Polyisobutylene Market to witness 5% CAGR by 2024
Date: 2018-12-04   Author: Rahul Varpe  Category: #market

Polyisobutylene Market to witness 5% CAGR by 2024

Global Market Insights, Inc. adds a new Polyisobutylene Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Polyisobutylene (PIB) Market size is poised to surpass USD 2 billion by 2024; according to a new research report by Global Market Insights, Inc. Escalating product demand in the adhesives & sealants industry will be the prominent polyisobutylene market size contributor over the projected timeframe. It is chiefly used as a modifier or base polymer in the adhesives & sealants industry due to its superior characteristics such as stability, adhesion, moisture resistance and tackiness. These properties make the product ideal for hot melt pressure sensitive adhesive applications.

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The global adhesives business generated revenue close to USD 25 billion in 2015 and is likely to exceed USD 35 billion by 2024. Robust growth in the adhesives & sealants business on account of its widespread applications spectrum in industries including packaging, construction and automotive for flooring, insulation, panel, partitions and roofing will positively impact on the polyisobutylene market share by 2024.

Tire and tube manufacturing industries are the potential polyisobutylene market driver. The product is majorly used in the tubeless tire manufacturing owing to its water-resistant characteristics. In addition, the global tires and tubes industry is projected to expand with more than 5% CAGR by 2024, which will subsequently push the business growth over the estimated period. Furthermore, improving consumer spending pattern towards lavish lifestyles, has substantially propelled the automotive production and sales across the globe.

Positive growth indicators in the medical packaging business will drive the global polyisobutylene market size by 2024. Widespread product applications in serum vials, saline bottles and seals due to its low absorptivity and superior chemical resistance against moisture, air and gases will positively influence the PIB market size over the projected timeframe.

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Product disposal in water bodies destroys the aquatic flora and fauna. Therefore, the industry is stringently directed and regulated by government regulations, particularly in Europe and North America. Prevalence of these norms may hamper the polyisobutylene market size for its applications as a marine lubricant. The PIB industry participants are involved in extensive R&D towards developing sustainable disposable measures and thus will create new growth prospects by 2024.

North America polyisobutylene market size is projected to expand at over 4% CAGR by 2024. The regional growth is primarily driven by enormous automotive demand in the U.S. Furthermore, recovering U.S. construction industry post 2008 economic turmoil will push the business growth for sealants and adhesives applications.

Asia Pacific accounted for the major polyisobutylene market share in 2015. Presence of strong tire and tube manufacturing industries in India, China, Malaysia and Indonesia along with increasing automotive sales on account of improving consumer lifestyles was the prime factor promoting the regional growth.

Browse Complete Report Summary @ https://www.gminsights.com/industry-analysis/polyisobutylene-pib-market

In 2015, the overall polyisobutylene market share was highly consolidated with three major companies holding over 50% of the total supply. BASF SE, Lanxess AG, ExxonMobil Corporation, The Lubrizol Corporation, TPC Group, Chevron Oronite Company LLC, Berkshire Hathaway Inc., and Infineum International Ltd are some the prominent PIB market share contributors.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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