Report : Europe 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)
High Molecular Weight Segment to Dominate Europe Polyisobutylene (PIB) Market during 2019–2027
According to The Insight Partners market research study on “Europe 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$ 1,115.6 million by 2027 from US$ 792.3 million in 2019. The market is estimated to grow at a CAGR of 4.4% from 2020 to 2027. The report provides trends prevailing in the Europe Polyisobutylene (PIB) market along with the drivers and restraints pertaining to the market growth. Increasing demand for polyisobutylene in construction industry are the major factor driving the growth of the Europe Polyisobutylene (PIB) market. However, issues associated with the environment and presence of alternatives/substitutes to obstruct the market growth hinder the growth of Europe 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 Europe 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.
Further, amid COVID 19 pandemic, the Europe Polyisobutylene (PIB) market players have been thriving as most of the industries in countries such as Germany, France, UK, Italy, and Rest of Europe are facing severe effects. The majority of the countries have imposed lockdown or restricted transportation, which have led to a dip in industry yields owing to low labor footfall.
TPC Group., The Lubrizol Corporation, Sibur Holding PJSC, Kothari Petrochemicals, Kemat Polybutenes, Infineum International Limited, Ineos AG, Daelim Industrial Petrochemical Division, Braskem SA, and BASF SE are among the leading companies in the Europe 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 2018, Braskem announced, its positioning to foster the Circular Economy through a series of global initiatives to drive the concept in the plastics production chain. The company's commitments include forging partnerships with clients for developing new products to expand and facilitate the recycling and reuse of plastic packaging.
Europe Polyisobutylene (PIB) Market, By Country, 2019 and 2027 (%)
The Report Segments the Europe Polyisobutylene (PIB) market as Follows:
Europe Polyisobutylene (PIB) Market – By Molecular Weight
Europe Polyisobutylene (PIB) Market – By Product
Europe Polyisobutylene (PIB) Market – By Application
Europe Polyisobutylene (PIB) Market – By End Use
Europe Polyisobutylene (PIB) Market – By Country