The scope of our recent study on the "Highly Reactive Polyisobutylene Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Application (Adhesives/Sealants, Lubricant & Grease, Hydraulic Fluids, Metal Working Fluids, and Others)" includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis. It also includes the identification of significant market players and their key developments.

The highly reactive polyisobutylene 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. Highly reactive polyisobutylene (HR-PIB) has a high demand in lubricants and fuel additive production. In mining explosives, HR-PIB is a preferred raw material to make polyisobutylene succinic anhydride (PIBSA) for making emulsion explosives.

Based on application, the highly reactive polyisobutylene market is segmented into adhesives/sealants, lubricants & grease, hydraulic fluids, metal working fluids, and others. The lubricant & grease segment held the largest share of the market in 2020. The automotive, aircraft, marine, and machinery industries are the extensive users of lubricants and greases. Engine oils, transmission oils, gear oils, greases, and compressor oils are the most widely used lubricants in light-duty vehicles. HR PIB is used as a reactionary intermediate in the manufacturing of lubricants and grease additives.

The market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. Asia Pacific held the largest share of the market in 2020. In India, construction is the second-largest industry after agriculture, accounting for ~11% of the country's GDP. The building and construction industry is a strong contributor to the highly reactive polyisobutylene markets growth in Asia Pacific. Further, the increasing population and socioeconomic developments have been supporting the automotive industry growth the region.

Impact of COVID-19 Pandemic on Highly Reactive Polyisobutylene Market

The COVID-19 pandemic affected many economies across the world. The highly reactive polyisobutylene market experienced the tremors of the disturbed raw material supply chains and limited operational efficiencies. Furthermore, the declining automotive sales resulted in the reduced demand for HR-PIB in many regions. However, the market is reviving on the account of significant measures taken by governments to vaccinate people in different countries. With economic recovery, several industries are strategically planning to invest in advanced products to improve their revenues. This is expected to provide the impetus for the growth of the market in the coming years.

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

Based on application, the global highly reactive polyisobutylene market is segmented into adhesives/sealants, lubricant & grease, hydraulic fluids, metal working fluids, and others. Based on geography, the highly reactive polyisobutylene market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. North America includes countries like the US, Canada and Mexico. Europe region includes countries like Germany, France, UK, Italy, Russia, and Rest of Europe. Asia Pacific region includes countries like China, India, Japan, Australia, South Korea, and Rest of Asia Pacific. Middle East & Africa (MEA) includes countries like South Africa, Saudi Arabia, UAE, and Rest of MEA. South and Central America includes countries like Brazil, Argentina and Rest of South and Central America.

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