|
Forecast
Period
|
2025-2029
|
|
Market
Size (2023)
|
USD323.68
million
|
|
CAGR
(2024-2029)
|
3.65%
|
|
Fastest
Growing Segment
|
Emulsion
SBR
|
|
Largest
Market
|
West
India
|
Market Overview
India
Styrene-butadiene rubber (SBR) Market has reached reach USD323.68 million by
2023 and is anticipated to project robust growth in the forecast period with a
CAGR of 3.65% through 2029. The India's Styrene-Butadiene Rubber (SBR) market
is currently experiencing a remarkable growth trajectory. SBR, which is a
synthetic rubber variant widely used in tire manufacturing, shoe soles, and
various other industrial applications, has gained significant momentum in the
Indian market. The flourishing automotive industry in India, coupled with the
increasing demand for high-performance tires, has been a major driving force
behind the rapid expansion of the SBR market.
Research
suggests that the Emulsion SBR segment holds a significant market share and is
expected to contribute substantially to the overall market growth. This can be
attributed to its cost-effectiveness and versatility in various applications.
Emulsion SBR has proven to be a preferred choice in sectors such as automotive,
construction, and consumer goods due to its excellent performance
characteristics and wide range of application possibilities.
One
of the key drivers of the SBR market in India is the robust growth of the
automotive industry. The high demand for tires, driven by the rising vehicle
ownership and expanding automotive production, is fueling the demand for SBR.
Moreover, the increasing preference for high-performance tires that offer
better fuel efficiency and longevity further bolsters the market growth. The
automotive sector's focus on technological advancements and eco-friendly
initiatives is also creating new opportunities for SBR manufacturers to develop
sustainable and innovative products.
Furthermore,
the market growth is also propelled by the extensive research and development
(R&D) activities aimed at enhancing the properties of SBR and finding
sustainable production methods. These initiatives are expected to lead to the
development of innovative SBR products, such as bio-based SBR and
environmentally friendly manufacturing processes. The ongoing R&D efforts
in the SBR industry are not only focused on improving product performance but
also on addressing environmental concerns and meeting regulatory requirements.
In
conclusion, India's SBR market is poised for substantial growth in the coming
years, driven by the thriving automotive industry, increasing industrial
applications, and continuous advancements through R&D efforts. As such, the
SBR market presents promising opportunities for stakeholders in the synthetic
rubber industry, providing a platform for innovation, sustainability, and
market expansion.
Key Market Drivers
Growing
Demand of Styrene-Butadiene Rubber (SBR) from Construction Industry
The
Indian Styrene-Butadiene Rubber (SBR) market is experiencing a significant
surge in growth, primarily driven by the ever-increasing demand from the
booming construction industry. With its exceptional durability and versatility,
SBR, a synthetic rubber variant, has emerged as an ideal material for a wide
range of applications within the construction sector.
SBR's
popularity in the construction industry can be attributed to its remarkable
properties. Notably, it exhibits high resistance to abrasion and aging, making
it an excellent choice for critical applications such as waterproofing
membranes, sealants, and adhesives. As the construction sector embraces green
and sustainable building practices, the demand for SBR has witnessed an even
greater spike. Being a recyclable material, SBR helps reduce the environmental
impact associated with construction activities, further fueling its adoption.
The
growth of the SBR market is also propelled by extensive research and
development efforts. With a focus on enhancing its properties and exploring
innovative applications, ongoing initiatives aim to unlock the full potential
of SBR in the construction sector. As a result, the market is poised to
experience substantial growth in the forthcoming years.
Furthermore,
the Indian government's unwavering commitment to fostering infrastructure
development and promoting sustainable construction practices is expected to
provide an additional impetus to the demand for SBR in the construction
industry. This favorable environment creates a conducive landscape for the
growth of the SBR market in India.
In
conclusion, the escalating demand for SBR from the construction industry,
bolstered by sustainable building practices and robust government support, sets
the stage for remarkable growth in the SBR market in India. As the construction
sector continues its upward trajectory, the need for durable and versatile
materials like SBR is bound to intensify, offering promising opportunities for
market players to thrive.
Growing
Demand of Styrene-Butadiene Rubber (SBR) from Automotive Industry
The
Indian Styrene-Butadiene Rubber (SBR) market is currently experiencing a
remarkable upswing, primarily driven by the rapidly growing demand from the
automotive industry. SBR, a synthetic rubber variant known for its outstanding
abrasion resistance and aging stability, has emerged as the preferred choice in
various automotive applications.
The
tire manufacturing industry, in particular, stands as a major consumer of SBR.
With the increasing sales of vehicles, both new and replacement, the demand for
SBR in tire manufacturing has witnessed a significant surge.
Furthermore,
SBR has found expanding usage in the production of automotive parts such as
belts, hoses, gaskets, and floor mats, owing to its exceptional properties. The
remarkable rise in automobile sales in recent years has consequently led to an
increased utilization of SBR by the automobile industry.
