The global styrene-butadiene rubber market could cross more than USD 6652 Million by 2030, stipulates Market Research Future (MRFR). It is slated to obtain a CAGR of over 7% during the forecast period (2021–2030).
Growth Boosters and Key Barriers
Styrene-butadiene rubber (SBR) is generally used in similar applications as natural rubber/ isoprene rubber (NR/IR) elastomers. The primary applications of SBR are haul-off pads, drive couplings, shoe soles and heels, conveyor belts, roll coverings, adhesives, and car tires along with various types of molded rubber goods.
Some of the growth-inducing factors in the SBR market include the surge in automobile production and the mounting demand for electric cables insulation. These factors are backed by the rise in urbanization across various regions. This gives rise to the per capita disposable income, especially in the emerging nations, which could stimulate market growth from 2021 to 2030. Boost in the adoption rate, coupled with the growing consumption of SBR based adhesives and sealants within the construction industry could benefit the market to a great extent.
Progressively expanding automotive sector along with a rising focus on the development of cost-effective vehicles by manufacturers could bring lucrative results for the market in the subsequent years. The downside could be the surge in environmental concern with regard to toxic effect of chemicals that are present in SBR, hindering the market growth in the coming years.
The key markets for Styrene-Butadiene Rubber Process are Middle East & Africa (MEA), Europe, Latin America, Asia Pacific, and North America.
Given the widespread construction projects, Middle East & Africa could expect to be the leading market for SBR, followed by North America and Europe. The region’s prominent end-users for styrene-butadiene rubber are automotive, building & construction, consumer goods, electrical & electronics, and packaging, among others. Rising demand across these industries could favor market growth in MEA. Besides, with the aim to tap into the expanding SBR market, many companies are striving to establish operations in the region, in lieu of increasing customer base as well as growth potential.
In North America, the United States (U.S) and Mexico are touted to be the significant contributors in the market growth. The superlative market growth is the result of the surge in offshore and onshore activities coupled with rising innovations. Mexico is projected to display the strongest growth in Latin America, on account of the robust presence of automobile manufacturers.
Russia, Germany, and Spain are perceived to note the best growth in Europe backed by the mounting demand for SBR in tires manufacturing. Growing focus on health and environment, surplus demand in footwear, and the boost in the market reach with more applications help the Europe market to stand out among all the regions.
In Asia Pacific, countries such as China, India, and South Korea relish the low-cost labor advantage within the automotive sector, identified as the highest consumer of SBR. Europe’s notable growth in the worldwide market can be put down to the strong automotive industry. SBR notes high demand in the automobile industry, predominantly in tires as the tire labeling regulations by the European Union helps in the advancement of different tire grades.
The global Styrene-Butadiene Rubber Market Technology Analysis has been divided into type and end-use.
The market, with respect to the type, is segmented into emulsion styrene-butadiene rubber, and solution styrene-butadiene rubber.
The end-user covered by the MRFR report are construction, automotive, adhesives & sealants, industrial, electrical & electronics, footwear making, and others.
Some of the leading vendors that contribute to the growth of the worldwide styrene-butadiene rubber market are KUMHO PETROCHEMICAL (South Korea), China Petroleum & Chemical Corporation (China), JSR Corporation (Japan), Trinseo (U.S.), Bridgestone Corporation (Japan), LANXESS (Germany), Reliance Industries Limited (India), Versalis S.p.A. (Italy), Michelin Corporation (France), Sibur Holding PAO (Russia), among others.