CHICAGO, Oct. 30, 2019 /PRNewswire/ -- According to the new market research report "Polybutadiene Market by Type (Solid Polybutadiene (High Cis, Low Cis, High Trans, High Vinyl), Liquid Polybutadiene), Application (Tires, Polymer modification, Industrial rubber, Chemical), and Region - Global Forecast to 2024" , published by MarketsandMarkets™, the Polybutadiene Market size is expected to grow from USD 10.8 billion in 2019 to USD 13.8 billion by 2024, at a CAGR of 5.1% during the forecast period. The polybutadiene market is driven by tire, polymer modification, and industrial rubber manufacturing industries. However, the fluctuating raw material prices can hinder the growth of the market.
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The solid polybutadiene segment is projected to account for the largest market share during the forecast period
Solid polybutadiene accounts for the larger share than liquid polybutadiene rubber as it is widely in tire manufacturing. The use of solid polybutadiene rubber in other applications such as polymer modification, sporting goods, industrial rubber goods manufacturing, and footwear products is also driving its consumption. The growing demand for improved performance and low rolling-resistance tires is expected to provide growth opportunities for the polybutadiene market.
High cis segment of solid polybutadiene is expected to grow at the highest CAGR in the polybutadiene market during the forecast period
The high cis segment is projected to be the most-widely used solid polybutadiene rubber type due to its extensive use in diversified end-use industries. High cis polybutadiene is widely used in tires, polymer modification, and industrial rubber goods. It is a type of polybutadiene that provides high abrasion and rolling resistance. They are less susceptible to cracking.
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APAC is expected to hold the largest market size in the global polybutadiene market during the forecast period
APAC is expected to account for the largest value share of the global polybutadiene market in 2019. The market is primarily driven by the strong demand from the automotive industry. China is expected to boost the demand for polybutadiene during the forecast period. Various manufacturers from developed regions are shifting their manufacturing units to APAC because of the availability of raw materials, low labor cost, and favorable government policies in emerging markets such as India, Indonesia, and Thailand. Furthermore, economic growth, rising population, and growing urbanization are the important drivers of the global polybutadiene market in APAC region.
Major players in the Polybutadiene Market include ARALNXEO (Netherlands), UBE Industries Ltd (Japan), JSR Corporation (Japan), Kumho Petrochemical Co. Ltd (South Korea), Reliance Industries Ltd. (India), SABIC (Saudi Arabia), LG Chem Ltd (South Korea), Versalis SPA (Italy), PJSC SIBUR Holdings (Russia), Sinopec (China), and Kuraray Co. Ltd (Japan) are some of the major manufacturers of the polybutadiene market. The study includes in-depth competitive analysis of these key players in the polybutadiene market, with their company profiles, recent developments, and key market strategies.
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