In
conclusion, the surging demand for SBR from the automotive industry, combined
with continuous advancements achieved through dedicated R&D efforts, is
poised to propel the growth of the SBR market in India. As the automotive
sector continues its expansion trajectory, the need for durable and versatile
materials like SBR is expected to rise, thus offering promising opportunities
for market players. This positive outlook signals a bright future for the SBR
market in India.
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Key Market
Challenges
Volatility
in Price of Raw Materials
Styrene-butadiene
rubber (SBR) is a synthetic rubber variant primarily composed of styrene and
butadiene, two petroleum derivatives. This composition gives SBR several
advantages, including excellent abrasion resistance and aging stability.
However, the market for SBR faces significant challenges due to the fluctuating
costs of its primary raw materials.
One
of the primary factors influencing the price volatility of SBR is the
fluctuating crude oil market price. Since both styrene and butadiene are
derived from petroleum, their prices are directly linked to the global oil
prices. Any instability in the oil market significantly impacts the cost of SBR
production, leading to price fluctuations in the market.
Furthermore,
the supply of natural rubber, another critical raw material for SBR production,
often falls short of demand. This inadequacy in supply exacerbates the price
volatility of SBR. The fluctuations in the prices of primary raw materials can
directly impact the profitability of the industry and consequently affect the
overall SBR market price.
For
instance, in December, the SBR price in the Indian domestic market dropped to
INR 178,046 per metric ton due to these dynamics. Such price fluctuations can
have a significant impact on the industry's profitability and competitiveness.
Moreover,
the SBR market also faces competition from substitutes. The price volatility of
SBR can make alternatives like natural rubber or other synthetic rubbers more
appealing to certain industries. This competition from substitutes further
poses challenges to the SBR market and its growth prospects.
In
summary, while SBR offers excellent properties and advantages, its market
growth is hindered by the fluctuating costs of raw materials, including styrene
and butadiene, which are directly influenced by the global oil prices.
Additionally, the inadequate supply of natural rubber and competition from
substitutes contribute to the challenges faced by the SBR market.
Key Market Trends
Rise
in Sustainable Practices
A
key factor contributing to the remarkable growth of the SBR market in India is
the strong push towards sustainability. SBR manufacturers are placing a
significant emphasis on achieving sustainability in their operations, adopting
environmentally-friendly production methods, and utilizing renewable resources.
This shift towards green practices not only benefits the environment but also
enables companies to enhance their brand image and comply with regulatory
requirements.
Moreover,
the Indian government's initiatives promoting sustainable construction
practices have played a crucial role in influencing the SBR market. These
initiatives actively encourage the use of recyclable materials like SBR,
further fueling the demand for this versatile product.
Furthermore,
the tire manufacturing industry, which represents a substantial consumer of
SBR, is increasingly favoring sustainable and eco-friendly rubber. This growing
preference for environmentally-conscious materials is a major driver behind the
rising demand for SBR in the market.
The
sustainability trend extends beyond manufacturing practices and encompasses the
development of sustainable products as well. For instance, Emulsion SBR (E-SBR)
and Solution SBR (S-SBR), two types of SBR, have gained considerable popularity
due to their eco-friendly properties and performance characteristics.
However,
while the trend towards sustainable practices presents significant
opportunities, it also poses challenges. Achieving sustainability in
manufacturing processes can be costly, and these costs can impact the overall
growth of the market.
In
conclusion, the rise of sustainable practices is a significant trend that is
shaping the Indian SBR market. While it presents challenges, the opportunities
it offers are substantial. As the focus on sustainability continues to grow, it
is expected to play a crucial role in driving the future growth and development
of the SBR market in India.
Segmental Insights
Type
Insights
Based
on the category of type, the emulsion SBR segment emerged as the dominant
player in the Indian market for water soluble polymers in 2023. One of the primary
reasons for the market dominance of E-SBR (Emulsion Styrene-Butadiene Rubber)
is its lower production cost compared to other types of SBR. The manufacturing
process of E-SBR is more straightforward and less expensive than that of
solution SBR (S-SBR), making it a preferred choice for manufacturers seeking
cost-effectiveness.
In
addition to its cost-effectiveness, E-SBR offers excellent performance
characteristics, making it highly desirable for various applications. It
provides good abrasion resistance and aging stability, which are crucial
properties, particularly in the automotive industry where durability is
essential. The automotive sector, especially tire manufacturing, heavily relies
on SBR. With the growing vehicle sales in India, the demand for E-SBR in tire
production has witnessed a notable increase. E-SBR's attributes, such as high
durability and resistance to wear and tear, make it particularly suitable for
manufacturing tires for both commercial vehicles and passenger cars.
The
cost advantage and excellent performance attributes of E-SBR contribute to its
market dominance and widespread adoption in the automotive industry,
establishing it as a preferred choice for tire manufacturers seeking quality
and cost-effectiveness.
Application
Insights
The
tyres segment is projected to experience rapid growth during the forecast
period. One of the key reasons why tyres dominate the SBR (Styrene Butadiene
Rubber) market is due to the unique properties of SBR. It offers excellent
abrasion resistance, good aging stability, and superior performance
characteristics that make it an ideal choice for tyre manufacturing. The
outstanding resistance to wear and tear ensures that tyres made with SBR can
withstand the demanding conditions of both commercial vehicles and passenger
cars.
