Polyisobutylene Market To Generate Revenue worth $2,980.6 Million by 2030
- Published: January 2023
The global polyisobutylene market will generate revenue of USD 2,980.6 million in 2030, and the market size will advance at a CAGR of 5.1% between 2022 and 2030, ascribed to the growing demand for lubricant additives. Lubricants are used in various industries and applications, such as mining, automotive, hydraulics, and industrial machinery, and, accordingly, require modifications in their properties.
Hence, polyisobutylene is used for viscosity modification, as an additive for lubricants, and to provide colorlessness, water and temperature resistance, dielectric properties, and shear stability to greasy formulations, and high adhesion to substrates.
Fuel Additives Hold Second-Largest Share in Market
The fuel additives category held the second-largest market share, of around 20%, in 2022, and it is expected to grow with a CAGR of 5.3% during the forecast period. Fuel additives are majorly used for gas treatment, as they improve the quality of gas by protecting it against harmful agents, such as carbon deposits and water. In addition, they are designed to improve fuel efficiency by increasing miles per gallon and preventing the fuel line from freezing.
High-Molecular-Weight Polyisobutylene Growing with Highest CAGR
Based on product type, high-molecular-weight PIB had the largest polyisobutylene market share in 2022, of around 65%, and its consumption is expected to grow at a substantial CAGR of over 5%, between 2022 and 2030. This variant creates a strong water vapor barrier, offers adhesion to a variety of surfaces, displays flexibility at low temperatures, and possesses electrical resistance. Therefore, it is used in a variety of applications, such as fuel and lubricant additives, sealants for roofing membrane and glass insulation, chewing gum adhesives, and stretch films.
APAC Accounts for Largest Share
APAC held the largest share in 2022, and it is expected to grow with a significant CAGR, of around 6%, during the forecast period. APAC has a large number of skilled as well as unskilled workers, who can be hired at a low cost, along with an abundance of land to setup a manufacturing unit. Over the projection period, a shift in production plants to emerging economies, notably China and India, is likely to propel the market growth. Construction, automotive, packaging, and other rapidly developing sectors in the region provide significant development potential for polyisobutylene makers.
Major players operating in the polyisobutylene market include BASF SE, TPC Group, Zhejiang Shunda New Material Co. Ltd., Shandong Hongrui New Material Technology Co. Ltd., ExxonMobil Corporation, INEOS Group Limited, and Lubrizol Corporation.