Polybutadiene rubber market forecast to grow 4 to 6 percent through 2031
Dublin, Ireland – The growth of the market is attributed to major applications of this rubber in tires, chemicals and the use of solid PBR rubber in other applications such as polymer modification, sporting goods, industrial rubber goods manufacturing, and footwear products is also driving its consumption.
The growing demand for improved performance and low rolling-resistance tires is expected to provide growth opportunities for the market. According to latest research from Future Market Insights, the demand of polybutadiene rubber (PBR) is anticipated to grow with a steady growth rate of about 4.0% to 6.0% in between the coming assessment period of 2021-2031.
Major factors driving the market are the growing demand from the automotive industry, and more specifically because of the automotive tire market that is witnessing expansion. It accounted for the largest share of the overall PBR market. This rubber is widely used in tire manufacturing due to its toughness, good abrasion resistance, cold resistance, high tensile strength, high resilience, tear resistance, and durability.
However the demand of PBR was hampered significantly in the year 2020 due to COVID-19 crisis. Owing to the pandemic scenarios, several countries around the world went into lockdown to curb the spreading of the virus. Major tire manufacturers have shut down plants due to low demand as automotive production and sales plunged.
Increasing demand from the automotive industry is one of the major factors driving the global polybutadiene market. The automotive industry is one of the key end-user industries of this rubber. The automotive sector in the market contributes the maximum share in terms of volume consumption.
PBR is used in the industry to produce tires for all types of vehicle categories. The properties exhibited by PBR such as high resilience, enhanced abrasion resistance, and increased cut growth resistance makes it a suitable material to produce tires.
Asia Pacific region is anticipated to remain the fastest growing region all over the globe. With the substantially growing automotive sector in this region especially in China, South Korea, Japan, India etc., the growth rate of this region is projected to remain high during the forecast period.
APAC is expected to account for the largest value share of the global polybutadiene market in 2021. The market is primarily driven by the strong demand from the automotive tire manufacturing sector. China is expected to boost the demand for polybutadiene rubber during the forecast period.
Various manufacturers from developed regions are shifting their manufacturing units to APAC because of the availability of raw materials, low labor cost, and favorable government policies in emerging markets such as India, Indonesia, and Thailand. Furthermore, economic growth, rising population, and growing urbanization are the important drivers of the global polybutadiene market in APAC region.
The presence of large petrochemical firms in North America along with the expansion of the downstream industry is driving market expansion. Consumption in the North America has been greatly affected by the supply of butadiene in that region. Demand in this region is supposed to grow at a moderate pace due to the slowdown in production in end use industries.
The capacity additions in the region of US and Canada are an indicator of increasing demand in the market over the outlook period. The presence of major automakers in the U.S. and a renewed focus on domestic component manufacturing is projected to prove beneficial for the polybutadiene rubber market in North America. The escalating number of new cracking capacity region is a big boost for manufacturers as it is predicted to streamline the supply of butadiene.
Some of the leading manufacturers and suppliers of polybutadiene rubber include ARALNXEO (Netherlands); UBE Industries Ltd (Japan); JSR Corporation (Japan); Kumho Petrochemical Co. Ltd (South Korea); Reliance Industries Ltd. (India)