The
dominance of SBR in the market is further fueled by the booming automotive
industry in India. With the continuous rise in vehicle sales, the demand for
tyres has witnessed a significant surge, consequently driving the demand for
SBR. The high durability and wear-and-tear resistance of SBR make it a
preferred choice for manufacturing tyres that can withstand the challenging
road conditions.
Moreover,
the industry's increasing focus on sustainability and environmentally-friendly
practices has also played a crucial role in driving the demand for SBR.
Emulsion SBR (E-SBR), a type of SBR, is gaining popularity due to its
eco-friendly properties and lower production cost. The utilization of E-SBR
aligns with the industry's commitment to reducing carbon footprint and adopting
more sustainable manufacturing practices.
In
conclusion, the dominance of SBR in the tyre market can be attributed to its
exceptional properties, the growth of the automotive industry, and the
increasing demand for sustainable practices. As the demand for high-performance
and environmentally-friendly tyres continues to rise, SBR remains at the
forefront of tyre manufacturing, catering to the evolving needs of the
industry.
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Regional Insights
West
India emerged as the dominant player in the India Styrene-butadiene rubber
(SBR) Market in 2023, holding the largest market share in terms of value. This
dominance is largely attributed to several key factors that have contributed to
the region's leading position in the industry. Firstly, Western India,
encompassing states like Maharashtra and Gujarat, has emerged as a powerhouse
for major manufacturing industries, including the automotive sector. With a
significant number of automotive companies based in this region, the demand for
Styrene Butadiene Rubber (SBR) has skyrocketed, as it is primarily used in tyre
manufacturing. The presence of these industries in West India not only drives
the demand for SBR but also creates a conducive environment for its production
and distribution.
Secondly,
West India has been at the forefront of technological advancements and
industrial growth in the country. The region has embraced innovation and
adopted cutting-edge technologies, allowing for increased efficiency and
productivity in SBR production. Furthermore, the industries in this region have
demonstrated a remarkable capacity to adapt to new technologies and processes,
which has further fueled the demand for SBR. By constantly pushing the
boundaries of technological advancements, West India has created an ecosystem
that fosters the growth of the SBR industry.
In
addition to these factors, West India's strategic geographical location plays a
crucial role in its dominance in the SBR market. Situated in close proximity to
major ports and transportation hubs, the region enjoys seamless connectivity
and easy access to global markets. This geographical advantage not only
facilitates the import of raw materials required for SBR production but also
enables the efficient export of finished SBR products to international markets.
In
summary, the dominance of West India in the SBR market can be attributed to a
combination of factors, including the concentration of major manufacturing
industries, technological advancements, and strategic geographical location.
These factors have created a thriving ecosystem that supports the production,
consumption, and export of SBR, solidifying the region's position as a leader
in the industry.
Recent Developments
- In
2019, Kumho Petrochemical Co. Ltd. made an exciting announcement. The company
proudly unveiled their latest innovation: a groundbreaking type of Styrene
Butadiene Rubber (SBR). This newly developed SBR boasts exceptional attributes,
including significantly improved abrasion resistance and fuel efficiency. With
these remarkable advancements, the tire industry is set to experience a major
transformation.
- Kumho
Petrochemical Co. Ltd.'s cutting-edge SBR is specifically designed to meet the
growing demand for high-performance tires. Its remarkable properties make it
ideal for various applications, ranging from racing vehicles to off-road
adventures. This groundbreaking development promises to revolutionize the tire
industry, providing consumers with enhanced safety, durability, and
performance.
- By
pushing the boundaries of technology and engineering, Kumho Petrochemical Co.
Ltd. has positioned itself at the forefront of tire innovation. With their
commitment to excellence, they continue to shape the future of the automotive
industry, setting new standards for quality and performance.
Key Market Players
- ARLANXEO India Pvt. Ltd.
- Asahi Kasei India Private Limited
- Kumho Petrochemical Co., Ltd
- LANXESS India Private Limited
- Sumitomo Chemical LTD India
- Versalis Pacific (India) Private Limited
|
By Type
|
By
Application
|
By Region
|
|
|
- Tyres
- Adhesives
- Footwear
- Others
|
- North India
- East India
- West India
- South India
|
Report
Scope:
In
this report, the India Styrene-butadiene rubber (SBR) Market has been segmented
into the following categories, in addition to the industry trends which have
also been detailed below:
- India Styrene-butadiene rubber
(SBR) Market, By
Type:
o Emulsion SBR
o Solution SBR
- India Styrene-butadiene rubber (SBR)
Market, By
Application:
o Tyres
o Adhesives
o Footwear
o Others
- India Styrene-butadiene rubber
(SBR) Market, By Region:
o North India
o East India
o West India
o South India
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the India Styrene-butadiene rubber
(SBR) Market.
Available
Customizations:
India
Styrene-butadiene rubber (SBR) Market report with the given market data, Tech
Sci Research offers customizations according to a company's specific needs. The
following customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
India
Styrene-butadiene rubber (SBR) Market is an upcoming report to be released
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of release, please contact us at [email protected]