Report : Asia Pacific Polyisobutylene Market Forecast to 2027 - 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 End Use (Industrial, Food, and Others
Industrial Lubes and Lube Additives Segment to Dominate APAC Polyisobutylene (PIB) Market during 2019–2027
According to The Insight Partners market research study on “APAC Polyisobutylene (PIB) Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Molecular Weight, Product, Application, and End Use,” is expected to reach US$ 1088.7 million by 2027 from US$ 749.5 million in 2019. The market is estimated to grow at a CAGR of 4.8% from 2020 to 2027. The report provides trends prevailing in the APAC Polyisobutylene (PIB) market along with the drivers and restraints pertaining to the market growth. Automotive business to foster the market growth are the major factor driving the growth of the APAC Polyisobutylene (PIB) market. However, issues associated with the environment and presence of substitutes will obstruct the market growth hinder the growth of APAC Polyisobutylene (PIB) market.
The market for Polyisobutylene market is segmented into molecular weight, product, application, end user, and country. Based on molecular weight, the market is segmented into low, medium, and high. In 2019, the high segment held the largest share APAC Polyisobutylene market. Based on product the Polyisobutylene market is divided into conventional PIB, and highly reactive PIB. Highly reactive PIB is expected to the fastest growing segment over the forecast period. On the basis of application the market is segmented into tires, industrial lubes and lube additives, fuel additives, and adhesives and sealants. The industrial lubes and lube additives segment accounts for largest market share in the 2019. Similarly, based on end user, the market is bifurcated into industrial, food, and others. The industrial segment contributed a substantial share in 2019.
APAC is characterized by numerous developing economics backed by high industrial presence, large population, and increasing disposable income, which majorly drive the growth of the polyisobutylene (PIB) market. However, the outbreak of COVID-19 and lockdown imposed by the governments across APAC is anticipated to have a huge disruption in the growth of various industries across APAC. Although, China is the leading global hub of manufacturing and largest raw material supplier for various industries, it is one of the worst affected countries due to the outbreak of COVID-19. The governments across APAC are taking measure like travel bans, business shutdowns, and lockdown, which is expected to hamper the anticipated revenue generation and growth opportunities for coming months.
TPC Group., The Lubrizol Corporation, Infineum International Limited, Ineos AG, Daelim Industrial Petrochemical Division, Braskem SA, and BASF SE are among the leading companies in the APAC Polyisobutylene (PIB) market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, INEOS has launched Ineos Hygienics as part of its pandemic response to produce hand gel and sanitiser sprays at scale.
APAC Polyisobutylene (PIB) Market, By Country, 2019 and 2027 (%)
APAC Polyisobutylene (PIB) Market – by Molecular Weight
APAC Polyisobutylene (PIB) Market – by Product
APAC Polyisobutylene (PIB) Market – by Application
APAC Polyisobutylene (PIB) Market – by End Use
APAC Polyisobutylene (PIB) Market – by Country