The global styrene butadiene rubber market will reach a valuation of USD 11.5 billion in 2024, attributed to factors such as automotive industry growth. The trend is set to create new opportunities for the market, leading to a projected CAGR of 5.5% between 2024 and 2034, and reaching a total valuation of approximately USD 19.7 billion by 2034.
Investments in research and development activities aimed at developing innovative styrene butadiene rubber formulations with enhanced properties, included improved durability, fuel efficiency, and performance in extreme conditions.
Infrastructure development projects, especially in emerging economies, are driving the demand for rubber based products like asphalt modifiers and waterproofing membranes.
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Styrene butadiene rubber is derived from petrochemical feedstocks, and its production is closely linked to the overall performance of the petrochemical industry.
The expansion of petrochemical production capacities, especially in regions with abundant feedstock availability, can support the market growth.
Rubber finds applications in the production of various consumer goods such as footwear, hoses, conveyor belts, and gaskets.
The growth of the consumer goods manufacturing sector, particularly in emerging markets, presents opportunities for manufacturers to cater to the demand for the products.
There is a growing interest in the development of bio based rubber derived from renewable feedstocks such as biomass or bio based monomers, with growing concerns over environmental sustainability and carbon footprint reduction.
Key Takeaways from the Market Study
- Global styrene butadiene rubber market was valued at USD 11.0 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 3.8%.
- The market in Japan to expand at a CAGR of 2.3% through 2034.
- By product type, the solution SBR segment to account for a share of 57.2% in 2024.
- The market in India will expand at a CAGR of 8.1% through 2034.
- In terms of application, the tires segment to account for a share of 30.1% in 2024.
Advances in material science and engineering are driving the development of innovative applications for rubber in sectors such as 3D printing, advanced composites, and medical devices, remarks an FMI analyst.
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Competitive Landscape
Prominent players in the styrene butadiene rubber market are Sri Trang Agro-Industry Public Company Ltd, Hua Rubber Public Company Ltd, Halcyon Agri, Southland Rubber Co., Ltd, Sinochem Group Co. Ltd., Num Rubber & Latex Co., Ltd, Yunnan State Farms Group Co., Ltd, Von Bundit Co., Ltd, Apcotex Industries Ltd., and Firestone Natural Rubber Company, among others.
Industry Developments
In 2023, Lanxess revealed plans for a substantial expansion of its Styrene Butadiene Rubber production capacity located in Zhangjiagang, China.
The expansion initiative aims to augment SBR production capacity of Lanxess in China, and will conclude by 2025, with 50%.
In 2023, JSR Corporation disclosed its acquisition of Styrene Butadiene Rubber business of Denka Company.
The strategic move positions JSR to command a substantial market share in the global SBR market.
In the same year, Hainan Baling Chemical New Material Co. Ltd, a subsidiary of China Petroleum & Chemical Corporation, commenced operations for its styrene butadiene copolymer production facility in Hainan, China.
The venture was backed by a significant investment of USD 279.74 million by the company, with an annual production capacity of 170,000 tons of SBR.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global styrene butadiene rubber market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the styrene butadiene rubber market, the market is segmented on the basis of product type (emulsion SBR (E-SBR), and solution SBR (S-SBR)), and application (tires, footwear, gaskets and hoses, adhesives and sealants, conveyor belts, electric), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
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