Styrene Butadiene Rubber Market Overview 2023-2027: Forecasted Growth Rate, Major Drivers And Trends - By The Business Research Company

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, July 17, 2023 /PRNewswire/ -- As per The Business Research Company's Styrene Butadiene Rubber Global Market Report 2023, the global styrene butadiene rubber (SBR) market size will grow from $35.7 billion in 2022 to $37.7 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. The global styrene butadiene rubber (SBR) market size is then expected to grow from $46.5 billion in 2027 at a CAGR of more than 5%.

During the forecast period, the growing tire manufacturing sector is expected to drive the styrene butadiene rubber (SBR) market. Tire manufacturing is one of the primary industries that relies heavily on SBR. For example, in 2023, the US Tire Manufacturers Association (USTMA), the national trade association for tire manufacturers in the USA, forecasted that the total number of tires shipped from the country will reach 334.2 million units in 2023, up from 332.0 million units in 2022 and 332.7 million units in 2019.  Therefore, the growing tire manufacturing sector will support the growth of the styrene butadiene rubber (SBR) market.

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Sustainability is gaining popularity in the styrene butadiene rubber (SBR) market. Manufacturers are investing in the development of eco-friendly alternatives, such as bio-based SBR and recycled SBR, to reduce their carbon footprint and enhance sustainability. For example, in November 2021, Asahi Kasei, a Japanese chemical company, concluded a partnership agreement with Shell (Shell Eastern Petroleum (Pte) Ltd), a Singaporean company that refines and distributes petroleum products, to offer high-quality premium sustainable solution-polymerized styrene-butadiene derived from plastic waste and biomass. S-SBR (solution-polymerized styrene-butadiene rubber) is a kind of synthetic rubber primarily utilized in high-performance, fuel-efficient tires.

In addition, companies in the styrene butadiene rubber (SBR) market are focusing on new plant expansions to strengthen their position and to increase their geographic presence. For example, in April 2023, Hainan Baling Chemical New Material Co., Ltd, a subsidiary of China Petroleum & Chemical Corp, a Chinese Petroleum refineries company, launched a project focused on the production of Styrene-Butadiene Copolymer (SBC) in Hainan, China.

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As per the styrene butadiene rubber market analysis, Asia Pacific was the largest region in the styrene butadiene rubber (SBR) market and was worth $24.7 billion in 2022.

The styrene butadiene rubber market in Asia Pacific is supported by the rapid industrialization and by the high investments in the region. For example, in September 2021, Apcotex Industries Limited, an Indian-based manufacturer of Styrene-Butadiene, Synthetic Latex Styrene Acrylic latex, and Synthetic Rubber announced plans to increase its Nitrile Latex capacity by 60,000 MTPA (Metric Tonnes Per Annum) at its Valia facility in Gujarat and Taloja plant in Maharashtra. The factories are going to be built to be adaptable enough to manufacture a few existing items as needed.

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