A study by Grand View Research Inc. says the global market for styrene butadiene rubber (SBR) is expected to reach approximately $23.2 billion by 2020.
The study cites increased demand for SBR in tire manufacturing as a primary factor in supporting the growth of the market.
Grand View Research said the automotive industry has witnessed significant growth over the past couple of years, which has resulted in the increased demand for tires and in turn boosted demand for SBR. Tire was the single largest application segment for SBR, accounting for 73.5 percent of global consumption in 2013.
The implementation of tire labeling regulation in Europe, Japan and Korea also is expected to increase S-SBR demand, according to the research firm.
Source: Tire Business
Published: 13 Mar 2014