The Global Footwear Market is growing at a considerable CAGR and projected to retain the dominance in the market due to increasing standard of living and growing urban population around the world. In addition to this, increasing disposable income incentivizing people around the world to add value into their house, such as furnishing the house with an upholstery, which may fuel the demand for Styrene Butadiene Rubber in building & construction industry. The most important application of the product is found in ever increasing tire manufacturing. Around 65% of the overall rubber produced around the world is consumed by tire manufacturing industry. This is expected to propel growth of the market in near future.
However, the major bottleneck in the growth trajectory of the Global Styrene Butadiene Rubber Market includes, the fluctuating crude oil prices. Additionally, the developed economies in Europe and North America have put in place stringent regulations limiting the use of toxic synthetic materials.
Regionally, Asia Pacific was the most impactful market across the globe, which has acquired highest global shares. This is attributed to the growth of footwear, automotive and construction industry. India, Japan and China are the leading markets in this region on account of an increasing investment in major end uses of Styrene Butadiene Rubber.
Styrene Butadiene Rubber Market- Competitive Landscape
The Global Styrene Butadiene Rubber Market is highly mature market which epresented huge growth over the last decade and it has expected to show the similar trend in the coming years. The market consist of significant numbers of tier 1 and tier 2 companies along with significant presence of smaller manufacturers. Among them the leading market players operating across the globe are DowDuPont, Lanxess AG, Synthos S.A., Versalis S.p.A, Kumho Petrochemical Co. Ltd., Trinseo S.A. The key trend observed in the global market by industry experts is expansion of production facility and launch of innovative bio-based products.
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