Highly Reactive Polyisobutylene Market is expected to reach US$ 697.44 million by 2028

Increasing Use of HR-PIB in High-Performance Fuel and Lubricant Additive Production Propels Highly Reactive Polyisobutylene Market Growth

According to our latest market study on “Highly Reactive Polyisobutylene Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application (Adhesives/Sealants, Lubricants & Grease, Hydraulic Fluids, Metal Working Fluids, and Others),” the market is projected to reach US$ 697.44 million by 2028 from US$ 508.77 million in 2021; it is expected to grow at a CAGR of 4.6% from 2021 to 2028. The report highlights key factors governing the market growth and prominent players along with their developments in the market.

Adoption of highly reactive polyisobutylene (HR-PIB) is on the rise, owing to higher reactivity in various downstream functionalization reactions. In addition to this, growing investments by major players operating in the market are expected to boost the market growth. Over the past few years, different production techniques and numerous catalysts utilized to manufacture HR-PIB have emerged as an important subject for research and development activities.

HR-PIB is mainly used in the production of high-performance fuel and lubricant additives. The demand for lubricant additives is primarily driven by efforts being made in various countries for achieving optimum fuel economy. On these lines, intensive research is being conducted to improve the properties and characteristics of lubricant additives to keep up with the changes in technologies related to modern engines and accessories. HR-PIB companies are highly focused on providing high-quality products that are specifically designed to meet the specific requirements of the lubricant industry, which is contributing to the market progress. Strong additive manufacturing bases in the US, Europe, and Asia Pacific are major consumers of HR-PIB.

TPC Group; RB PRODUCTS INC.; BASF PETRONAS Chemicals Sdn. Bhd; Shandong Hongrui New Material Technology Co., Ltd; Daelim Co., Ltd.; Chevron Corporation; The Lubrizol Corporation; KEMAT Polybutenes; Weifang Binhai Petro-chem Co., Ltd.; and Nelson Brothers Incorporated are among the key market players in the global highly reactive polyisobutylene market. Players operating in the market are highly focused on the development of high-quality and innovative products to meet the customer’s requirements.

Impact of COVID-19 Pandemic on Highly Reactive Polyisobutylene Market

The COVID-19 pandemic decelerated the growth of the highly reactive polyisobutylene market in 2020. The unprecedented rise in the number of cases across the world, difficulties faced by manufacturers in the procurement of raw materials, and the subsequent shutdown of manufacturing facilities hampered the growth of the various markets dependent on this sector. The reduction in demand for fuel from various industries hindered the consumption of fuel additives. This hampered the growth of the highly reactive polyisobutylene market. Furthermore, a slowdown in the growth of the automotive sector lowered the consumption of HR-PIB. However, various industries, including the automotive industry, began resuming their operations from 2021. A resurgence in demand for HR-PIB in the automotive industry with significant investments by prominent manufacturers is expected to drive the market growth in the coming years.

Highly Reactive Polyisobutylene Market Breakdown – by Region

The report includes the segmentation of the highly reactive polyisobutylene market as follows: