July 23, 2024
Polybutadiene Market

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

Polybutadiene is a synthetic rubber that exhibits high strength, flexibility, and resistance to chemicals and abrasion. It is commonly utilized in diverse applications such as tires, pipes, hoses, belts, shoes, toys, and seals. Polybutadiene offers excellent elasticity, abrasion resistance, and better mechanical properties compared to other natural rubbers. Within the tire industry, it is predominantly employed as a raw material in the production of tire treads and sidewalls, owing to its ability to reinforce tires.

The global polybutadiene market size was valued at over US$ 5.23 billion in 2023 and projected to register a moderate CAGR of around 8.8% over the forecast period of 2024 to 2031.

Market Key Trends:

One of the major trends driving the growth of the polybutadiene market is the rising adoption of synthetic rubber in the production of tires. According to estimations, around 70-75% of the total polybutadiene production is consumed by tire manufacturers. Polybutadiene imparts superior mechanical properties, flexibility, and durability to tires. Additionally, ongoing infrastructure development projects and increasing automotive fleet across developing nations are augmenting the demand for tires, thereby fueling the consumption of polybutadiene. Moreover, manufacturers are increasingly focusing on developing environment-friendly bio-based polybutadiene using raw materials such as isoprene, turpentine, and terpenes derived from natural sources. The utilization of renewable resources and bio-based feedstock is expected to lower production costs and provide sustainability benefits over petroleum-based polybutadiene over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barrier for raw material sourcing but requirements for large scale operations and R&D act as entry barriers.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but differentiated products increase switching costs.

Bargaining power of suppliers: Supply of raw materials concentrated in few suppliers giving them higher bargaining power.

Threat of new substitutes: Threat from other synthetic rubbers and natural rubber is moderate due to their unique properties and product differentiation.

Competitive rivalry: Intense competition between existing players to gain greater market share through product innovation and brand positioning.

Key Takeaways

The Global Polybutadiene Market Size is expected to witness high growth. The Asia Pacific region currently dominates the market due to growing demand from tire manufacturing industries in China and India.

Regional analysis: The Asia Pacific region is expected to maintain its dominance during the forecast period supported by growing automotive production and rapid urbanization driving tire demand in China and India. Europe and North America are also major markets led by developed automotive industries.

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.

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