Styrene Butadiene Rubber Market Races to USD 19.7 Billion by 2034 Fueled by Auto Industry and Infrastructure Boom | Future Market Insights, Inc.

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May 14, 2024, 14:00 ET

The styrene butadiene rubber market is driven by growth in the automotive industry and infrastructure development projects. Manufacturers are also developing new formulations with improved properties. Demand is expected to rise in emerging economies like India (8.1% CAGR) due to growth in consumer goods manufacturing. Bio-based alternatives are gaining interest due to sustainability concerns.

NEWARK, Del., May 14, 2024 /PRNewswire/ -- 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.

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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.

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," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc).

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.

Purchase now and gain full access to the Styrene Butadiene Rubber Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.

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)).

The chemicals and materials team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

About the Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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