DUBLIN, Ireland—The European styrene butadiene rubber market is expected to reach $2.5 billion by 2018, according to research by MicroMarket Monitor.
The market has been valued at $2.3 billion in 2013 and is expected to grow at a compound annual growth rate of 1.1 percent. It is projected to reach $2.5 billion by the end of 2018.
The European SBR market constituted 17.6 percent of the global market and is poised to grow its share to 15.8 percent by the end of 2018. Europe was the second-largest consumer of SBR in 2013 with the consumption being almost 1,000 kilotons.
The presence of large automobile manufacturing in countries such as Germany and Italy are expected to drive demand in the region. The European Union tire labeling regulations are expected to boost the demand for SBR in particular over the next three years.
Away from Europe, the North America market has been pegged at $3.5 billion in 2013, growing at 1.6 percent annually and is projected to reach $3.8 billion by the end of 2018. It constitutes 26.6 percent of the global market and is forecast to grow its share to 24.4 percent by the end of 2018.
The Asia-Pacific market had been valued at $6.4 billion in 2013 and is expected to grow at 4.5 percent annually, to reach $7.9 billion by 2018. It constitutes 48 percent of the global market and is poised to grow its market share to 51.0 percent by 2018.