North America Polyisobutylene Market is expected to grow at CAGR of 3.47% to reach $1216.78 million by 2024
North America established with major share and growth in the Polyisobutylene Market
North America market is the leading region in the manufacturing of Polyisobutylene. The countries present in the region are highly developed with strong trade of relations existing between them. Among all the region U.S. is the main contributor, and accounting more than 60% of total trade share in the three countries. The U.S. market is expected to grow at a CAGR of 3.08%, to reach revenue of $882.17 million by 2024. Automotive, food processing and pharmaceuticals are the main Industries driving the U.S. market. Canada is the second leading market, growing at a CAGR of 3.21% to reach revenue of $183.73 million by 2024 from $149.12 million in 2017. Mexico market is witnessed to grow at a faster pace with a CAGR of 3.45% for the forecast of 2018-2024. Polyisobutylene is used in various applications including explosives, lube additives, automotive and industrial lubricating oils, thickeners and greases and many more. Polyisobutylene is witnessing a significant demand in additives.
Selected Molecular Weight done in the full Report:
Polyisobutylene is commercially available in three variants mainly that include high molecular weight products, medium molecular weight and low molecular weight. Among all the product types, medium molecular weight polyisobutylene is estimated to hold a major share in industries of automotive, and sealants due to its superior UV, oxidation and heat resistive properties. The medium molecular weight segment is expected to grow at a CAGR of 3.73% to reach revenue of $722.7 million in 2024. Rising interest for sealants and adhesives combined with expanding requirement in lubricating oils is expected to increase the market in the near future. The high molecular weight Polyisobutylene segment gained revenue of $299.59 million in 2017. The present market for highly reactive PIB is poised to reach $372 million by 2024, growing at a CAGR of 3.68% during the forecast period of 2017-2024. Low molecular weight PIB has applications in various fields such as additive for lubricants, raw materials for cling film and electric wire coatings. The low molecular weight PIB is poised to grow at a CAGR of 1.44% to reach revenue of $121.92 million by 2024. Among various applications, additives are estimated to hold the major share, followed by others and automotive in PIB application sectors.
Excerpts on Market Growth Factors
- Automotive industry combined with expanding interest for substitution tires and tubes is expected to drive demand for PIB during the forecast period.
- Growing demand for packaging in the pharmaceutical industry in order to preserve the efficiency of medicines is expected to augment PIB market growth over the forecast period.
- Canned food products have found acceptance globally due to its long shelf life and easy storage term. Hence, PIB finds its major applications in canned food products; so the market is set to experience a successful growth in the future.
BASF SE and The Lubrizol Corporation are the leading suppliers in PIB market contributing approximately 17% and 15% respectively of the overall revenue, followed by Infineum, PPG Industries, Petronas Chemical Group Berhad and others. BASF SE holds products such as PIB and OPPANOL. Infineum and Lubrizol Corporation hold Poly Isobutylene polymer (PIB), used in applications such as caulks, sealants, adhesives, packaging, greases and emulsifiers. The companies are expanding Conventional PIB capacity for long term oriented sustainable growth with high quality products for a broad range of applications.
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