Global Styrene Butadiene Rubber (SBR) Market to Garner around USD 11 Billion by 2031 and to Grow with a CAGR of ~4% during 2022-2031; Rising Adoption in Automotive, Footwear, Construction Sectors to Elevate Growth-Kenneth Research
New York, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on the “Global Styrene Butadiene Rubber (SBR) Market” for the forecast period, i.e., 2022-2031 which includes the following factors:
Global Styrene Butadiene Rubber (SBR) Market Size:
The rising application of styrene butadiene rubber (SBR) in sectors including automotive, construction, electrical, footwear, adhesives, and sealants, among others can be accounted for the expansion of the market. For instance, the United States plans to build over 1 million new housing units each year. The market is expanding as a result of the demand for SBR in the construction sector. SBR is also often used to alter cement and asphalt in the construction industries. By integrating 16% and 13% with 15% SBR in concrete, the quality, as well as the high durability of the material, are enhanced. As a result, it is predicted that the rising demand for SBR boosts the market to grow significantly over the forecast period. Global cement production increased from 4 billion tons in 2020 to over 4.9 billion tons in 2021.
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Global Styrene Butadiene Rubber (SBR) Market: Key Takeaways
Growing Demand for SBR adhesives and Rising Trade in Cables and Insulators to Propel the Market
Styrene Butadiene Rubber (SBR) adhesives have been carefully developed for attaching synthetic foams, textiles, ceramic tile, and insulating materials. SBR is one of the most commonly used synthetic rubber in adhesives. Ceramic tile adhesive is used for a variety of situations and purposes, including cement extender, binder, shape retention enhancer, stabilizing agent, and so on. In the United States, there are around 410 adhesive manufacturers with an estimated growth of 1.9% in 2022. The rising application of adhesives increases the demand for styrene butadiene rubber (SBR) adhesives and further enhances the growth of the market.
Moreover, owing to its abrasion resistance and metal adhesion, SBR is also utilized in industrial settings for things like belting, insulation for wire and cabling, haul-off pads, roll wraps, hoses, gaskets, seals, and coated fabrics. For instance, the global export value for cables and insulators with connectors was 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. The demand for SBR is boosted by the rising export value for cables and insulators, which spurs the expansion of the market.
Global Styrene Butadiene Rubber (SBR) Market: Regional Overview
The global styrene butadiene rubber (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 Consumption of Tires and Footwear on Account of Large Population to Enhance the Market
On the strength of its massive consumption of tires, expansion of the footwear sector, and adhesives around the world, the market in the Asia Pacific region is predicted to have significant expansion over the forecast period. 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. The rising demand for tires in the expanding automobile sector accredits the market expansion in the region.
Moreover, nearly 9 out of 10 pairs of shoes, or 89% of the wold’s total, are manufactured in Asia, which has a large concentration of the footwear sector. China produces the most shoes (54.5%) in the World. Moreover half (57%) of the global consumption in 2021 came from Asia. Together China and India, the two largest footwear consumer markets account for over one-third of global footwear consumption. This is also a major factor that is anticipated to boost the demand for SBR in the region in the coming years.
Rising Footwear Consumption and Growing Demand for Tires to Propel the Market in North America
On the other hand, on account of the rising demand for tires, the North American region is anticipated to have the largest share over the forecast period. Furthermore, it is anticipated that Canada’s growing population would increase regional consumption. In addition to this, after the COVID-19 pandemic, the footwear sector had a noticeable effect on footwear consumption in 2020, there was some rebound in 2021. The number of pairs of shoes worn per person in North America increased significantly in 2021 (+1.0 pairs). The number of pairs of shoes worn per person varies from 1.5 in Africa to 5.4 in North America. More than 15% of global consumption was in North America. For instance, the import value for footwear in 2021 was USD 9,507,924 thousand which was an up from USD 7,135,045 thousand in 2020 with a growth value of 33% in the United States. The rise in the footwear trade is anticipated to drive the market in the region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
Global Styrene Butadiene Rubber (SBR) Market, Segmentation by Type
Over the forecast period, the solution styrene butadiene rubber (SBR) segment is predicted to hold the largest share. The widespread application of solution SBR in the tire and footwear sectors is contributing to the rise. As a result of its flexibility, strong anti-slip qualities, durability, strong abrasion properties, and density, SBR is frequently utilized in the manufacture of footwear. Over 22 billion pairs of shoes were produced globally in 2021 with an 8.9% annual increase and 13.5 billion pairs were exported in the same year. The rise in the production of footwear enhances the growth of the market.
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Global Styrene Butadiene Rubber (SBR) Market Segmentation by Application
It is predicted that the tires segment to hold the majority of the market share during the forecast period. Owing to the widespread usage of SBR in the manufacture of high-performance tires and the improved performance and gas mileage of the vehicle, the market of styrene butadiene rubber (SBR) is expected to enhance. Motor cycle and high-performance radial tires benefit greatly from this in particular. The global export value of passenger car tires was USD 36,757,008 thousand in 2020 which got raised to USD 42,356,035 thousand in 2021 with an annual growth value of 17% from 2020 to 2021. The growth in the trade of passenger tires fuels the growth of the segment.
Few of the well-known market leaders in the global styrene butadiene rubber (SBR) market that are profiled by Kenneth Research include ARLANXEO, 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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