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.
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.
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 Region and Country:
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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
|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|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.0%.
Increasing R&D activities regarding tire manufacturing may boost the demand for styrene-butadiene rubbers due to the increasing interest in designing lightweight, high-performance, and maintenance-free as well as environmentally friendly tires.
Major global Styrene Butadiene Rubber Market players are Asahi Kasei, China Petroleum & Chemical, JSR, Chemtura, LANXESS, KUMHO PETROCHEMICAL, Zeon Corporation, LG Chem, Trinseo, ARLANXEO, Bridgestone, Goodyear Rubber Company, Versalis S.p.A., Lion Elastomers, Polimeri Europa.
Numerous chemical elements included in synthetic rubber are harmful to human health. Therefore, shortly, the market growth of styrene-butadiene rubber may be hampered by rising demand for natural rubber due to biodegradability.
The North American region is expected to account for the largest market revenue share in the Global Styrene Butadiene Rubber market.
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