Styrene Butadiene Rubber Market Growth Forecast at 4.3% CAGR
The demand for synthetic rubbers continues to witness an upsurge as companies fail to find competent natural substitutes. In the view of changing industrial applications, styrene butadiene rubber has emerged as one of the greatest synthetic rubbers used in the automotive industry. With exceptional properties, products made of styrene butadiene rubber are finding applications across multiple industrial verticals.
According to Future Market Insights, over US$ 5.6 Bn worth of styrene butadiene rubber will be sold across the globe by the end of 2017. The forecast study further reveals that by the end of the forecast period, 2017-2026, the global styrene butadiene rubber market will have expanded at a moderate CAGR of 4.3% to reach a value of US$ 8.2 Bn.
A range of factors influencing the dynamics of the global styrene butadiene rubber market have been analysed in the study. Environmental concerns are addressed as the key restraint that will limit styrene butadiene rubber from incurring high sales. Being one of the highest forms of synthetic rubbers, production of styrene butadiene rubber is strictly regulated and companies are compelled to comply with the standards set by environmental protection agencies around the world.
Despite the compliance, manufacturers of styrene butadiene rubber are forced to constrain their production in the face of growing demands. Companies namely, Asahi Kasei, Lanxess, LG Chem, Polimeri Europa, Sinopec, and Lion Elastomers are expected to be active as leading manufacturers in the expansion of the global styrene butadiene rubber market through 2026.
In addition, the global styrene butadiene rubber market is also witnessing flak of industrial regulatory bodies that coerce manufacturers for not enforcing strong recycling measures. Styrene butadiene rubbers being dumped in the ground or in the open are becoming one of the world’s gravest problems with respect to environmental pollution. Nevertheless, robust growth in the global automotive industry continues to bolster the sales of styrene butadiene rubber as they are predominant used in production of automotive tyres.
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Automotive Tyre Applications of Styrene Butadiene Rubber to Register Highest Sales
The study has forecasted that in 2017 and beyond, the use of styrene butadiene rubber emulsions and solutions in the automotive industry will record the highest growth, particularly with respect to their tyre application. Effectiveness of styrene butadiene rubber in affixing tyres to the wheel rims will continue to drive the sales in the coming years. By the end of the forecast period, sales of styrene butadiene rubber in automotive tyre applications will rake in over US$ 5.8 Bn in global revenues.
The study also projects that the demand for styrene butadiene rubber solutions will be comparatively higher than that of styrene butadiene rubber emulsions. By the end of 2026, more than US$ 5.7 Bn worth of styrene butadiene rubber solutions are expected to be sold in the global market.
APEJ to Represent Largest Market for Styrene Butadiene Rubber
With respect to the global production of automotive vehicles and components, countries such as India, China, and South Korea are at the forefront. The booming automotive industry in the Asia-Pacific excluding Japan (APEJ) region is estimated to factor the brimming sales of styrene butadiene rubber in this region. During the forecast period, the APEJ styrene butadiene rubber market is anticipated to expand at a CAGR of 4.6%. The demand for styrene butadiene rubber is also expected to be high in parts of Europe, North America, and Middle East & Africa (MEA).
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Stringent Laws to Constrain Manufacturing of Styrene Butadiene Rubber
The global market for styrene butadiene rubber is witnessing low participation of synthetic rubber manufacturers. Only a handful of companies are shaping up the competition landscape of the global styrene butadiene rubber market.
The study has profiled Lanxess, Asahi Kasei, Polimeri Europa, LG Chem, Lion Elastomers, and Sinopec as the leading manufacturers of styrene butadiene rubber in the global market. These companies are expected to remain active in the expansion of the global market for styrene butadiene rubber throughout the forecast period.
Market Taxonomy
The study has segmented the global styrene butadiene rubber market on the basis products, their applications and regions. The global styrene butadiene rubber market taxonomy has been illustrated in the table below.
Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Product Type
- Emulsion
- Solution
Application
- Automotive Tyres
- Footwear
- Polymer Modification
- Adhesives
- Other Application
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