Kenneth Research recently added a report on Solution Styrene Butadiene Rubber (S-SBR) Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that, Europe is the second largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years. In the year 2018, out of the top 10 chemical producing countries in the world, two countries belonged to Europe that generated a sales revenue of 19.1% of the total sales revenue globally. Moreover, the sales of chemicals in Europe grew from 2017 by 2.8% in 2018.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Solution Styrene Butadiene Rubber (S-SBR) Market products.
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According to the statistics by the Food and Agricultural Organization (FAO) of the United Nations, the total amount of pesticides used around the world grew from 3,089,827 tonnes in 2000 to 4,122,334 tonnes in 2018. Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
The Solution Styrene Butadiene Rubber (S-SBR) market is anticipated to reach over USD 6.2 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the automotive tire segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.The growing automotive industry, rapid industrialization, and modernization of vehicles drive the growth of this market. The growth in global automotive industry and increasing average life of vehicles has resulted in Solution Styrene Butadiene Rubber Market market growth. The growing need for improved fuel efficiency and reduced rolling resistance accelerates the demand for automotive tires.
Other driving factors include rising applications in footwear and sports industries, and increasing use in polymer modification applications. Increasing demand from developing nations, and technological advancements is expected to provide numerous growth opportunities to the market players during the forecast period.
Asia-Pacific generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The increasing demand for automotive in the region coupled with rising disposable income drives the Solution Styrene Butadiene Rubber market growth in the region. The rapid industrialization in China, Japan, and India, along with significant improvement in living standards would support Solution Styrene Butadiene Rubber market growth during the forecast period. The introduction of stringent government regulations regarding use of eco-friendly tires, and modernization of vehicles would boost the market growth.
The key players operating in the Solution Styrene Butadiene Rubber market include Bridgestone Corporation, Asahi Kasei Corporation, The Goodyear Tire & Rubber Company, Taiwan Synthetic Rubbers, Dow Chemical Company, Tianjin Lugang Petroleum and Rubber, Dynasol Elastomers, Polimeri Europa, China National Petroleum Corporation, and Trinseo S.A. among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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