LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global polybutadiene rubber market predicts a CAGR of close to 6% during the period 2018-2022.
The report segments the global polybutadiene rubber (BR) market by application (tire and non-tire) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global polybutadiene rubber market, according to Technavio chemicals and materials researchers:
- Increasing demand from the automotive industry: a major market driver
- Rising demand for bio-based feedstock: emerging market trend
- APAC dominated the global polybutadiene rubber market with around 57% share in 2017
- In 2017, the tire sector held the largest share in the market, accounting for approximately 70% of the market share
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Increasing demand from the automotive industry: a major market driver
Increasing demand from the automotive industry is one of the major factors driving the global polybutadiene rubber market. The automotive industry is one of the key end-user industries of BR. The automotive sector in the BR market contributes to the market with the maximum share in terms of consumption. It is used in the industry to produce tires. The properties exhibited by BR such as high resilience, enhanced abrasion resistance, and increased cut growth resistance makes it a suitable elastomer to produce tires. Around 70% of the BR produced goes into treads and sidewalls.
According to a senior analyst at Technavio for research on plastics, polymers, and elastomers, “The fluctuations in the prices of natural rubber had encouraged the tire manufacturers to replace the product with synthetic rubber, wherein BR is one of the least expensive products. The manufacturers must depend on synthetic rubber to enhance the quality of the products by increasing the tensile strength. BR is combined with other elastomers such as natural rubber or SBR for tire production.”
The automotive industry relies on BR for non-tire applications such as hoses, belts, gaskets, and other automotive components because of its high resistance to cold temperatures. The increasing number of automobiles across the globe and the growing demand for BR for numerous applications are expected to stimulate the growth of the global BR market.
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Rising demand for bio-based feedstock: emerging market trend
The use of bio-based feedstock in the production of synthetic rubber is one of the upcoming trends. The development of renewable chemicals to produce rubber is increasing rapidly on the grounds of achieving sustainability. The high prices and indefinite supply of petroleum raw materials and natural rubber have encouraged the use of renewable feedstock to produce synthetic rubber. The major players in the market are concentrating on producing BR from bio-based raw materials. Bio-based butadiene is produced with the help of renewable raw material sources such as non-food biomass. Sugar, glycerin, and other plant-based raw materials are evolving as economically viable materials to replace conventional feedstocks such as butadiene and isoprene.
Global market opportunities
APAC was the leading geographical segment of the global BR market with a share of approximately 57% in 2017. The growth of the market in APAC is majorly driven by the presence of low-cost labor benefits in the emerging economies of the region, including China and India, where manufacturers from industries such as automobile are establishing their foothold. EMEA contributed for the second largest share in the BR market because of the growth of the automotive industry in the region.
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