The market is expected to generate an incremental $ opportunity of US$ 8,016.5 Mn between 2022 and 2032.
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00425 Format: PDF Pages: 270
Styrene Butadiene Rubber Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Styrene Butadiene Rubber Market grew at a CAGR of 4.6% between 2017-2021 and is estimated to be US$ 12,746.9 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.0% and is expected to reach a valuation of US$ 20,763.4 Mn by 2032 end.
The market is driven by the increase in the use of synthetic rubber in tire manufacturing, which contributed to the growth of the SBR market. The rising uptake of synthetic rubber over natural rubber to manufacture automotive tires and other accessories is expected to moderate demand for natural rubber.
Market Dynamic
FLUCTUATION IN THE POWER PRODUCTION B RENEWABLE SOURCES DRIVES THE MARKET FOR BATTERY ENERGY STORAGE
The demand for rubber is increasing especially in emerging economies, and this trend is expected to continue creating opportunities for synthetic rubbers including SBR.
Tire manufacturers are focusing on developing green and high-performance tires, such as eco-friendly tires and biodegradable tires. Increasing initiatives by several manufacturers for the development of eco-friendly tires have also driven the demand for synthetic rubber in recent years.
RISE IN RAW MATERIAL PRICES HAMPER THE MARKET GROWTH
Changes in crude oil prices have a direct impact on synthetic rubber prices. The global synthetic rubber market is also highly dependent on weather and climate conditions. Temperature variations, extreme weather conditions, rotation of crops and animal husbandry industries, as well as advancements in farming techniques are some examples of changes that affect rubber demand and supply globally.
THE RISE IN R&D PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
Tyre Recycling Solutions (TRS) and Trinseo, a global materials solutions provider and manufacturer of synthetic rubber such as SBR, and other materials, signed an agreement to conduct research & development activities. They provide recycled technology for tires. Both companies will use each other’s technology expertise to aid tire manufacturers globally in developing sustainable tire formulations.
COVID-19 Impact
The COVID-19 pandemic impacted the global growth prospects of the synthetic rubber industry. When the production per capita declines and rubber prices continue to increase, manufacturers, who operate in a more competitive market than a year ago, take action such as reducing their production capabilities. Thus, this negatively impacted growth of the synthetic rubber industry.
Market Segments Covered in Report
By Type:
By Application:
By Region and Country:
Segment-Wise Analysis
Why are Ethylene-propylene-diene projected to ensure the most revenue during the forecast period?
Ethylene-propylene-diene had the highest revenue share with 55.0% of the market. It has a high content of diene monomers, which form the bulk of the rubber. EPDM is also protected from weathering and oxidation with additives, making it both bio-degradable as well as resistant to harsh environments. The hardness of EPDM makes it an excellent insulator in cold climates with temperatures below freezing.
Why is the Tire Segment expected to expand the fastest during the forecast period?
In 2021, Tire held the largest share by application in the styrene butadiene rubber market. The suitability of this compound to be used as a raw material has made it one of the most popular and widely used products across industries.
Additionally, its demand is projected to increase due to increasing vehicle sales coupled with increasing demand for lightweight tires for automobiles and SUVs worldwide.
Region-Wise Analysis
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Competition Analysis
With a focus on providing sustainable solutions, manufacturers of styrene butadiene rubber are developing technologies that are integrated into the circular economy. These initiatives help to avoid being impeded by governmental restrictions regarding chemically-manufactured butadiene.
Some of the key developments that have taken place in the Styrene Butadiene Rubber Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
Research Scope | Details |
Forecast period | 2022-2032 |
Historical data available for | 2017-2021 |
Market analysis | USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032 |
Key regions covered | North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa |
Key countries covered | US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt |
Key segments covered | By Type, Application, and Region |
Customization scope | Available upon Request |
Pricing and purchase options | Available upon Request |