September 19, 2022 08:20 ET | Source: Kenneth Research Kenneth Research
New York, New York, UNITED STATES
New York, Sept. 19, 2022 (GLOBE NEWSWIRE) -- For the forecast period, 2022-2031, Kenneth Research has released a thorough market study on the “Global Solution Styrene Butadiene Rubber (S-SBR) Market” that covers the following elements:
Global Solution Styrene Butadiene Rubber (S-SBR) Market Size:
The global solution styrene butadiene rubber (S-SBR) market is predicted to gather almost USD 5 billion in revenue by 2031 and to grow with a CAGR of ~6% over the forecast period. On account of the S-SBR’s scratch resistance, durability, and high quality, the market expansion can be attributed to its expanding applications in the sports and footwear industries. For instance, nearly 600 million pairs of sporting shoes are anticipated to be produced globally by 2025. Additionally, solution styrene butadiene rubber (S-SBR) is frequently used in the construction sector to modify cement and asphalt. The quality of the final product is improved by the addition of solution styrene butadiene rubber during the polymer modification process, which in turn increases the quality of roads and pavements. As a result, during the forecast period, the market is anticipated to expand significantly. Around 4.9 billion tons of cement were produced globally in 2021 which was up from 4 billion tons in 2020. Growing footwear manufacturing and rising cement production encourage market expansion.
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Global Solution Styrene Butadiene Rubber (S-SBR) Market: Key Takeaways
Expanding Demand for Synthetic Rubber and Growing Trade in Rubber Products to Drive the Market Growth
Industries that need hoses, belts gaskets, seals, coated fabrics, and electrical cables use solution styrene butadiene rubber (S-SBR) in applications other than tires and the automobile industry. Solution styrene butadiene rubber (S-SBR) satisfies the essential criteria for various applications, including end-use and service, trouble-free processibility, volume pricing, and raw material availability. For instance, the global export value for cables, and insulators with connectors were USD 32,114,752 thousand in 2020 got raised to USD 40,804,700 thousand in 2021 with an annual growth value of 25% from 2020 to 2021.
In 2021, the cost of multiple input materials for synthetic rubber rose substantially as a result of higher crude oil prices and growing preference. For instance, on a US dollar basis, the average yearly costs for butadiene and styrene grew by 47% and 57% respectively. The global solution styrene butadiene rubber (S-SBR) market is fuelled by expanding demand for synthetic rubbers as well as rising commerce in rubber products such as cables, insulators, and other rubber goods.
Global Solution Styrene Butadiene Rubber (S-SBR) Market: Regional Overview
The global solution styrene butadiene rubber (S-SBR) market is segmented into five major regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa region.
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Rising Demand for Tires and Growing Production of Automobiles to Drive Growth in the Asia Pacific Region
The market in the Asia Pacific region is anticipated to increase substantially over the forecast period. The rising demand for tires in the expanding vehicle sector is responsible for the market expansion in the region. For instance, according to International Organization of Motor Vehicle Manufacturers (OICA) statistics, China manufactured 21,407,962 passenger cars with a 3% annual growth and Japan with 6,619,242 units of passenger cars in 2021. On account of its low operational and production costs, China turned into one of the biggest countries with the largest tire manufacturing industries which increases product demand in the region. China manufactured more than 800 million tires in 2020. Along with considerable advancements in living standards, growing disposable incomes, the emergence of strict government regulations regarding the use of eco-friendly tires, and industrialization of automobiles, fast urbanization in China, Japan, and India are the main factors anticipated to increase the need for solution styrene butadiene rubber (S-SBR) in the near future.
Growing Demand for Passenger car Tires to Enhance the Market in the North American Region.
On the other hand, the market in North America experiences rapid growth owing to the increased demand for synthetic rubber in the automotive sector for the production of tires, expansion in the footwear market, and growing application possibilities in the construction, packaging, and adhesive sectors. The demand for tires in the U.S. market is high owing to the country’s estimated 9 million passenger and commercial vehicle production and over 14.5 million vehicle sales in 2020. In addition to this, in 2020, the United States imported 14 million units from South Korea and around 35 million units from Thailand in the form of passenger car tires. The market in the region is being driven by the increased demand for passenger car tires and growing passenger car sales during the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
Global Solution Styrene Butadiene Rubber (S-SBR) Market, Segmentation by Application
It is predicted that the automotive tires segment to hold the majority of the market share during the forecast period. The demand for S-SBR is anticipated to rise as it is widely used in the production of high-performance tires owing to the vehicle’s better performance and excellent gas mileage. S-SBR is made of rubber with varying quantities of styrene and vinyl, both of which increase the Tg, and thus, we get a grip. This is especially helpful in motorcycle and high-performance radial tires. The global export value for passenger car tires was USD 42,356,035 thousand in 2021 which was up from USD 36,757,008 thousand in 2020 with an annual growth in value from 2020 to 2021. The substantial increase in the trade value fuels the expansion of the segment.
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Global Solution Styrene Butadiene Rubber (S-SBR) Market, Segmentation by Type
The passenger car segment is estimated to hold a substantial market share over the forecast period. Over an increase in living standards, the growth can be credited to the rising demand for passenger cars. For instance, 57,054,295 passenger automobiles were produced worldwide in 2021. Moreover, the global sales for passenger cars in 2020 were 53,917,153 units which rose to 56,398,471 units in 2021 with a 3% annual growth. The rise in the global sales and production of passenger cars increases demand for S-SBR and further drives the expansion of the segment.
Few of the well-known market leaders in the global solution styrene butadiene rubber (S-SBR) market that are profiled by Kenneth Research are Asahi Kasei Corporation, The Goodyear Tire & Rubber Company, TSRC, Dynasol Group, Trinseo, Synthos, CHIMEI, JSR Corporation, Sumitomo Chemical Co., Ltd., SIBUR INTERNATIONAL, and others.
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