The global Styrene Butadiene Rubber market size was USD 11.38 Billion in 2022 and is expected to reach USD 18.58 Billion in 2032, and register a revenue CAGR of 5.6% during the forecast period. With its exceptional qualities, such as great abrasion resistance, low rolling resistance, and high traction, Styrene Butadiene Rubber (SBR) is becoming increasingly in demand in the automotive industry and the tyre manufacturing business, which is a major contributor to the market revenue growth. Styrene and butadiene, the two main building blocks of SBR, are obtained from crude oil.
The development of SBR with low rolling resistance and excellent fuel efficiency is being driven by rising demand for environmentally friendly tyres and the increasing focus on sustainability. In addition, it is expected that the implementation of new Tire labeling laws and stricter fuel economy rules in several countries can raise the demand for high-performance tyres, which will in turn drive revenue growth of the styrene butadiene rubber market.
In addition, it is expected that the growing infrastructure development and construction activities across the globe will increase demand for SBR in the construction sector. SBR is employed in a variety of construction-related applications, such as waterproofing membranes, adhesives, and sealants, because of its superior water resistance, flexibility, and durability. The demand for SBR in the construction industry is expected to increase as a result of rising interest in green construction and the growing adoption of sustainable building techniques.
In addition, the market revenue growth is expected to grow during the forecast period due to the rising demand for SBR in the footwear industry due to its excellent abrasion resistance and slip resistance properties. The demand for SBR in the footwear industry is expected to rise even further as more people adopt fitness and sports routines and as fashion-conscious consumers become more prevalent.
While the price of crude oil, a key raw material for SBR, has been fluctuating, this is expected to restrain the market revenue growth during the forecast period. Furthermore, the strict regulations on the emission of Volatile Organic Compounds (VOCs) during the production process of SBR can also be a restraint to the market revenue growth.
With the presence of significant tyre manufacturing firms in the region, including Bridgestone Corporation, Michelin, and Goodyear Tire & Rubber Company, the Asia Pacific region dominates the global styrene butadiene rubber market. In addition, it is expected that the region's market will grow as a result of the rising demand for SBR in the construction sector and the footwear sector in countries including China and India.
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Styrene Butadiene Rubber (SBR) Market: Drive factors
The Styrene Butadiene Rubber (SBR) market is being driven by several factors. Firstly, the benefits associated with SBR, such as high impact strength, excellent resilience, abrasion resistance, and high tensile strength, are contributing to the growth of the market. Additionally, SBR has advantages over natural rubber and polybutadiene rubber in terms of heat aging, processability, degradation resistance under heat, and abrasion resistance. The increasing demand for SBR in tire manufacturing, footwear, polymer modification, and other applications is also driving the market growth.
Regionally, North America holds a significant share of the SBR market due to its well-established automotive sector, expanding healthcare sector, and attractive footwear industry. Europe also holds a considerable market share due to its expanding construction industry and well-established automotive sector.
Furthermore, key players in the SBR market include Sinopec, Lanxess, Michelin, The Goodyear Tire & Rubber Company, Eastman, JSR Corporation, LG Chemicals, SIBUR, Dynasol Elastomer, and LCY Chemicals.
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