Styrene Butadiene Rubber Market 2019 To Rise at 5% CAGR With Global Leading Players - SINOPEC, TRINSEO, LG CHEM, SIBUR, RELIANCE INDUSTRIES LIMITED, SUMITOMO CHEMICALS

Styrene Butadiene Rubber Market Highlights:
The styrene butadiene rubber market is expected to register a CAGR of nearly 5% during the forecast period, 2018-2023. The major factor driving the market growth is the growing demand in the automotive industry for high performance tires. In addition, rising demand in the emerging economies is also pushing the growth of the market.

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Automotive Industry Driving the Market
The growing demand for high-performance tires from the automotive industry is likely to boost the tire manufacturing industries’ demand for higher specification raw materials. Also, high fuel-efficiency in automotive is creating the demand for low rolling resistance in tires, which is expected to drive the demand for SBR in the tire industry.

Key Developments in the Market
January 2017: Silk Road Fund, Chinese Investment fund, completed the acquisition of a 10% Stake in SIBUR, Russian gas and petrochemical giant.

Major Players:
SINOPEC, TRINSEO, LG CHEM, SIBUR, RELIANCE INDUSTRIES LIMITED, SUMITOMO CHEMICALS, amongst others.

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Asia-Pacific Region Dominating the Market Share
Asia-Pacific is the largest consumer of synthetic rubber, where SBR accounts for nearly a 45% share, by volume. Countries, such as China and India, are enjoying the low-cost labor advantage in the automotive manufacturing industry, which accounts for most of the consumption of SBR, and is expected to witness a CAGR of around 14%. In addition, growing demand for adhesives in these countries is also driving the studied market in Asia-Pacific.

Solution SBR a Potential Segment
The styrene butadiene rubber market is segmented based on product type and application. The product type segmentation is further divided into emulsion SBR and solution SBR, based on their production process. Emulsion SBR is the largest product segment in the global SBR market due to the low cost of production. However, changing demand from the consumers for high-performance tires is increasing the popularity of the solution SBR in the global market, due to its low rolling resistance property. The market is further segmented into footwear, construction, polymer modification, adhesives, and others, as per their applications.

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This release was published on openPR.