SBR market on rise thanks to tires, footwear

NEW YORK—The global styrene butadiene rubber market is set to grow to $11 billion by 2031, driven by automotive, footwear and construction applications, according to a study released by Kenneth Research.

The high point of $11 billion will be reached through a CAGR of 4 percent for the SBR market each year moving forward, the institute said.

Participants profiled in the study included Arlanxeo, Asahi Kasei Corp., Goodyear, TSRC, Dynasol Group, Trinseo, Synthos, Chimei, JSR Corp., Sumitomo Chemical Co. Ltd. and Sibur International, among other major companies.

The study took into account market segmentation (both by industry and geography); growth drivers; and market headwinds.

"The rising application of styrene butadiene rubber in sectors including automotive, construction, electrical, footwear, adhesives and sealants, among others, can be accounted for the expansion of the market," the SBR market study said. "For instance, the U.S. plans to build more than 1 million new housing units each year. The market is expanding as a result of the demand for SBR in the construction sector."

SBR also is used to alter cement and asphalt in the construction industries. By mixing SBR in concrete, the quality and durability of the material are improved.

"As a result, it is predicted that the rising demand for SBR boosts the market to grow significantly over the forecast period," according to the study. "Global cement production increased from 4 billion tons in 2020 to over 4.9 billion tons in 2021."

The Asia-Pacific region is predicted to be the largest consumer of SBR, and the tire segment is the largest consumer by industry, the study confirmed.

There exists "growing demand for SBR adhesives and rising trade in cables and insulators" as well.

"SBR adhesives have been carefully developed for attaching synthetic foams, textiles, ceramic tile and insulating materials," the study notes. "SBR is one of the most commonly used synthetic rubber in adhesives."

Ceramic tile adhesive is used as a cement extender, binder, shape retention enhancer, stabilizing agent and for other performance characteristics.

Other major segments for the SBR market include North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa region.

While SBR use in automotive remains the largest revenue driver, especially with motorcycle and high-performance tires, footwear is expected to expand in the coming decade, the study forecasts.

"Nearly nine out of 10 pairs of shoes, or 89 percent of the world's total, are manufactured in Asia, which has a large concentration of the footwear sector," according to the study.

China produces the most shoes (54.5 percent) in the world. About half of the global consumption of SBR for footwear in 2021 came from Asia. Together, China and India account for more than one-third of global footwear consumption.

The largest tire demand will come from the North American region, according to Kenneth Research.

Solution SBR is predicted to hold a larger share over the forecast period than emulsion SBR, according to Kenneth Research.

"The widespread application of SSBR in the tire and footwear sectors is contributing to the rise," the study notes. "As a result of its flexibility, strong anti-slip qualities, durability, strong abrasion properties and density, SBR is frequently utilized in the manufacture of footwear."