United States, Rockville MD, July 05, 2022 (GLOBE NEWSWIRE) -- The Polyisobutene Market revenues were estimated at US$ 2.2 Bn in 2021 and is anticipated to grow at a CAGR of 7.5% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach a valuation of US$ 4.8 Bn.
The outbreak of Covid-19 pandemic created a trend toward remote working, resulting in increased phone traffic and mobile data usage. As optical fibers is one of the critical components to deliver internet connections, the telecom sector reacted positively. The demand for Polyisobutene as an insulation material in electrical appliances was predicted to rise as the telecom sector expands.
The requirement to construct new hospitals in North America increased at a rapid pace. As a result, during the pandemic, the construction industry's expansion is predicted to raise demand for fixatives and sealants, positively boosting polyisobutene growth.
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With an increase in the demand from major industries like automotive, cosmetics, and aerospace in developing economies like China and India, the demand for polyisobutene is escalating. Hydraulics, aerators, compressors, industrial engines, and sprockets are among the most frequent industrial lubricants used in the chemical and mining industry.
Key Takeaways from the Market Study
- Polyisobutene Market was valued at US$ 2.2 Bn in 2021. According to Fact.MR, Polyisobutene Market revenue would increase 2.2X between 2022 and 2032, reaching roughly US$ 4.8 Bn in 2032.
- In terms of Product Type, the Conventional Polybutene is expected to account for the highest projected CAGR of over 8.1%.
- In terms of End-Use of Polyisobutene analytics, Industrial end use accounted for the highest CAGR of 6.2% during the historical period.
- US is the dominant region in the Polyisobutene Market with an absolute dollar growth opportunity of over US$ 708 Mn.
The key revenue drivers which affected the Polyisobutene Market are rapid growth in industrialization and urbanization, wide usage of sustainable chemicals and raw materials, special chemicals and materials which are used in food and beverages, pharmaceuticals, personal care, cosmetics, textile, paper, tires, and lubricants.
Increased demand for tubeless tires, as well as the increased usage of Polyisobutene in their manufacture, are likely to offer considerable potential opportunity for growth.
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Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the polyisobutene market are focused on R&D to produce innovative technological solutions.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. Some of the key players operating in polyisobutene market include BASF SE, Daelim Co. Ltd., TPC Group, INEOS Group, Kothari Petrochemicals, Lubrizol Corporation, ExxonMobil Corporation, and Lanxess AG.
- In March 2021, the Pollution Control Board granted the right to Kothari Petrochemicals to operate for expansion. This consent from the government will enhance the production capacity of Polyisobutene. They are now India's leading manufacturer of high-quality Polyisobutene.
- In January 2019, Saudi Aramco and Total Energies mutually agreed to collaborate with Daelim Co. Ltd. to develop a modern Polyisobutene plant, which is expected to commence their production in 2024. Owing to the facility’s location in Saudi Arabia, Daelim Co. Ltd. will be able to serve its clients throughout the Middle East, as well as the markets in Europe and Asia.
- In 2019, Lubrizol Corporation, alongside Daelim Industrial constructed a new Polyisobutene unit at Deer Park, Texas. As part of the company's previously stated 10-year phased investment strategy, Lubrizol is continuing to update its additive infrastructure with the construction of this facility. Lubrizol's global capabilities will be upgraded and enhanced as part of the strategy.
Market Segments Covered in Polyisobutene Market Analysis
- By Product Type :
- Conventional
- Highly Reactive
- By Molecular Weight :
- High
- Medium
- Low
- By End-Use :
- Automotive
- Industrial
- Food
- Other End-Users
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Polyisobutene Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Polyisobutene Market in terms of Product Type (Conventional, Highly Reactive), Molecular Weight (High, Medium, Low), End-Use (Automotive, Industrial, Food and Other End-Users) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About the Chemicals and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material industries team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the chemical and material industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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