Global styrene butadiene rubber (SBR) market is anticipated to reach US $14.74 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, increasing demand from the tire manufacturing sector along with growing use in end products are driving global styrene butadiene rubber (SBR) market growth. The automotive applications are the biggest consumers for styrene butadiene rubber industry. Meanwhile, increase in production of SUVs, crossover utility vehicles (CUV), and battery electric vehicles (BEVs) have amplified the usage of SBR in the manufacturing industry.
Manufacturing of end-products like footwear, industrial hoses, consumer products, conveyor belts, automotive applications excluding tires, and extruded rubber goods, have also led to the high demand for synthetic butadiene rubber.
According to the study, growing population worldwide coupled with increasing consumer income has led to rapid growth in SBR end-use industries, thereby accelerating SBR market share. Additionally, factors like rising consumer inclination towards modern & sustainable products like electric vehicles, falling prices of used diesel vehicles, strong economic growth, and steady advancements across several middle-income countries has offered impetus to end-use rubber industries.
In terms of product type, the styrene butadiene rubber (SBR) market is divided into Solution SBR (SSBR) and Emulsion SBR (ESBR). Reportedly, ESBR segment accounted for the largest market share, whereas, SSBR segment has witnessed momentous growth lately.
This growth can be attributed to rising demand for low rolling-resistance tires that reduce CO2 emissions as well as lower fuel consumption. SSBR has also efficiently adapted to stringent specifications of high-performance tires. These factors will compliment segmental demand over the coming years.
As per regional analysis, Northeast Asia market has secured significant growth owing to increasing consumption of SBR across Taiwan and India. Reportedly, between 2012-17, Southeast Asia (Thailand and Singapore), China, South Korea, and Central Europe witnessed largest capacity additions of SBR. Meanwhile, ESBR recorded decline in regional markets likes Western Europe, the U.S., South Korea, Central Europe, and Japan, thereby losing against the SSBR segment.
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Notably, the worldwide consumption of SSBR has witnessed significant growth owing to faster capacity additions. Whereas developed markets like Europe, Japan, and Canada are anticipated to accrue limited growth rate over the coming years.
The leading firms operating in styrene butadiene rubber (SBR) market include China National Petroleum Corp. (CNPC), Sinopec, LANXESS, Kumho Petrochemical, Eastman Chemical Corp., SIBUR, JSR Corp., Trinseo, Asahi Kasei Chemical Corp., and Ashland Inc. The company profiles of these firms are mentioned in the report alongside their product benchmarking, business overview, financials, and recent developments.
The report also offers an extensive quantitative and qualitative analysis of potential growth prospects and future trends in styrene butadiene rubber (SBR) market between 2018-2026.