Market Overview:
The global SBR (Styrene-Butadiene Rubber) market had a valuation of USD 11.38 billion in 2022 and is projected to reach USD 18.58 billion by 2032. It is expected to grow at a compound annual growth rate (CAGR) of 5.6% during the forecast period. SBR is witnessing increasing demand in the automotive industry and tire manufacturing business due to its exceptional qualities such as abrasion resistance, low rolling resistance, and high traction. The market growth is primarily driven by the demand for environmentally friendly tires, stricter regulations on fuel economy, and the growing focus on sustainability. SBR is derived from styrene and butadiene, which are obtained from crude oil.
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The construction sector is another significant consumer of SBR, expected to drive market growth due to the increasing infrastructure development and construction activities worldwide. SBR is used in various construction applications, including waterproofing membranes, adhesives, and sealants, owing to its superior water resistance, flexibility, and durability. The demand for SBR in the construction industry is further fueled by the rising interest in green construction and sustainable building techniques.
The footwear industry is also contributing to the growth of the SBR market, driven by the increasing demand for shoes with excellent abrasion resistance and slip resistance properties. The growing popularity of fitness and sports routines, as well as the rise of fashion-conscious consumers, is expected to further boost the demand for SBR in the footwear industry.
However, fluctuations in crude oil prices, a key raw material for SBR production, and strict regulations on the emission of Volatile Organic Compounds (VOCs) during the manufacturing process could hinder market growth.
Competitive Landscape:
Key companies operating in the global SBR market include Lanxess AG, Sinopec Group, LG Chem Ltd., Sibur Holding, JSR Corporation, Trinseo LLC, Asahi Kasei Corporation, Bridgestone Corporation, Firestone Polymers LLC, and Kumho Petrochemical Co. Ltd.
Strategic developments such as acquisitions, partnerships, and product launches are observed in the market. For instance, Lanxess AG acquired Emerald Kalama Chemical to expand its portfolio of high-performance polymers, including SBR. Sinopec Group completed the construction of a new SBR production facility in China, while LG Chem Ltd. developed a new type of SBR with improved fuel efficiency. Sibur Holding signed a strategic partnership agreement with Sinopec to expand its presence in the Chinese market, and Kumho Petrochemical Co. Ltd. developed a new SBR with improved abrasion resistance and fuel efficiency.
Styrene Butadiene Rubber Market: Drive factors
The SBR (Styrene-Butadiene Rubber) market is driven by several factors that contribute to its growth and demand. Some of the key drivers include:
- Growing demand in the automotive industry: SBR is extensively used in the automotive sector due to its excellent properties such as good abrasion resistance, low heat build-up, and adhesion. The increasing production and sales of vehicles worldwide drive the demand for SBR in the manufacturing of tires, automotive parts, and components.
- Increasing demand for sustainable and fuel-efficient tires: The implementation of regulations to reduce carbon emissions and improve fuel efficiency has led to a higher demand for SBR in the production of environmentally friendly and energy-efficient tires. SBR helps in improving the rolling resistance and fuel efficiency of tires, making them more sustainable.
- Expansion in the construction sector: The construction industry plays a significant role in driving the demand for SBR. SBR is used in various construction applications such as waterproofing membranes, adhesives, and sealants due to its superior water resistance, flexibility, and durability. The growing infrastructure development and construction activities worldwide contribute to the increased demand for SBR in this sector.
- Focus on sustainability and green construction: The rising interest in green construction practices and the adoption of sustainable building techniques drive the demand for SBR in the construction industry. SBR's water resistance and durability make it a preferred material for applications such as roofing membranes and sealants in green buildings.
- Increasing urbanization and disposable income: The rapid urbanization and growth of urban populations, particularly in emerging economies, contribute to the growth of the automotive, construction, and footwear sectors. As more people move to urban areas and disposable income rises, the demand for vehicles, construction projects, and footwear products increases, driving the demand for SBR.
It is important to note that the fluctuating cost of raw materials, particularly crude oil, which is a key raw material for SBR, can impact market revenue growth. Additionally, strict regulations on volatile organic compound (VOC) emissions during the production process of SBR can also pose challenges to market growth.
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