The polyisobutylene (PIB) market in North America is expected to grow from US$ 887.9 million in 2019 to US$ 1269.5 million by 2027; it is estimated to grow at a CAGR of 4.6% from 2020 to 2027.
Growing demand for polyisobutylene from construction industry. The world-wide changes in construction industry associated with the use of material are changing faster than ever before. Urbanization is considered one of the international megatrends shaking up the construction industry. The population of the urban zones is raising by 200,000 people per day, all of whom need reasonably priced housing as well as 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, enlightening the use of scarce materials, making buildings more 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 US, Canada, and Mexico on account of developing road infrastructure, increase in per capita ownership of houses and rising spending capacity is expected to affect the construction sector in the North American region, which is further driving the demand for polyisobutylene (PIB). Growing demand for polyisobutylene (PIB) from developed and developing nations is among the other factors expected to positively influence the demand for polyisobutylene (PIB).
In terms of molecular weight the high molecular weight segment led the North America polyisobutylene market in 2019. The high molecular weight polyisobutylene is basically used to adjust properties, including flexibility, cohesive strength, elongation, and gas barrier performance. PIB with a high molecular weight has an average weight of 500,000–1,200,000 g/mol. Thus, the benefits attract a significant number of industrial manufacturers across the world. The high molecular weight polyisobutylenes are strong and elastic and can serve as the elastomeric base of PSAs. Owing to this, the demand for high molecular weight is high, thereby catalyzing the growth of the polyisobutylene market. The demand for high molecular weight is maximum in industries such as chemicals & petrochemicals, oil & gas, and nuclear power plants. Rising number of production plants among the industries mentioned above is surging the demand for high molecular weight, which is ultimately driving the growth of the polyisobutylene market.
The US has the highest number of confirmed cases of coronavirus, as, compared to Canada and Mexico. This is likely to impact the chemical and materials industry in the region as, due to the COVID-19 outbreak, the supply chain is likely to get affected. In addition, the overall manufacturing processes, research, and development activities will also impact market growth.
The overall North America polyisobutylene 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 North America polyisobutylene 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 consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America polyisobutylene market. BASF SE, Braskem SA, Daelim Industrial Petrochemical Divison, Ineos AG, Infineum International Limites, The Lubrizol Corporation, and TPC Group are among the key players in the North America polyisobutylene market.