May 18, 2024
Polybutadiene Market

Polybutadiene Market is Estimated to Witness High Growth Owing to Increasing Demand from the Tire Industry

The polybutadiene market is used in the manufacturing of tires owing to its versatility, high strength, and cost-effectiveness. It provides reinforcement to the tires along with elasticity and improves the riding comfort and handling of vehicles. Polybutadiene is also utilized in other applications including rubber production, polymer modification, and healthcare.

The global polybutadiene market is estimated to be valued at US$ 6.23 Bn in 2024 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Global Polybutadiene Market Size 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 key players are investing inexpanding their product portfolio and improving production capabilities to cater to the growing demand from various industries including automotive and healthcare.

The polybutadiene market is expected to witness key opportunities in the form of rising demand for electric vehicles. As polybutadiene provides excellent insulation and durability properties, its consumption is projected to grow with increasing adoption of electric mobility solutions globally. Furthermore, technological advancements in polymer synthesis are allowing manufacturers to develop variants of polybutadiene with superior performance characteristics at lower costs.

Market drivers

The primary driver promoting growth of the polybutadiene market is the rising automotive production across the globe. Polybutadiene finds widespread application in the manufacturing of tires owing to its high strength and elasticity properties. With automobile sales increasing consistently, the demand for tires is also growing steadily thereby augmenting consumption of polybutadiene. In addition, the increasing preference towards green tire technologies will further drive the adoption of polybutadiene in automotive tires over the forecast period.

Challenges in Polybutadiene Market

The Polybutadiene market is facing various challenges currently. Regulations related to emissions are becoming stricter globally, which adds compliance burden and costs for manufacturers. Also, volatility in raw material prices impacts input costs for producers. Finding alternatives to petroleum based raw materials is another challenge, as it reduces dependency but requires R&D investments.

SWOT Analysis

Strength: Ability to offer tailor properties as per end use application. Wide usage in diverse industries like tires, footwear and construction boosts market.

Weakness: Fluctuating crude oil prices which is key raw material impact margins. Environmental regulations pose compliance challenges.

Opportunity: Growing demand for high performance tires from automotive industry offers growth prospects. Innovation in production processes can reduce costs.

Threats: Risk of substitution by alternative materials impacts market share over long term. Intense competition affects pricing dynamics.

Geographical Regions

Currently, Asia Pacific accounts for the largest share of over 40% of the global polybutadiene market value, led by China. This is attributed to presence of large tire manufacturing industry in the region.

The fastest growing regions for the polybutadiene market during the forecast period are expected to be Latin America and Middle East & Africa. This is due to rising vehicle ownership and construction activities driving demand for tires and industrial rubber products.

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