Report : North America Polyisobutylene Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Molecular Weight (Low, Medium, and High), Product (Conventional PIB, and Highly Reactive PIB), Application (Tires, Industrial Lubes and Lube Additives, Fuel Additives, Adhesives and Sealants, and Others), End User Industry (Industrial, Food, and Others)
Highly Reactive PIB Segment has the Largest Share of Product in the North America Polyisobutylene Market during 2021–2028
According to our latest study on “North America Polyisobutylene Market Forecast to 2028 – COVID-19 Impact and Analysis – by Molecular Weight, Product, Application, and End User,” the market is projected to reach US$ 1,290.0 million by 2028 from US$ 943.2 million in 2021; it is expected to grow at a CAGR of 4.6% from 2021 to 2028. The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as automotive industry to boost the market growth and growing demand for polyisobutylene from construction industry. However, environmental impact and presence of alternatives/substitutes to critically impacts the growth of the market.
The U.S has the highest number of confirmed cases of coronavirus, as, compared to Canada and Mexico. This is likely to impact the chemical and materials industry in the region as, due to the COVID-19 outbreak, the supply chain is likely to get affected. In addition, the overall manufacturing processes, research, and development activities will also impact market growth.
Based on product, the highly reactive PIB segment is expected to register the largest market share during the forecast period. Moreover, the same segment is estimated to register the highest CAGR during the forecast period. In 2021, the highly reactive polyisobutylene (HR-PIB) is a polyisobutylene that has greater than 80 percent of its double bonds located in the terminal position in the molecule, allowing it to react more quickly when producing derivatives, especially detergents and dispersants. The growing demand for HR PIB to improve fuel performance and final lubricant products have led augmented the growth of the HR PIB segment. The further use of HR-PIB as a reactionary intermediate is likely to boost the demand for HR PIB in the forecast period.
BASF SE, Braskem S.A., Daelim Industrial Petrochemical Division, Ineos AG, Infineum International Limited., The Lubrizol Corporation, and TPC Group are among the leading companies in the North America polyisobutylene market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The market for polyisobutylene market is segmented into molecular weight, product, application, and end user. Based on molecular weight, the North America polyisobutylene market is segmented into low, medium, and high. Based on product, the polyisobutylene market is segmented into conventional PIB and highly reactive PIB. Based on application, the polyisobutylene market is segmented into tires, industrial lubes and lube additives, fuel additives, adhesives and sealants, and others. Based on end user, the polyisobutylene market is segmented industrial, food, and others. Geographically, the polyisobutylene market is segmented into North America (US, Canada, Mexico).
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