The global polybutadiene market is a multibillion-dollar industry. Polybutadiene is a synthetic rubber that is known for its strength, flexibility and resistance to friction. It is largely used in tire manufacturing where it acts as an important ingredient in tire tread and sidewall compounds. Polybutadiene provides low rolling resistance and excellent abrasion resistance to tires. This enhances fuel efficiency and prolongs tire life. It is also used in hoses, gaskets, seals, belts and other automotive applications that require resilience and durability. With increasing automobile production worldwide, the demand for tires and other automotive components is growing rapidly, thereby driving the polybutadiene market.
The global polybutadiene Market is estimated to be valued at US$ 5.04 Bn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The polybutadiene market is expected to be flourished by the rising demand from the automotive industry. As mentioned in the heading, the increasing automobile production globally is one of the major drivers of this market. Developing regions in Asia Pacific and Latin America are witnessing rapid economic and industrial growth which is triggering automotive demand in these areas. This upsurge in automobiles willaugment the need for tires and other rubber components made from polybutadiene.
Another driver is the superior properties of polybutadiene that make it suitable for diverse rubber applications. Its strength, flexibility and resistance to abrasion provide longer product life. This improves cost effectiveness for end users. Due to such benefits, polybutadiene is replacing conventional rubbers in several applications and hence expanding its market reach. The ability to reduce rolling resistance also appeals to the green trends in the automotive sector.
Segment Analysis
The polybutadiene market is dominated by thesolution styrene butadiene rubber (SSBR) sub-segment, which accounts for over 50% of the global market share. SSBR witnesses high demand from the tire industry as tires containing SSBR last longer and have better traction on roads. The product also improves the mileage of vehicles using such tires.
PEST Analysis
Political: No significant political risks affect the polybutadiene market globally.
Economic: The growing automotive and tire industries, especially in developing economies, drive the demand for polybutadiene which is used to manufacture tires. A rise in disposable incomes fuels automobile sales.
Social: Rising concern about vehicle fuel efficiency and performance leads to higher usage of polybutadiene in tires to provide better traction and mileage.
Technological: Advances in polymer synthesis help manufacturers develop specialized polybutadiene grades for applications in footwear, adhesives and other industries.
Key Takeaways
The Global Polybutadiene Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rapid urbanization and industrialization in Asia Pacific and Latin America.
Regional analysis: The Asia Pacific region dominates the global market owing to large scale automotive, tire and footwear production in China, India and other Southeast Asian countries.
Key players operating in the polybutadiene market include Envista Holdings Corporation, Planmeca Oy, Acteon Group, DENTSPLY Sirona, Carestream Dental, VATECH Co. Ltd., Owandy Radiology, Durr Dental SE, Midmark Corporation, Genoray Co. Ltd., Asahi Roentgen Co. Ltd., 3Shape, PreXion Inc., Cefla Medical Equipment, Apteryx Imaging (Canada), Yoshida Dental Mfg. Co. Ltd, and Align Technology Inc. The global tire industry utilizes over 60% of the total polybutadiene produced worldwide. Key players focus on expanding tire production capacities and developing technologies to manufacture fuel-efficient tires using specialized polybutadiene formulations.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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