The Solution Styrene Butadiene Rubber (S-SBR) market is anticipated to reach over USD 6.2 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the automotive tire segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.
The growing automotive industry, rapid industrialization, and modernization of vehicles drive the growth of this market. The growth in global automotive industry and increasing average life of vehicles has resulted in Solution Styrene Butadiene Rubber Market market growth. The growing need for improved fuel efficiency and reduced rolling resistance accelerates the demand for automotive tires. Other driving factors include rising applications in footwear and sports industries, and increasing use in polymer modification applications. Increasing demand from developing nations, and technological advancements is expected to provide numerous growth opportunities to the market players during the forecast period.
Asia-Pacific generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The increasing demand for automotive in the region coupled with rising disposable income drives the Solution Styrene Butadiene Rubber market growth in the region. The rapid industrialization in China, Japan, and India, along with significant improvement in living standards would support Solution Styrene Butadiene Rubber market growth during the forecast period. The introduction of stringent government regulations regarding use of eco-friendly tires, and modernization of vehicles would boost the market growth.
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The key players operating in the Solution Styrene Butadiene Rubber market include Bridgestone Corporation, Asahi Kasei Corporation, The Goodyear Tire & Rubber Company, Taiwan Synthetic Rubbers, Dow Chemical Company, Tianjin Lugang Petroleum and Rubber, Dynasol Elastomers, Polimeri Europa, China National Petroleum Corporation, and Trinseo S.A. 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.