The styrene-butadiene (SBR) market in India is expected to grow at a CAGR of over 8% during 2016 until 2025 due to the increasing polymer production in the country, according to a recently released report by TechSci Research, a global marketing research firm.
SBR exists as a non-oil resistant, and it can be used to produce several rubber products. It is one of the most important raw materials for the automobile industry owing to its involvement in the production of tyres. SBR is also used in the polymer moulding process.
India’s overall polymer production stood at 6,533.15 thousand metric tonnes in 2014. Polymer production is growing so the demand for SBR is expected to rise as well. Additionally, polymer modificationis expected to be the fastest growing application segment of SBR market in India during 2016 – 2025.
Moreover, southern region is the leading demand generating region for SBR in the country.
According to Karan Chechi, Research Director from TechSci Research, around 23,960,940 units of vehicles were produced in India in 2015.
“Owing to huge requirement of SBR in the country’s tyre industry, India SBR market is expected to grow at a robust pace during forecast period. Majority of the demand for SBR in India is catered by imports as the imported products are cheaper as compared to domestically manufactured product,” he said.
The report “India SBR Market Study, 2011 – 2025” has evaluated the future growth potential of India SBR market and provides statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers and key challenges faced by India SBR market.