Surge in Lubricant Demand Propels Highly Reactive Polyisobutylene (HR-PIB) Market:
The rise in the global stock of vehicles with internal combustion engines, expected to reach 2.1 billion by 2040, is a significant driver for the HR-PIB market. HR-PIB plays a crucial role in manufacturing high-performance fuel and lubricant additives, especially in the production of engine oils and fuel detergents. As the demand for lubricants continues to escalate, propelled by the automotive industry, HR-PIB is poised to play a pivotal role in meeting the needs of the lubricant market, further driving its overall market growth.
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Asia Pacific Dominates Global Highly Reactive Polyisobutylene (HR-PIB) Market:
In 2021, Asia Pacific held a dominant share of over 39% in the global HR-PIB market, with a projected CAGR of 6.9% during the forecast period. The region’s robust market performance is attributed to the increasing demand for HR-PIB in various applications such as fuel & lubricant additives, hydraulic fluids, and adhesives & sealants. China emerges as a key player in the HR-PIB market within Asia Pacific, contributing significantly to the region’s market share. Additionally, the Middle East & Africa region is expected to witness faster-paced growth, driven by rising industrial activities and infrastructure development.