The North American Polyisobutylene Market size is projected to grow at a CAGR of 6.0% during the forecast period 2022-2027 and reach US$500 million by 2027. The growth of the North American polyisobutylene market is primarily dependent on the growth of the building & construction sector. Polyisobutylene is a category of organic polymers produced by the polymerization of isobutene. The growing building & construction sector is driving the growth of the North American polyisobutylene market, to be utilized in the manufacturing of tires and automotive body parts as sealants, lubricants, adhesives, rubber and other applications. The surging developments associated with the building & construction sector across the world have led to considerable growth in the North American Polyisobutylene market.
North American Polyisobutylene Market: The Building & Construction Sector Leads the Market
On the basis of end-use industry, the North American polyisobutylene Market can be segmented into food & beverages, pharmaceutical & healthcare, building & construction, transportation, electrical & electronics, textile & apparel, personal care & cosmetics, sports & leisure and others. The building & construction sector is evaluated to be the leading segment in the North American polyisobutylene market in 2021. During the forecast period 2022-2027, the building & construction sector is expected to grow at a CAGR of 6.7%. This can be attributed to various reasons such as the utilization of polyisobutylene in adhesives & sealants, paints and coatings, to increase the bonding between polymer matrix and fiber surface and other applications, to significantly reduce porosity in renders, concrete and wood, making them water repellent. The construction spending during May 2022 was estimated at a seasonally adjusted annual rate of US$1,779.8 billion, which is 9.7% higher compared to May 2021, according to the U.S. Department of Commerce. Moreover, according to the Statistics Department of Canada, capital expenditures on non-residential construction and machinery and equipment are expected to rise 8.6% to US$298.2 billion in 2022, with a 10.4% increase in 2021, boosting the market growth.
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North American Polyisobutylene Market: The USA Holds the Largest Market Share
On the basis of country, the North American Polyisobutylene Market can be segmented into the USA, Canada and Mexico. According to IndustryARC’s analysis, the USA has emerged as the most dominant country in the market. In 2021, the USA held around 72% share of the total revenue earned by the market. The USA is comparatively ahead in terms of the growth of the building & construction sector. The privately owned housing units authorized by building permits in March 2022 were around 1,873,000 which is 0.4% above February 2022 of 1,865,000 units and 6.7% above March 2021 of around 1,755,000 units according to the U.S Department of Commerce.
North American Polyisobutylene Market: Competitive Landscape
Key companies holding major shares in the North American Polyisobutylene Market are Lanxess, BASF SE, Reliance, Exxon Mobil, Braskem S.A., Daelim Industrial Petrochemical Division, TPC Group, Ineos, Infineum International Limited and The Lubrizol Corporation.
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