According to the report, global medium molecular weight polyisobutylene market was valued at USD 436.40 million in 2015 and is expected to reach USD 542.82 million in 2021, growing at a CAGR of 3.7% between 2016 and 2021. In terms of volume, the global medium molecular weight polyisobutylene market stood at 149.68-kilo tons in 2015.
Polyisobutylene is a homo-polymer of isobutylene and isoprene. It is generally odorless and offers high resistance towards salt, acid, and alkalis. Polyisobutylene is categorized into low, medium and high types depending on their molecular weights. Medium molecular weight polyisobutylene is mainly utilized in adhesive formulations, viscosity modifiers and binder in sealing compounds. It is also used in additives such as fuel additive and lubricating additive as it offers thickness and is used as a precursor in the chemical industry.
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Escalating use of medium molecular weight polyisobutylene in lubricating oils is the driving factor for the market. Moreover, rising demand for adhesive and sealants is likely to fuel the growth of market owing to use of medium molecular weight isobutylene in adhesive and sealants as the precursor. However, the severe impact of medium molecular weight polyisobutylene spills on the environment, specifically on water bodies, is projected to limit its application to some extent. Nevertheless, growing demand for chewing gum is expected to offer ample opportunities for the market in the forecast period.
The major applications for the medium molecular weight polyisobutylene are gum base, additives, sealants, lubricants and other applications. Adhesives were the largest application segment for the medium molecular weight polyisobutylene market accounting more than 40.0 % of total market share in 2015. Sealants were the second largest segment of medium molecular weight polyisobutylene market in the same year. Moreover, a lubricant is expected to be a fastest growing application for medium molecular weight polyisobutylene market in near future. This growth is attributed to increasing demand for lubricating oil in various industries. Furthermore, sealant application is expected to register the moderate growth due to the increase in demand for polyisobutylene in pharmaceutical industry across the globe. Gum base is also expected to grow at a moderate CAGR in near future years due to the growing sports events such as Women Cricket World Cup (2017), Asian Games, Common Wealth Games and FIFA World Cup (2018), ICC Cricket World Cup (2019).
Asia Pacific dominated the medium molecular weight polyisobutylene market in 2015 with more than 35.0% of total market share and is expected to grow at the CAGR of 5.0%. North America led the market followed by Europe in 2015; however, it is expected to experience moderate growth within the forecast period. Latin America and the Middle East & Africa are anticipated to experience inkling growth with a growing CAGR over the years to come.
Some of the leading key players in the medium molecular weight polyisobutylene market are Exxon Mobil Corporation, Lanxess, Infineum International Limited, TPC Group, INEOS, Berkshire Hathaway Inc, Chevron Oronite Company LLC, Kothari Petrochemicals, BASF SE, Zhejiang Shunda New Material Co., Proteux Corp, Shandong Hongrui Petrochemical Co., Ltd and Mayzo among others.