by Polybutadiene being non-toxic, resilient and durable is majorly used in production of tires leading to high demand in automotive sector. Polybutadiene based tires are cost effective, have a smooth ride and provide durable performance. Polybutadiene leads to production of tires that have reduced heat buildup, improved traction and wear resistance as compared to natural rubber. The global Polybutadiene Market is estimated to be valued at US$ 5.04 Bn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expanding automotive industry has been a major driver of the polybutadiene market. Polybutadiene finds widespread application in production of automobile tires owing to its versatility and strength enhancing properties. Tires manufactured using polybutadiene provide advantages like better grip in slippery conditions, wear resistance and lower heat buildup during high-speed driving. Additionally, polybutadiene tires are lighter and can be worn longer. With rapid growth of automotive sales, especially in developing economies of Asia Pacific and Latin America, demand for automotive tires has surged exponentially creating a high demand for polybutadiene in tire manufacturing sector. As per estimates, the global automotive tire market is expected to reach a volume of over 3 billion units by 2027 thereby propelling consumption of polybutadiene in the industry.
SWOT Analysis
Strength: Polybutadiene has strong demand from tire industries due to its durable properties. It gives high abrasion resistance and strength to tires.
Weakness: Fluctuations in crude oil prices affect the raw material costs of polybutadiene. Substitute products like natural rubber pose competition.
Opportunity: Growth in automotive industry boosts the demand for tires and subsequently polybutadiene market. Expansion of end-use industries in developing regions presents new business opportunities.
Threats: Stringent environmental regulations regarding emissions during polybutadiene production. Higher R&D investments are required to replace existing production processes.
Key Takeaways
The Global Polybutadiene Market Size is expected to witness high growth. The market size is projected to reach US$ 5.04 billion by 2024, expanding at a CAGR of 8.8% during the forecast period.
Regional analysis: Asia Pacific dominates the global polybutadiene market, both in terms of production and consumption. Rapid industrialization in China and India has significantly driven the demand for polybutadiene in the region. Implementation of favorable government policies is further assisting the market growth.
Key players: Key players operating in the polybutadiene market are Envista Holdings Corporation, Planmeca Oy, Acteon Group, DENTSPLY Sirona, Carestream Dental, VATECH Co. Ltd., Owandy Radiology, Durr Dental SE, Midmark Corporation, Genoray Co. Ltd., Asahi Roentgen Co. Ltd., 3Shape, PreXion Inc., Cefla Medical Equipment, Apteryx Imaging (Canada), Yoshida Dental Mfg. Co. Ltd, and Align Technology Inc. The players adopt strategies such as mergers, acquisitions, and new product launches to expand their market presence.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
