The Styrene-Butadiene Rubber Market value was valued at USD 4 billion in 2019. The market is projected to grow at a CAGR (Compound Annual Growth Rate) of 7% to reach a market value of over 6652 million over the forecasted period from 2021-2030.
Styrene-Butadiene is a processed and synthetically made rubber with the highest volume. The Styrene-Butadiene Rubber Market has registered increased demand due to several useful applications of Styrene-Butadiene rubber. This type of rubber is used to manufacture products and parts of a product such as shoe soles, car tires, automatic and mechanical rubber equipment or part of a machine, driving couplings, etc. Moreover, several useful properties of styrene-butadiene rubber account for its increasing demand and usages such as good aging ability, low rolling resistance, excellent heat resistance and wear resistance, and abrasion resistance. The highest demand for the Styrene-Butadiene market is from automotive industries for the manufacturing of tires.
The regions with the highest emerging economies are expected to register the highest Styrene-Butadiene Rubber Market growth. Apart from this, various factors are to affect the market growth such as fluctuation in the price of raw materials. In addition to this, styrene-butadiene rubber is used as a raw material in different industries.
The outbreak of COVID-19 and the imposition of a nationwide lockdown across the world have affected several markets and industries causing a downfall in the growth rate of those markets. The Styrene-Butadiene Rubber Market also faced such challenges laid upon it due to COVID-19.
Due to the pandemic, only necessary services were working properly whereas few services such as transportation, on-site work, laboring, etc were reduced and several restrictions were imposed causing the markets such as Styrene-Butadiene Rubber Market to face a downfall in growth. Work rate was less during the lockdown in almost every industry that used Styrene-Butadiene as raw material, decreasing the demand for Styrene-Butadiene and hence affecting Styrene-Butadiene Rubber Market.
- Rockwood Lithium
- Asahi Kasei
- China Petroleum & Chemical
- Reliance Industries Limited (India)
- Zeon Corporation (Japan)
- LG Chem (South Korea),
- Trinseo (US)
- KUMHO PETROCHEMICAL (South Korea)
- and Goodyear Rubber Company (US)
Styrene-Butadiene Rubber Market Analysis is based upon many factors and market studies; one such is the study of market dynamics. It describes several factors affecting market value and growth. It also divides different factors into different categories such as drivers and constraints of the market.
Factors affecting the growth of the market are called growth drivers and studied under drivers of a market. The growth drivers of the Styrene-Butadiene Rubber Market are:
- Growing Demand for High-quality Rubber in Automotive Industries: An automotive industry uses Styrene-Butadiene as a raw material to produce high-quality tires. Properties of Styrene-Butadiene such as heat resistance and low-rolling resistance account for its uses in automotive industries. These tires help smooth riding and less emission of CO2 in the environment.
- Application of Styrene-Butadiene Rubber in different Industries: Styrene-Butadiene Rubber has found many applications in different industries such as construction, electronics, footwear manufacturing, automotive industries, etc. These single reasons account for the high demand for Styrene-Butadiene and hence work as a big growth driver of the Styrene-Butadiene Rubber Market.
- Rising Demand in Emerging Economies: Emerging economies are to register increased growth of the Styrene-Butadiene Rubber Market due to the rise in economy and industrialization.
Those factors are determined as challenges that are faced by the market in the way of growth. Challenges to the Styrene-Butadiene Rubber Market are:
- Limited Application of Styrene-Butadiene: Styrene-Butadiene is limited to some industries and no further use of this type of rubber is required shortly. Hence, limiting the Styrene-Butadiene Rubber Market.
Factors controlling the growth of a market are studied under market restraints. Restraints to the Styrene-Butadiene Rubber Market are:
- Strict Implications on the market: Rubber Market is laid with strict regulatory implications to regulate the industry as rubbers are harmful to the environment and they need to be exposed carefully.
Every market follows some factors that could increase the growth of the market in the future if grabbed at the right time with the right strategies. The Styrene-Butadiene Rubber Market opportunities include-
- Demand for synthetic rubber in various industries: Gradually Styrene-Butadiene rubber is finding its application in various markets. With the increase in demand for Styrene-Butadiene rubber and its application field, it will directly increase the growth of the market.
- Fluctuation in crude oil price: The crude oil prices are fluctuating but getting higher with increasing years. This could give better market opportunities to the Styrene-Butadiene Rubber Market.
- Increasing need for lighter Vehicles:
The weight of a vehicle is also dependent on the tires. Increased demand for tires made of Styrene-Butadiene rubber will help in market growth.Regulatory Implications
Rubber markets are regulated with strict laws and implications to keep a check on the smooth and legit working of the market. Also, exposure of rubber directly to the environment causes harm to the environment which is why different regulations are put so that no industry causes harm to the environment due to carelessness and wrong exposure of rubber waste. Strict policies and regulations are laid on the working of the market to keep legal surveillance over the Styrene-Butadiene Rubber Market. Strict regulatory implications on the Styrene-Butadiene Rubber Market also work as factors controlling the market growth.
