Highly Reactive PIB Segment has the Largest Share of Product in the Europe Polyisobutylene Market during 2021–2028
According to our latest study on “Europe 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$ 1,118.9 million by 2028 from US$ 837.1 million in 2021; it is expected to grow at a CAGR of 4.2% 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.
In Europe, Italy and Spain is the hardest-hit country by the COVID-19 outbreak. It is expected to suffer an economic hit due to a lack of revenue from various industries, as Italy recorded the highest number of coronavirus cases. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to negatively impact market growth in Europe.
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, Kemat Polybutenes, Kothari Petrochemicals, Sibur Holding PJSC, and TPC Group are among the leading companies in the Europe 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 Europe 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 Europe (Germany, UK, France, Italy, Russia, Rest of Europe).
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