Polybutadiene is a synthetic rubber that is known for its toughness and flexibility. It finds widespread application in the manufacturing of tires where it is used as a key component in tire treads and sidewalls. Around 60-70% of total polybutadiene production is consumed by the tire industry. The tires made using polybutadiene exhibit high strength, wear resistance and fuel efficiency. Besides tires, polybutadiene is also used in other rubber products,latex, adhesives and sealants. 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 Dynamics:
The growing polybutadiene market is driven by increasing demand from the tire manufacturing industry. As per estimates, over 2 billion tires are produced globally each year and the demand is set to surge further with rising vehicle fleet. This increasing demand from the tire sector is the primary driver for the polybutadiene market. Furthermore, polybutadiene provides many performance benefits to tires such as higher strength, grip and lower rolling resistance leading to improved fuel efficiency. The stringent fuel economy norms worldwide are further augmenting the demand for polybutadiene from tire manufacturers.
SWOT Analysis
Strength: Polybutadiene is known for its high strength, flexibility and weather resistance. It provides superior mechanical properties and enhanced toughness in applications. It can withstand extreme weather conditions and ageing factors very well. It is highly resistant to water, chemicals and UV rays.
Weakness: Polybutadiene production requires the use of transition metal catalyst which increases production cost. The use of such catalyst also poses environmental issues. Polybutadiene is non-biodegradable in nature due to which its disposal becomes a challenge.
Opportunity: Growing demand from tires and rubber industries is driving the polybutadiene market. It is increasingly being used in rubber production owing to its elasticity and strength. Growing automotive industry worldwide is fueling the demand for tires which in turn is boosting the polybutadiene consumption. Increasing focus on development of bio-based and green polybutadiene is opening new opportunities.
Threats: Fluctuations in crude oil prices affect the polybutadiene market as it is petroleum-based. Availability of substitute materials like styrene butadiene rubber and natural rubber poses threat to polybutadiene demand. Strict environmental regulations regarding polymer waste disposal can hamper the market growth.
Key Takeaways
The Global Polybutadiene Market Size is expected to witness high growth. It is projected to grow at a CAGR of 8.8% during the forecast period of 2023-2030. Growing application in rubber production especially for tire manufacturing is a major factor driving the market.
Regional analysis: Asia Pacific dominates the global polybutadiene market and is expected to maintain its leading position during the forecast period. Rapid industrialization and rising automotive production in countries such as China and India are majorly fueling the polybutadiene consumption in the region. Availability of raw materials and cheap labor also makes Asia Pacific an attractive market for polybutadiene producers.
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. Major players are focusing on product innovation and expansion in emerging markets to strengthen their market position.
For More Insights, Read: https://www.newsstatix.com/polybutadiene-market-demand-growth-and-regional-outlook-by-2030/
