The global market for polyisobutylene is characterized by a highly consolidated competitive landscape strewn by a few market players, states Transparency Market Research (TMR). As a result, there exists a great degree of competition among them. Several major companies are focusing on innovation and customization of new products for ramping up their individual market shares. Patented technologies and resourceful marketing strategies of the leading players have further heightened the level of competition.
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The leading market players are emphasizing on the need to establish mergers, strategic agreements, acquisitions, and collaborations to maintain pace with their competitors’ growth. For instance, Berkshire Hathaway, a U.S.-based multinational company, acquired Lubrizol Corporation and Lubrizol Specialty Products, Inc. in February 2015. A wider range of products will thus be offered to end users.
The global market for polyisobutylene is expected to secure a revenue worth US$5.3 bn by the end of 2023, expanding at a promising CAGR of 5.40% between 2015 and 2023, finds TMR. By application, the automotive sector held the dominant share in the market, while the others segment led the market by product type.
China and India Teeming with Growth Opportunities
Asia Pacific is teeming with favorable opportunities for expansion of the polyisobutylene market. China and India are seen as the ripest markets. Triggered by extensive industrialization and escalating demand for automobiles, the region is expected to represent nearly 60% of the global market. Europe is also likely to display considerable growth, driven by the growing demand for medium weight polyisobutylene. Spain, France, the U.K., Germany, and Italy surfaced as the key contributors to the advancement of the market in this region.
The automotive segment will exhibit a CAGR of 5.7% between the years 2015 and 2023, achieving US$4.36 bn by the end of 2023. The sky-rocketing demand for advanced personal and commercial automobiles in developing and developed regions across the globe has been responsible for the prominence of this application segment.
Tires and Superior Quality Medical Packaging to Amplify Demand
As the demand for bus tires and radial trucks from highly industrialized countries such as China, India, Indonesia, and Malaysia is mounting at a rapid pace, the global market for polyisobutylene will witness an upsurge. Superior quality medical packaging has also been exhibiting high demand, thanks to the high rate of urbanization and rising incidence of health conditions worldwide. The emergence of tubeless tires that possess longer life, strength, and need lesser maintenance when compared with conventional tires, has also been assisting expansion. The increasing number of end-use industries requiring polyisobutylene in caulking and sealing compounds and viscosity modifiers due to their excellent adhesive and binding properties is another major growth driver of the market. Moreover, several countries have been investing in the upgrading of road infrastructure, fuelling the global polyisobutylene market in turn.
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On the other hand, environmental hazards such as polyisobutylene spills, particularly affecting water bodies, can impede the growth of the global market for polyisobutylene. However, as more manufacturers have been deploying polyisobutylene in the production of inner liners of tires, the market will continue to progress.
The information presented in this review is based on a Transparency Market Research report, titled, “Polyisobutylene Market (Product – Medium Molecular Weight Polyisobutylene; Application – Automotive, Additive, Chewing Gum, Sports Equipment, and Medical Bottle Stoppers) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”.
Key segments of the Global Polyisobutylene market
Global Polyisobutylene Market, by Product
-Medium Molecular Weight Polyisobutylene
Global Polyisobutylene Market, by Application
-Others (Chewing Gum, Sports Equipment, Medical Bottle Stoppers, etc.)
Global Polyisobutylene Market, by Geography
-Rest of North America
-Rest of Europe
-Rest of Asia Pacific