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Polybutadiene (BR): Global Market Insights and Forecast for 2024
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According to The Business Research Company's, The polybutadiene (br) market size has grown strongly in recent years. It will grow from $21.44 billion in 2023 to $23.57 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to tire manufacturing, rubber goods production, adhesives and sealants, impact modifier.
The polybutadiene (br) market size is expected to see strong growth in the next few years. It will grow to $33.23 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to green and sustainable materials, automotive industry growth, tire industry innovations, advanced rubber goods. Major trends in the forecast period include bio-based polybutadiene, high cis polybutadiene, customized polymer blends, recycled polybutadiene.
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Market Drivers and Trends:
Increased usage of polybutadiene in high-end tire manufacturing has contributed to the growth of the polybutadiene market. Nearly 70% of the world's production of polybutadiene is used in tire manufacturing. After the curing process, BR possesses different properties such as abrasion resistance, poor wet traction, and low rolling resistance because of its low glass transition temperature. It is also widely used in the sidewall of truck tires to improve abrasion and reduce wear. For example, companies such as UBE Industries manufacture BR, which is used in tires with premier physical properties such as rebound, tensile strength, heat buildup, and grades with excellent processability such as mixing, roll banding, and extrusion.
Neodymium polybutadiene (ND-PBR) rubber production is an emerging trend in the polybutadiene rubber market. Neodymium is a catalyzed synthetic polybutadiene that has high elasticity and is resistant to dynamic stress at both high and low temperatures. It is majorly used in the manufacturing of tires, conveyor belts, golf balls, footwear, and other industries. For instance, Lanxess, a producer of neodymium polybutadiene rubber, is producing 0.14 million tons of ND-PBR per year.
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Major Key Players of the Market:
LG Chem Ltd., Versalis SPA, China Petroleum & Chemical Corporation, JSR Corporation, Reliance Industries Limited, Lanxess AG, Kumho Petrochemical Co. Ltd., Goodyear Tire & Rubber Company, UBE Industries Ltd., Synthos SA, Evonik Industries AG, LyondelBasell Industries NV, Zeon Corporation, Nizhnekamskneftekhim, Firestone Polymers LLC, SIBUR International GmbH, Arlanxeo, China National Petroleum Corporation, PetroChina Company Limited, Formosa Petrochemical Corporation, Indian Synthetic Rubber Limited, Asahi Kasei Corporation, Sumitomo Chemical Co. Ltd., Saudi Aramco, Saudi Arabia's Basic Industries Corporation, Kuraray Co. Ltd.
Polybutadiene (BR) Market 2024 Key Insights:
• The polybutadiene (br) market size is expected to see strong growth in the next few years. It will grow to $33.23 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Increased Utilization Of Polybutadiene In High-Performance Tire Production Drives Polybutadiene Market Growth
• Neodymium Polybutadiene (ND-PBR) Rubber Production Revolutionizes The Polybutadiene Rubber Market
• Asia-Pacific was the largest region in the polybutadiene (BR) market in 2023
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