The global polybutadiene market size is estimated to reach USD 7.83 billion by 2026 growing at a CAGR of 5.9% during the forecast period, according to a new report by Polaris Market Research. The report “Polybutadiene Market Share, Size, Trends, Industry Analysis Report By Type (Solid Polybutadiene Rubber, Liquid Polybutadiene Rubber); By End-User (Automotive, Chemical, Industrial, Others); By Regions, Segments & Forecast, 2019 - 2026” enumerates current industry estimates and taps future growth markets.
In 2018, the automotive sector dominated the global industry in terms of revenue. Asia Pacific is expected to be the foremost contributor to the global polybutadiene market during the forecast period. A significant growth in the automotive industry along with escalating production of motor vehicles is expected to spur the market. Other driving factors include accelerated pace of industrialization, ramping up of vehicles and industrial mechanization.
The rising growth is attributed to definitive properties such as abrasion resistance, high resilience and infinite resistance. It is used in cohorts with other rubbers for the manufacture of tires, industrial products and consumer products. Tire manufacturing is the major application segment.
However stringent environmental concerns and a strict government order are expected to restrict growth of this market. A stimulating demand from developing nations, technological enhancements, dedicated use of polystyrene and ABS in production of consumer goods are boosting growth. A premise to an eco-friendly environment and eco-friendly tires are motivating factors to growth of polybuatdiene market during forecast period.
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An increasing demand for synthetic rubber to be used in tire manufacture is cause for high growth. Polymer modification application shows resolute growth in polybutadiene market because of the intrinsic demand for modified polymer and golf balls.
Asia Pacific witnessed rising growth by generating the highest revenue and is expected to lead during forecast period. The economic boom in the region coupled with maximum growth in automotive industries and growing living standards are expected to drive market growth. A pushing demand for production of tires and industrial automation are expected to boost growth in the region during forecast period.
Hence a robust application industry is mainstay for growth in Asia Pacific, The presence of industries such as JSR Corporation and Reliance Industries is fueling t growth in the region.
North America overshot growth estimates in 2016 due to presence of major tire manufacturers including Goodyear, Copper Tires and Proline. MEA is expected to observe insipid growth on account of price volatility because of reduced crude oil production.
The leading players include China Petroleum and Chemical Corporation, JSR Corporation, Reliance Industries Ltd., Lanxess AG, Kumho Petrochemical Co. Ltd, The Goodyear Tire and Rubber Company, UBE Industries Ltd., Synthos S.A, Evonik Industries and LyondelBasell Industries NV among others.
Polaris Market Research has segmented the global polybutadiene market is segmented by product type, end-use, and region