North America Highly Reactive Polyisobutylene (HR-PIB) Market is expected to register growth rate over 4.5% by 2024
Date: 2019-06-20   Author: Rahul Varpe  Category: #news

North America Highly Reactive Polyisobutylene (HR-PIB) Market is expected to register growth rate over 4.5% by 2024

Global Market Insights has announced the launch of Highly Reactive Polyisobutylene (HR-PIB) market, a comprehensive study enumerating the latest price trends and pivotal drivers rendering a positive impact on the industry landscape. Further, the report is inclusive of the competitive terrain of this vertical in addition to the market share analysis and the contribution of the prominent contenders toward the overall industry.

Asia Pacific highly reactive polyisobutylene (HR-PIB) market size was worth USD 100 million in 2016, pertaining to the huge product demand across the ever-expanding automotive sector in APAC, mainly across China and India. Apart from this new production plant Singapore, BASF also has manufacturing plants in Germany, Belgium, and in China, in conjunction with Sinopec. BASF’s efforts toward the robust expansion of production facilities is likely to encourage other players to follow suit, thereby impelling market trends.

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The surging demand for HR-PIB across a wide range of applications is considerably driving highly reactive polyisobutylene (HR-PIB) market. HR-PIB is significantly used in metalworking, sealant, cosmetics, mining, grease and lubricant manufacturing, pertaining to its notable properties such as high tack in adhesive generation, good oxidative and thermal stability, low air, gas, and moisture permeability, and chemical resistance.

Low and medium molecular weight highly reactive polyisobutylene are prominently deployed as viscosity modifiers, lubricating oils, and fuel modifiers. Owing to its non-skin irritant characteristic, HR-PIB is also used in various medical applications such as transdermal systems and surgical tape adhesives, thus offering a widespread scope of investments for HR-PIB market players. Pertaining to its massive application spectrum, highly reactive polyisobutylene market size, in 2016, was worth USD 200 million.

The surging adoption of growth tactics is certain to push highly reactive polyisobutylene market biggies ahead, thereby augmenting the revenue graph of HR-PIB industry. Furthermore, the growing number of construction activities across various regions of the globe is also expected to fuel the requirement of the product for roofing, fire protection, flooring, and insulation operations, which would undeniably have an appreciable impact on HR-PIB industry share.

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One of the leading providers of quality products catering to petrochemical-based and chemical companies, Texas Petrochemical had announced the expansion of its polyisobutylene production plant in Houston, back in 2005. Since 2000 apparently, TPC had made quite a name for itself in HR-PIB industry, having doubled its production capacity by 2005 through several expansion projects.

A global leader in the specialty chemicals domain and one of the renowned players in highly reactive polyisobutylene market, Lubrizol Corporation recently announced its decision to expand its production capacity in order to fulfill customer demands and to carry out performance upgrades in fuels and lubricants. Lubrizol Corporation has also collaborated with Daelim Industrial Co., Ltd. to develop new polyisobutylene production facility at Deer Park, Texas. This new unit is likely to come into operation in 2019, the production volume of which would be significantly large.

Considering how potentially advanced the specialty chemicals industry is, most of the participants in highly reactive polyisobutylene industry have been involving themselves in the marketing, manufacturing, upgrading, and sales of HI-PIB. For instance, PETRONAS Chemicals Group BHD is apparently planning to implement various development strategies in order to achieve operational excellence, innovative technology development, commercial excellence.

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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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