Key Companies Covered in the Polybutadiene Market Research Report by Kenneth Research are ARLANXEO, JSR Corporation, UBE Corporation, Saudi Basic Industries Corporation, LG Corp., SIBUR Holding PJSC, China Petrochemical Corporation, KURARAY CO., LTD., ZEON CORPORATION, Fineotex Chemical Ltd., and other key market players.
New York, July 28, 2022 (GLOBE NEWSWIRE) — According The World Bank, adjusted net national income per capita across the globe, has been increasing throughout the years. In 2015, adjusted net national income per capita was USD 8,501 and it had increased to USD 9,434 by 2019.
Kenneth Research has published a detailed market report on ‘Global Polybutadiene Market’ which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
The global production of natural and synthetic rubber amounted to around 28 million metric tons in 2020. The global polybutadiene market is estimated to garner around USD 17 billion in revenue by 2031 by growing at a CAGR of nearly 5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing production of rubber across the world, and increasing demand for cheap substitutes of natural rubber. In 2020, polybutadiene production volume was nearly 4 million metric tons globally, and is estimated to grow to nearly 5 million metric tons by 2026. Moreover, increasing disposable income per capita is also expected to fuel the market growth.
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The manufacturing of lightweight and fuel-efficient vehicles is currently in the spotlight on the back of increasing need for low maintenance vehicles around the world coupling with the increasing usage of polybutadiene to make tires. Hence, this is expected to be a major factor to boost the growth of global polybutadiene market. Worldwide car sales are growing rapidly, which is anticipated to result into the growth of the global polybutadiene market. According to IEA (International Energy Agency), approximately 73 million cars were sold across the world in 2020. Additionally, market volume of polybutadiene worldwide has been growing throughout the years and it is anticipated to increase more over the projection period. It was observed that, globally the market volume of polybutadiene accounted to approximately 4.5 million metric tons, in 2021.
Regionally, the global polybutadiene market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The Asia Pacific region is estimated to witness significant growth over the forecast period. This growth can be accredited to the high demand from the automotive industry over rising automobile demand on the back of increasing disposable income, huge consumer base, and low labour costs. Additionally, population is increasing throughout the region rapidly throughout the years. It was noticed that the population was 1.86 billion in 2020 in the region. Hence, this is expected to be a prime factor to fuel the growth of polybutadiene market in the region.
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On the other hand, the market in the North America region is estimated to hold the major share over the forecast period owing to the presence of major petrochemical companies, rise in the downstream industry, and presence of major tire manufacturers. For instance, by 2027, the petrochemical production in the United States is estimated to be nearly 100 million metric tons. Moreover, the North America region witnessed a highly significant growth of the overall national expenditure. It was observed that the regional expense was 22.3% of total regional GDP in 2019, and from there it climbed to 32.6% of GDP in 2020. Hence, this is estimated to be a major factor to propel the growth of polybutadiene market in the region.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global polybutadiene market is segmented on the basis of application into tires, polymer modification, industrial rubber, and chemical. Out of these segments, tires segment is anticipated to hold the major share over the projection period. The growth of this segment can be attributed to polybutadiene’s effect on tires, such as toughness, good abrasion resistance, cold resistance, high tensile strength, high resilience, tear resistance, and durability. Additionally demand of usage of polybutadiene to make tires is increasing notably in automotive sector, which is expanding rapidly. The revenue of worldwide automotive industry was sized at approximately USD 2.5 trillion and it is estimated to increase significantly over the forecast period.
Furthermore, the global polybutadiene market is segmented based on type into solid polybutadiene (high cis, low cis, high trans, and high vinyl), and liquid polybutadiene. Out of these, the solid polybutadiene segment is anticipated to hold a substantial market share over the forecast period on the back of high demand and production of tires in emerging economies, introduction of new products, and increasing usage in polymer modification applications. It is estimated that global tire production in 2019 reached approximately 20 million tonnes.
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Some of the prominent players and their company profiling mentioned in the report include ARLANXEO, JSR Corporation, UBE Corporation, Saudi Basic Industries Corporation, LG Corp., SIBUR Holding PJSC, China Petrochemical Corporation, KURARAY CO., LTD., ZEON Corporation, Fineotex Chemical Ltd., and others. The profiling enfolds growth opportunities, challenges, market trends, and competitive analysis and positioning.
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