Market Trends of Styrene Butadiene Rubber (SBR) Industry
Adhesives Segment to Dominate the Market
- SBR offers a balance of properties, including good adhesion, durability, and flexibility, making it suitable for formulating a wide range of adhesives for diverse applications. SBR-based adhesives can bond to various substrates, including metals, plastics, wood, paper, and textiles, making them versatile and applicable in many industries.
- SBR-based adhesives offer excellent adhesion to various surfaces, providing strong and durable bonds in packaging, construction, automotive, footwear, and woodworking applications. SBR's ability to form cohesive and adhesive bonds contributes to its dominance in the adhesive segment.
- Styrene butadiene rubber has been applied to improve the properties of tires. It helps reduce rolling resistance and increases fuel efficiency. It also improves tire wet grip and braking performance. In addition, it protects the tire from wear and tear to prolong its life.
- According to the estimate released by the US Tire Manufacturers Association, about 6.3 million original equipment and 23.1 million replacement truck tires were shipped to the United States in 2022.
- Furthermore, according to the Bureau of Labor Statistics estimate, the US producer price index for passenger car pneumatic tires was 180.2 index points at the end of 2022.
- The construction and packaging industries are significant consumers of SBR-based adhesives for bonding carpets, tiles, laminates, tapes, labels, and packaging materials. The demand for SBR-based adhesives is projected to rise as these industries keep growing worldwide, strengthening the dominance of the adhesive segment in this market.
- In 2022, the value of new building projects in current prices increased by 15.8% to a record high of GBP 132,989 million (USD 168,060.19 million) in Great Britain. This is due to increased private and public sector employment of GBP 14,093 million (USD 17809.54 million) and GBP 4,068 million (USD 5118.05), respectively.
- This increase in demand for styrene butadiene rubber, which will help the market grow during the upcoming period, is a result of these factors.
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Asia-Pacific to Dominate the Market
- Asia-Pacific is home to a wide range of industries that are significant consumers of SBR, including automotive, construction, footwear, textiles, and packaging. The region's rapid industrialization, urbanization, and economic growth drive demand for SBR-based products in various applications, such as tires, conveyor belts, adhesives, shoe soles, and asphalt modifiers.
- Asia-Pacific, particularly China, is a central manufacturing hub for synthetic rubber production, including SBR. The region benefits from abundant feedstock availability, well-established petrochemical infrastructure, and competitive manufacturing costs, making it attractive for SBR production. China, in particular, accounts for a significant share of global SBR production capacity.
- According to the estimate released by the China Automotive Association Manufacturers (CAAM), in China, about 23.56 million passenger cars and 3.3 million commercial vehicles were sold in 2022.
- According to the estimate released by the Society of Indian Automobile Manufacturers, in 2022, India became the world's biggest producer of two wheels. This segment has also dominated the country's market. More than 15.8 million units of two-wheelers were sold domestically in South Asian countries during the financial year 2022.
- Asia Pacific is a significant producer and consumer of footwear and textiles, extensively using SBR-based materials. SBR is commonly used in shoe soles, heels, and athletic footwear due to its durability, abrasion resistance, and flexibility. The region's growing population and increasing disposable incomes drive demand for SBR-based footwear and textiles.
- India is the second largest footwear producer after China, with around 219 million pairs of footwear produced during FY 2022.
- Thus, the abovementioned factors are expected to increase the demand for styrene butadiene rubber, majorly from the Asia-Pacific region.
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