Global Highly Reactive Polyisobutylene (HR-PIB) Market is estimated to reach valuation of ~US$ 550 Mn by 2030
Highly
Reactive Polyisobutylene (HR-PIB) Market: Introduction
In terms of
value, the global highly reactive polyisobutylene (HR-PIB) market is
anticipated to expand at a CAGR of 5% from 2020 to 2030 and
reach value of ~US$ 550 Mn by 2030. In
terms of demand, Asia Pacific led the global HR-PIB market in 2019 and
the same trend is anticipated to continue between 2020 and 2030.
In recent years, key players have been progressively opting for environmentally
sustainable additives. This factor is expected to augment the demand for HR-PIB
during the forecast period, for its effectiveness and greener profile as
compared to the conventional polyisobutylene (PIB).
Highly Reactive Polyisobutylene
(HR-PIB) Market: Key Drivers and Restraints
HR-PIB
forms the basis for production of high-performance lubricant additives, which
allows for more fuel-efficient engine designs. HR-PIB serves as an important
intermediate in the manufacture of high-performance fuel and lubricant
additives for engine oils, transmission oils, hydraulic fluids, greases,
emulsifiers, adhesives, etc. HR-PIB-based lubricants and fuel additives have
the ability to improve the overall performance of vehicles by reducing
emissions. Thus, the global HR-PIB market is expected to be driven by the
rising demand for high-performance fuel additives in automotive and aviation
industries between 2020 and 2030. HR-PIB offers barrier properties, high
damping and heat aging, and resistance to ozone, which makes it ideal for
control of vibrations in automobiles. HR-PIB is projected to emerge as an
effective substitute for the conventional PIB during the forecast period. Both
conventional PIB and HR-PIB have similar applications, including adhesives and
sealants, lubricants and greases, metalworking, cosmetics, and mining. However,
HR-PIB has been increasingly sought after in modern manufacturing practices, owing
to its higher effectiveness as compared to conventional PIB. The demand for
HR-PIB is rising at a rate higher than polyisobutylene (PIB), due to
performance advantages associated with HR-PIB.
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Highly
Reactive Polyisobutylene (HR-PIB) Market: Key End-use Industries
HR-PIB is
used across a broad array of applications. However, fuel & lubricant
additives, hydraulic fluids, and greases & emulsifiers were the key
application segments in 2019. The
adhesives & sealants segment is estimated to hold a significant share of
the global HR-PIB market, in terms of demand, by 2030. Hot melt
adhesives are widely employed in packaging applications such as corrugated
boards, case sealing, carton sealing, container labeling, and tray forming.
Based on end use, the global HR-PIB market has been segmented into automotive,
industrial, packaging, and others. The industrial segment dominated the global
HR-PIB market in 2019. HR-PIB is
likely to witness high demand from key industries such as construction,
aviation, marine, healthcare, and cosmetics & personal care during the
forecast period.
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Asia Pacific to be Highly Lucrative
Region of Highly Reactive Polyisobutylene (HR-PIB) Market
In terms of
value, Asia Pacific held more than 30% share of
the global HR-PIB market in 2019. With the
growth of automotive, healthcare, and personal care industries and the increase
in infrastructure development activities in China, Japan, India, Malaysia,
Vietnam, and Indonesia, Asia Pacific is likely to constitute a major share of
the global HR-PIB market between 2020 and 2030.
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Competition Landscape
Major
manufacturers of HR-PIB include: BASF SE, PETRONAS, TPC Group, Daelim, and
KEMAT Polybutenes. HR-PIB manufacturers have made notable investments in the
recent years. For instance, in January 2019, Aramco
and Total announced to have concluded a memorandum of understanding (MoU) with
Daelim, a South Korea-based company. As per the MoU, Daelim would build a
polyisobutylene (PIB) downstream plant with the capacity of 80,000 tons/year
for the Amiral project by 2024.
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