June 14, 2024
Polybutadiene Market

The Polybutadiene Market is expected to be Flourished by Rising Demand from the Tire Industry

Polybutadiene is a synthetic rubber produced through the polymerization of 1,3-butadiene. It has properties like flexibility, resilience, high abrasion resistance and low heat build-up, which makes it suitable for applications in tires, rubber goods, and polyurethane elastomers. Polybutadiene is majorly used in tire manufacturing where it constitutes around 65% of tire composition. It imparts properties like traction, wear resistance and cut growth resistance to tires. Besides tires, polybutadiene also finds applications in adhesives, footwear, belts and hoses.

The global polybutadiene market is estimated to be valued at US$ 6.23 billion in 2024 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The rising demand from the tire industry is expected to drive the growth of the polybutadiene market over the forecast period. Tires constitute the largest end use application for polybutadiene where it is used as a critical component. Growing vehicle fleet across regions owing to rising disposable incomes is positively impacting the demand for tires which in turn is supporting the polybutadiene consumption. According to International Organization of Motor Vehicle Manufacturers, around 94 million commercial vehicles and passenger cars were produced globally in 2021 showing recovery from the pandemic impacted previous year. Another driver for the market growth is increasing usage of polybutadiene in other industrial applications like footwear and adhesives. Its properties like flexibility and high abrasion resistance make it suitable for various applications augmenting the scope of its end use.

Segment Analysis

The polybutadiene market is segmented into Solid Polybutadiene, Liquid Polybutadiene. Among these, the Solid Polybutadiene segment dominates the market with over 60% share as its uses are widespread in tires manufacturing owing to high abrasion resistance, good traction and strength. Liquid Polybutadiene is expected to witness fast growth due to its increasing use in polymer modification.

PEST Analysis

Political: Governments across countries support the automotive industry via subsidies and regulations which boost the demand for tires and subsequently polybutadiene market. Economic: Growth in automotive industry and construction activity drives the demand for tires and polymer modification applications using polybutadiene. Social: Increase in disposable income increases vehicle ownership which fuels the tire market. Technological: Development of enhanced tires with properties like self-sealing and reduced rolling resistance supports the market.

Key Takeaways

The Global Polybutadiene Market Size is expected to witness high growth at a CAGR of 8.8% during the forecast period of 2024 to 2031.

Regional analysis shows that Asia Pacific dominates with over 45% share led by China due to huge automotive production. Europe and North America are other major regions driven by replacement tire market and construction activity.

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. Among them, Envista Holdings Corporation and Lanxess AG have over 20% market share due to their strong product portfolio and global presence.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it