Global Polybutadiene Market is anticipated to reach over $8 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the automotive segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global polybutadiene market revenue during the forecast period.
A significant growth in the automotive industry, along with growing production of motor vehicles is expected to support the growth of polybutadiene market. Other driving factors include rising industrialization, modernization of vehicles, and industrial automation. However, increasing environmental concerns, and stringent government regulations are expected to restrict the growth of the polybutadiene market. Increasing demand from developing nations, technological advancements, increase use of polystyrene and ABS in production of consumer goods, and rising adoption of eco-friendly tires are factors expected provide numerous growth opportunities to the polybutadiene market players during the forecast period.
Asia-Pacific generated the highest revenue in the Polybutadiene market in 2017, and is expected to lead the global market throughout the forecast period. The increasing economic growth in the region, growth in automotive and manufacturing industries, and rising standards of living are expected to drive the market growth. Increasing disposable incomes in developing countries of this region, increasing applications of polybutadiene, and rising vehicle production are further expected to support market growth. Growing demand for tire production, and industrial automation in the region are expected to further provide growth opportunities during the forecast period.
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The major players operating in the polybutadiene market include China Petroleum & Chemical Corporation, JSR Corporation, Reliance Industries Limited, Lanxess AG, Kumho Petrochemical Co. Ltd., The Goodyear Tire & Rubber Company, UBE Industries, Ltd., Synthos S.A., Evonik Industries, and LyondelBasell Industries NV among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.