Synthetic rubbers are complex chemical compounds built by means of polymerization of monomers such as butadiene, styrene, isoprene, chloroprene, acrylonitrile, ethylene and propylene. Styrene butadiene rubber (SBR) is a key type of synthetic rubber with largest volume market followed by butadiene rubber. Synthetic rubbers are used in production of footwear, automotive (tire & non-tire), adhesives and industrial goods. Automotive industry is a major market of synthetic rubber accounting for about one-third of total synthetic rubber consumption. Synthetic rubber used for non-tire applications will register stronger growth due to a small base.
Styrene butadiene Rubber (SBR) is derived from Styrene and Butadiene Monomers through copolymerization and accounts for the largest segment in the synthetic rubber market. The world SBR market is expected to grow annually at less than 3% in the long-term forecast. SBR has better heat, weather and chemical resistance as compared to natural rubber. At present SBR is made by two available technologies, namely emulsion polymerisation (e-SBR) and solution polymerisation (s-SBR). Both technologies produce SBR with distinctive characteristics and properties. SBR serves end-use industries such as Tire, Mechanical Products, Footwear, Adhesives and others.
Growing purchasing power in the developing economies is seen as a key driver of demand for synthetic rubbers like SBR. The economy in Asia-Pacific has been thriving on account of the advancements witnessed in the automobiles, mechanical products, footwear, adhesives and others.
The market growth for SBR is a result of demand from various end-user industrial sectors especially the tire and the automotive industry which in turn depends on various micro as well as macro-economic factors affecting those end-user industries. For instance, in 2008 -2009, there was a drop in tire output, resulting in a decline in the demand for SBR and other synthetic rubber declined.
Asia-Pacific is a major producer and consumer of synthetic rubber with about 60% of total capacity present in the region. Automotive industry shift from Western Europe to China has led China to be the major consumer of synthetic rubber. Synthetic rubber market in North America is driven by industrial goods. Western Europe shows mature market for synthetic rubber and growth is expected to be marginal in this region during midterm forecast period. Overall synthetic rubber market is expected to grow at CAGR of 3% in mid-term to long-term forecast.
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