In this report, Technavio covers the present scenario and growth prospects of the global PIB market for 2016-2020. Based on applications, the report segments the market by automotive, additives, and others. Based on product types, the report segments the market by heavily reactive PIB and enhanced PIB.
“PIB materials are finding growing popularity in the manufacturing of photovoltaic panels, a trend which is predicted to significantly impact the market over the next four years. PIB-based materials are widely used in the photovoltaic industry due to their low gas permeability, high level of flexibility, and weather resistance,” said Sriram Mohan, Technavio’s industry manager for chemicals and materials and a subject matter expert.
“These materials are used as a sealant to protect the electrical assemblies and moisture-sensitive PV cells from high temperature, humidity, and UV radiation. The use of PIB-based materials in these systems is predicted to grow significantly during the forecast period,” added Sriram.
APAC: fastest growing region for the global PIB market
APAC emerged as the fastest-growing region, accounting for close to a 23% share of the global PIB market in 2015. China accounted for the majority of the demand for PIB from this region. Over the next four years, India, South Korea, Japan, and Thailand are also expected to contribute significantly to the APAC market for PIB.
Growth in the automotive and pharmaceutical segments in particular, is predicted to support market growth as PIB materials are widely used in these sectors. Growing economic activity in China's automotive industry, and the increasing use of PIB in medical stopper manufacturing will act as its key drivers. In the pharmaceutical packaging sector, PIB is slated to gain popularity for its application in preventing counterfeit drug use. This trend will further augment to the robust growth of the PIB market in APAC, reports Sriram.
Europe: the largest consumer of PIB
In terms of consumption, Europe emerged as the largest region for the global PIB market in 2015. Our market research analysts believe, the PIB market in Europe will grow at a moderate rate during the forecast period, largely due to rising automobile manufacturing activities in Germany and Italy. Stringent standards implemented by the EU, regulating the external rolling noise of tires is expected to further increase the demand for highly reactive PIB among high-performance tire manufacturers. European legislation focusing on controlling emissions from diesel cars will also drive the demand for PIB in the region.
North America: largest manufacturing region for the global PIB market
North America is the largest producer of PIB, with its regional vendors generating over 33% of the global output. The US was the leading manufacturer and consumer of PIB in 2015 and will continue to dominate the market during the forecast period.
As the demand for PIB is low in this region due to market maturity, we expect the market to grow at a relatively slow rate during the forecast period. However, a rise in gasoline prices has compelled the US government to implement stringent fuel efficiency standards. Therefore, consumer demand for lubricants and alternative fuels for improved efficiency is also expected to increase over the next four years. This trend will emerge as a key growth driver for this market until 2020.
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