The polyisobutylene market in APAC is expected to grow from US$ 749.5 million in 2019 to US$ 1,088.7 million by 2027; it is estimated to grow at a CAGR of 4.8% from 2020 to 2027.
The rise in demand for polyisobutylene from construction industry will propel the growth of the APAC polyisobutylene market. The worldwide changes in the construction industry associated with use of material is changing faster than ever before. Urbanization is one of the international megatrends shaking up the construction industry. Two hundred thousand people per day raise the population of the urban zones, all of whom need reasonably priced housing and transportation, social and utility infrastructure. In such challenges, the construction industry is practically under a moral compulsion to transform. This transformation is impacting the society by reducing construction costs, and by enlightening the use of scarce materials, making buildings eco-efficient, boosting economic development, and narrowing the infrastructure gap. Utilization of polyisobutylene in owing to demand for material with high melt flow rates, greater elongation, as well as enhanced impact strength. Increasing infrastructure demand in the evolving economies of the Asia Pacific on account of developing road infrastructure, an increase in per capita ownership of houses, and rising spending capacity is expected to affect the construction sector in the region, which will drive the demand for polyisobutylene in APAC region. The increasing demand for PIB from developed and developing economies is among the other factors expected to positively influence the demand for polyisobutylene (PIB) market.
In terms of end use, the industrial segment led the polyisobutylene (PIB) market in 2019. Polyisobutylene (PIB) is widely used in industrial applications and end-use industries such as pesticides and insecticides, automotive, and electrical. Moreover, polyisobutylene (PIB) is becoming the choice for pest control in agriculture, such as vineyards and other delicate crops. It is used in the formulation of pesticides and insecticides to increases their efficiency due to polyisobutylene's tackiness. Polyisobutylene (PIB) with high molecular weight can be used to trap insects physically, and are often used in vineyards and other delicate crops as a non-toxic method of pest control. Polyisobutylene is hydrophobic and non-conductive and is thus used as electrical insulation across various applications in cable and wire industry. Its low chloride content and high purity level results in resistance to oxidation and gas evolution under electrical stress. Moreover, polyisobutylene (PIB) are used in the industrial packaging film. These multiple advantages of PIB across various industries fuel the growth of the APAC polyisobutylene market.
With the outbreak of COVID-19, the APAC region is likely to get affected with respect to the economic growth. Although, China is the global manufacturing hub and leading raw material supplier for various industries, it is one the worst affected countries due to the COVID-19 outbreak followed by India, where all business operations are halted due to nationwide lockdown. Other leading manufacturing hubs such as South Korea and Japan are also facing significant impact of COVID-19 outbreak. Various initiatives such as travel bans, business shutdowns, and lockdowns were imposed by the governments across APAC, which is anticipated to affect the expected revenue generation and overall growth opportunities in APAC.
The overall APAC polyisobutylene (PIB) market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the APAC polyisobutylene (PIB) market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external conssultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC polyisobutylene (PIB) market. TPC Group, The Lubrizol Corporation, Infineum International Limited, Ineos AG, Daelim Industrial Petrochemical Division, Braskem SA, and BASF SE are among the key players operation in the APAC polyisobutylene (PIB) market