Expansions, joint ventures, and agreements are the key strategies adopted by the leading players in the Polyisobutylene Market
The global polyisobutylene market is projected to reach USD 4.0 billion by 2027, at a CAGR of 6.8% from 2022 to 2027. Polyisobutylene is a polymer produced by cationic polymerization of isobutylene with C4 hydrocarbons. It is used for their high viscosity, high flash point, excellent elasticity, and durability. The use of polyisobutylene has become crucial in various end-use industries such as transportation as they exhibit low gas permeability, high electrical insulation, and increased tensile strength. Asia Pacific is the dominating PIB market. This larger market share is attributed to the high demand from end-use industries such as transportation, industrial applications, and food in the region. Growing investment in the transportation sector in the Asia Pacific region is one of the major reasons behind the growing consumption in the region.
Companies operating in the polyisobutylene market have strengthened their position in the global polyisobutylene market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2018-2022. However, the novel coronavirus pandemic has created ripples across the global automotive & transportation, industrial, and many other sectors, affecting the global supply chains. These factors have affected the demand for polyisobutylene. The demand is expected to recover bounce and picking up momentum by 2022.
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The major players in polyisobutylene market are Lubrizol Corporation (US), BASF (Germany), TPC Group (US), Lanxess AG (Germany), Nizhnekamskneftekhim (Russia), Reliance Industries (India), Sibur (Russia), Exxon Mobil (US), INEOS (UK), and Daelim (South Korea).
Sibur (Russia) and BASF (Germany) are the major companies operating in the polyisobutylene market, who have adopted the maximum number of growth strategies between 2018 and 2012. SIBUR is one of the major manufacturers of polyisobutylene for use in different end-use industries such as transportation and food, among others. The company accounted for the largest share of all the developmental activities that took place in the polyisobutylene market between 2018 and 2022. The company follows dynamic growth strategies, especially acquisitions, expansions, and joint ventures to strengthen its product portfolio and geographical presence. For instance, in March 2020, SIBUR (Russia) did Partnership with Sinopec. The company offers polyisobutylene for use in the tire industry and for manufacturing functional components used in the automotive, oil & gas exploration and production, mechanical, construction, and cable engineering industries.
Also, in September 2021, Sibur (Russia) and Reliance (India) did a expansion in their joint venture known as Reliance Sibur Elastomers (India). This entity is involved in the production of butyl rubber and has its manufacturing facility in Jamnagar (India).
BASF (India) is one of the prominent players in the polyisobutylene market. It primarily serves various end-use industries such as transportation and food, among others. The company has adopted the strategies of mergers and acquisition between 2018 and 2022 to enhance its position in the polyisobutylene market. For instance, in August 2020, BASF India merged with BASF Performance Polyimides India to become a single entity for the production of all its products in India. This merger helped the company strengthen the company’s position and enhance access to key industries and markets.
Related Reports:
Polyisobutylene Market by Product (C-PIB and HR-PIB), Molecular Weight (Low, Medium, and High), Application (Tires, Lube Additives, and Fuel Additives), End-use Industry (Transportation, Industrial, and Food), Region - Global Forecast to 2027
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