Global Solution Styrene Butadiene Rubber (S-SBR) Market is expected to reach USD 5.40 billion by 2025, according to a new report by Hexa Reports. Increasing demand in tire manufacturing industry owing to the low rolling resistance and high wet grip offered by the product is expected to augment market growth
The growth in the solution styrene butadiene rubber (S-SBR) market is primarily driven by the increasing demand from the tire manufacturing industry on account of the low rolling resistance and high fuel efficiency offered by the product. Rising demand for vehicles in the developing economies has been a major contributing factor for the S-SBR industry growth.
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Aftermarket tire sales have also been a major factor for S-SBR market growth. Increasing consumer awareness regarding the benefits of high-performance tires is likely to boost demand over the forecast period. In addition, tire labeling regulations in the countries including Japan, Korea and the European Union have bolstered the demand for S-SBR.
The tire labeling regulations introduced by the European Union with regards to information in terms of external rolling noise, fuel efficiency and wet grip of the tires coupled with rapid growth in demand for green tires are the most influential factors driving the demand for S-SBR in the region.
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The solution styrene butadiene rubber market is highly undersupplied with respect to demand. Capacity expansions by the key players coupled with utilization of emulsion styrene butadiene rubber (E-SBR) manufacturing facilities for S-SBR production are expected to bridge the gap between demand and supply in the market.
Further key findings from the report suggest:
- Tire industry was the largest application accounting for 80.6% of the overall revenue share in 2016. Low rolling resistance and high fuel efficiency and wet grip offered by the product is expected to drive the demand for S-SBR in the industry.
- Footwear industry was the second largest application for S-SBR in terms of volume. Longevity and improved performance offered by the product to the athletic shoes is expected to have a positive impact on the market growth in footwear applications.
- Asia Pacific accounted for 81.0% of the overall revenue share in 2016. Rapid growth of the tire manufacturing industry in China is expected to be the key driver for industry growth in the region.
- Europe was the second largest region in terms of volume in 2016. The tire labeling regulations followed by the countries in the European Union is expected to bolster the demand for solution styrene butadiene rubber in the region over the forecast period.
- The major players include Sinopec, SIBUR, Bridgestone Corporation, Michelin, and China National Petroleum Corporation (CNPC). Sinopec and SIBUR are backward integrated and reduce the overall operating cost by acquiring the suppliers in the market.
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