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."