Solution Styrene Butadiene Rubber (SSBR) Market is Estimated to Reach $5.86 Billion By 2026, Says Accurize Market Research
Global Solution Styrene Butadiene Rubber (SSBR) Market Report, published by Accurize Market Research, forecast that the global market is expected to reach $5.86 Billion by 2026, growing at a CAGR of 9.3% from 2019 to 2026. In terms of volume, the market is expected to reach 1,967 Kilo Tons by 2026. Asia-Pacific dominated the global SSBR market accounting for more than 38% of the global market share in 2018, and anticipated to continue its dominance during the forecast period 2019 – 2026.
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Market Introduction and Market Dynamics
Solution Styrene Butadiene Rubber (SSBR) Market will attain a steady growth during the forecast timeframe. A surge in demand from strong application areas such as tires polymer modification, footwear, and adhesives & sealants industries will drive the market. As per the study, global tire market is projected to surpass 6 billion units by 2024. The high growth in tire market will definitely fuel the demand for solution styrene butadiene rubber. Further, growing disposable income of consumers in the developing countries such as China and India has lead to development in automobile industry supporting the market growth. However, various environmental concerns is acting as a restraint for the market. The increasing demand from footwear industry in the emerging economies, and growing application would provide several growth opportunities in forecasted years.
Market Segmentation and Crisp Analysis
The global Solution Styrene Butadiene Rubber (SSBR) Market has been segmented into application and geography. By application type, the market is categorized into tire, footwear, polymer modification, adhesives & sealants, and others. By application, the tire segment accounted for more than 76% of the global solution styrene butadiene rubber market share in 2018. The footwear industry generated the second highest market revenue and is expected to attain a moderate growth rate during the forecast period 2019 – 2026. The market will be majorly driven by growing demand for athletic shoes as SSBR is widely used in athletic shoes for improved performance and grip.
Regional Segmentation and Crisp Analysis
By geography, the global solution styrene butadiene rubber market is segment into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America covers the U.S., while Europe covers UK, Germany, France, Italy, and Rest of Europe. The Asia-Pacific countries covered in the report are China, Japan, India, and Rest of Asia-Pacific. Rest of the world includes Central & South America, the Middle East, and Africa.
Asia-Pacific is a dominant market accounting for more than 38% of the global market share in 2018. The market dominance is attributed to increased demand from tire industry. Also, China is the largest producer of tires; the high demand for solution styrene butadiene rubber has supported the market growth in the Asia-Pacific. In the Europe, Italy is amongst the fastest growing country solution styrene butadiene rubber on account of the increasing demand for high-performance tires from the automotive manufacturers.
Manufacturers Competitive Analysis
The global solution styrene butadiene rubber market is moderately fragmented. The top players operating in the market are frequently investing on research & development and are engaged in capacity expansion and new manufacturing facility development. The major companies operating in the global solution styrene butadiene rubber (SSBR) market are Goodyear Tire and Rubber Company, SIBUR Holding JSC, Taiwan Synthetic Rubber Corporation, Bridgestone Corporation, Michelin, Lanxess, JSR Corporation, Sumitomo Chemicals, Tianjin Lugang Petroleum, and Rubber, LG Chemicals, among others.
Scope of the Report
The scope of the report covers in-depth analysis of the market in terms of both qualitative and quantitative analysis across the segments as well as cross-sectional analysis of the segments including the geographies and its countries. Key companies operating in this market and their company profile along with the market share analysis and competitive scenario is also the part of the report. Furthermore, different industries clients’ information has been provided in the report which is very important for the manufacturers. Manufacturers’ data, including: revenue, shipment, revenue share, shipment share, and gross profit have been also included, which provide better understanding of the market competition.
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