Styrene-Butadiene Rubber Market can be looked at based on its application and uses, products of the raw material, and others. All these categories are divided and read into segments. The Styrene-Butadiene Rubber Market is divided into 3 types of segments which are by application, by product, and by region.
By Product Type
- Emulsion SBR (E-SBR)
- Non-Oil Extended
- Oil Extended
- Solution SBR (S-SBR)
- Butyl Lithium
- Phenyl Lithium
- Type 4 and others
By Application Type
- The catalyst of chemical reactions
- For the synthesis of different polymers
- Tire Manufacturing
- Footwear and others
- North America
- Latin America
- Middle-East and Africa
Based on region division, the Styrene-Butadiene Rubber Market is divided into five major regions which are North America, Asia-Pacific, Europe, Middle-East and Africa, and Latin America. North America has the highest consumption of Styrene-Butadiene rubber, accounting for the highest Styrene-Butadiene Rubber Market share. After North America, the Asia-Pacific region reports the demand for Styrene-Butadiene rubber due to the highest number of emerging economies in this region. Also, the Asia-Pacific region is expected to dominate the Styrene-Butadiene Rubber Market by 2028. On the other hand, Europe even being a developed region lags due to its environmental issues and environmental complications.
Styrene-Butadiene Rubber Market is a widespread market divided among many national and international companies and run by key players of the market. Key players of the market constantly adapt to new strategies and market scenarios regularly to keep posting on the Styrene-Butadiene Rubber Market development. More than half of the Styrene-Butadiene Rubber Market share is held by few top companies and key players of the market. Key players of Styrene-Butadiene Rubber Market are:
Key players of the market collaborate with different companies to continue research on the expansion of the market. Also, bigger companies tend to take over smaller companies and businesses to expand their business.
November 2021: Asahi Kasei has committed to deliver butadiene generated from plastic waste and biomass to Shell Eastern Petroleum. Asahi Kasei, a Japanese firm, has announced the signing of an agreement with Shell Eastern Petroleum (Shell) for the delivery of butadiene obtained from plastic waste and biomass (sustainable butadiene). Asahi Kasei plans to start producing and distributing sustainable solution-polymerized styrene-butadiene rubber (S-SBR) using sustainable butadiene at its Singapore plant by the end of fiscal 2021, in March 2022. Asahi Kasei claimed to be the world’s first company to employ butadiene produced from plastic waste for S-SBR synthesis, as well as the first Japanese company to do so.
November 2021: Trinseo, a US-based engineered materials and latex binders manufacturer, has begun examining the divestiture of its styrenics assets and aims to begin a formal sales process in the first quarter of 2022. The company’s Feedstocks and Polystyrene businesses, as well as its 50 percent ownership in the Americas Styrenics joint venture, will be included in the sale process. The joint venture’s remaining interest is owned by Chevron Phillips Chemical.
Continuous developments are reported by Styrene-Butadiene Rubber Market to keep the growth graph increasing and expand the market.
Key Players of the market keep adopting new and better market strategies to expand market reach and application of Styrene-Butadiene rubber. Also, big companies of the market take over small companies and businesses to spread the reach and increase the shares of the market.
Styrene-Butadiene rubber is finding its application in different industries and hence growing the Styrene-Butadiene Rubber Market demand. Also, the flexibility and various properties of this type of rubber make it useful in s=different industries.
Styrene-Butadiene Rubber Market Outlook is based on a complete Styrene-Butadiene Rubber Market analysis that gives a detailed description of the trends and developments of the market. This report gives statistics about different factors affecting the market growth. The Styrene-Butadiene Rubber Market report covers Market dynamics that share details about market growth drivers, constraints, challenges, and opportunities open to the market. Apart from this, market segmentation analysis is shared that gives a segment overview of the Styrene-Butadiene Rubber Market. In addition to this, the competitive landscape and recent developments are also shared under the Styrene-Butadiene Rubber Market report scope.
|Market Size||USD 6652 million|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Asahi Kasei Corporation (Japan), JSR Corporation (Japan), ARLANXEO (Netherlands), Lion Elastomers (US), Versalis SpA (Italy), Reliance Industries Limited (India), Zeon Corporation (Japan), LG Chem (South Korea), Trinseo (US), KUMHO PETROCHEMICAL (South Korea), and Goodyear Rubber Company (US)|
|Key Market Opportunities||· The increasing need for lighter vehicles|
· The fluctuations in crude oil prices
|Key Market Drivers||· Increasing consciousness about safety|
· Rising concerns for fuel efficiency