors are Propelling Polyisobutene Demand?
It is expected to be that higher demand for Polyisobutene due to the developments of companies like Tesla and Ford Motors, known for their research and development, will boost its demand in North America. Aside from that, there is increased demand and production for big engine capacity vehicles, such as double cabs.
Additionally, the light commercial vehicle industry in North America is an expanding market. North America’s automotive sector is among the most competitive in the world, with large-scale investments in infrastructure, R&D, and new equipment construction.
Automotive, cosmetics, construction, and aerospace industries are the principal functions of chemicals such as polyisobutene that are expected to increase your demand in the Asia Pacific region. In the forecast period, industrial production in the region will increase, which will spur demand for industrial oil products.
In the chemical and mining sectors, the most common industrial lubricants are used in hydraulics, centrifuges, compressors, industrial engines, and bearings.
Which Country Lies at the CenterStage for Polyisobutene Market Revenue?
The United States is expected to account for the highest market value of US$ 1.4 Bn by the end of 2032. Due to its greater flexibility, thermal stability, and increased oxidation resistance, PIB-based butyl rubber will be used more in the manufacturing of car components such as windshields, hosepipes and sealants is driving the Polyisobutene market expansion in the area.
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Competitive Analysis
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. Some of the key players operating in polyisobutene market include BASF SE, Daelim Co. Ltd., TPC Group, INEOS Group, Kothari Petrochemicals, Lubrizol Corporation, ExxonMobil Corporation, and Lanxess AG.
Some of the recent developments of key Polyisobutene providers are as follows:
- In August 2021, to better promote their brand in the Polyisobutene market, Chevron Oronite, a subsidiary of Chevron Corporation, sponsored and displayed Polyisobutene, dispersants, PIBSA, and other goods at the Specialty & Agro Chemicals America conference.
- In March 2021, the Pollution Control Board granted the right to Kothari Petrochemicals to operate for expansion. This consent from the government will enhance the production capacity of Polyisobutene. They are now India’s leading manufacturer of high-quality Polyisobutene.
- In January 2019, Saudi Aramco and Total Energies mutually agreed to collaborate with Daelim Co. Ltd. to develop a modern Polyisobutene plant, which is expected to commence their production in 2024. Owing to the facility’s location in Saudi Arabia, Daelim Co. Ltd. will be able to serve its clients throughout the Middle East, as well as the markets in Europe and Asia.
- In 2019, Lubrizol Corporation, alongside Daelim Industrial constructed a new Polyisobutene unit at Deer Park, Texas. As part of the company’s previously stated 10-year phased investment strategy, Lubrizol is continuing to update its additive infrastructure with the construction of this facility. Lubrizol’s global capabilities will be upgraded and enhanced as part of the strategy.
Similarly, recent developments related to companies Polyisobutene Market have been tracked by the team at Fact.MR, which are available in the full report.
Market Segments Covered in Polyisobutene Market Analysis
By Product Type :
- Conventional
- Highly Reactive
By Molecular Weight :
- High
- Medium
- Low
By End-Use :
- Automotive
- Industrial
- Food
- Other End-Users
By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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