Solution Styrene Butadiene Rubber (SSBR) Market is Estimated to Reach $5.86 Billion By 2026 Covering Key Players Goodyear Tire and Rubber Company, SIBUR Holding JSC, Taiwan Synthetic Rubber Corporation, JSR Corporation, Sumitomo Chemicals, Tianjin Lugang
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Market Introduction and Market Dynamics
Solution Styrene Butadiene Rubber (SSBR) Market will attain a steady growth during the forecast timeframe. A surge in demand from strong application areas such as tires polymer modification, footwear, and adhesives & sealants industries will drive the market. As per the study, the global tire market is projected to surpass 6 billion units by 2024. The high growth in the tire market will definitely fuel the demand for solution styrene-butadiene rubber. Further, growing disposable income of consumers in developing countries such as China and India has to lead to development in the automobile industry supporting the market growth. However, various environmental concerns are acting as a restraint for the market. The increasing demand from the footwear industry in the emerging economies and the growing application would provide several growth opportunities in forecasted years.
Market Segmentation and Crisp Analysis
The global Solution Styrene Butadiene Rubber (SSBR) Market has been segmented into application and geography. By application type, the market is categorized into a tire, footwear, polymer modification, adhesives & sealants, and others. By application, the tire segment accounted for more than 76% of the global solution styrene butadiene rubber market share in 2018. The footwear industry generated the second-highest market revenue and is expected to attain a moderate growth rate during the forecast period 2019 – 2026. The market will be majorly driven by growing demand for athletic shoes as SSBR is widely used in athletic shoes for improved performance and grip.
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Regional Segmentation and Crisp Analysis
By geography, the global solution styrene butadiene rubber market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America covers the U.S., while Europe covers the UK, Germany, France, Italy, and Rest of Europe. The Asia-Pacific countries covered in the report are China, Japan, India, and Rest of Asia-Pacific. Rest of the world includes Central & South America, the Middle East, and Africa.
Asia-Pacific is a dominant market accounting for more than 38% of the global market share in 2018. Market dominance is attributed to increased demand from the tire industry. Also, China is the largest producer of tires; the high demand for solution styrene-butadiene rubber has supported the market growth in the Asia-Pacific. In Europe, Italy is amongst the fastest growing country solution styrene-butadiene rubber on account of the increasing demand for high-performance tires from the automotive manufacturers.
Manufacturers Competitive Analysis
The global solution styrene butadiene rubber market is moderately fragmented. The top players operating in the market are frequently investing in research & development and are engaged in capacity expansion and new manufacturing facility development. The major companies operating in the global solution styrene-butadiene rubber (SSBR) markets are Goodyear Tire and Rubber Company, SIBUR Holding JSC, Taiwan Synthetic Rubber Corporation, Bridgestone Corporation, Michelin, Lanxess, JSR Corporation, Sumitomo Chemicals, Tianjin Lugang Petroleum, and Rubber, LG Chemicals, among others.
Scope of the Report
The scope of the report covers in-depth analysis of the market in terms of both qualitative and quantitative analysis across the segments as well as cross-sectional analysis of the segments including the geographies and its countries. Key companies operating in this market and their company profile along with the market share analysis and competitive scenario is also the part of the report. Furthermore, different industries clients’ information has been provided in the report which is very important for the manufacturers. Manufacturers’ data, including revenue, shipment, revenue share, shipment share, and gross profit have been also included, which provide a better understanding of the market competition.
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