(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Polybutadiene Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Polybutadiene Market products.
Global Polybutadiene Market is anticipated to reach over $8 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the automotive segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global polybutadiene market revenue during the forecast period.
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A significant growth in the automotive industry, along with growing production of motor vehicles is expected to support the growth of polybutadiene market. Other driving factors include rising industrialization, modernization of vehicles, and industrial automation. However, increasing environmental concerns, and stringent government regulations are expected to restrict the growth of the polybutadiene market. Increasing demand from developing nations, technological advancements, increase use of polystyrene and ABS in production of consumer goods, and rising adoption of eco-friendly tires are factors expected provide numerous growth opportunities to the polybutadiene market players during the forecast period.
Asia-Pacific generated the highest revenue in the Polybutadiene market in 2017, and is expected to lead the global market throughout the forecast period. The increasing economic growth in the region, growth in automotive and manufacturing industries, and rising standards of living are expected to drive the market growth. Increasing disposable incomes in developing countries of this region, increasing applications of polybutadiene, and rising vehicle production are further expected to support market growth. Growing demand for tire production, and industrial automation in the region are expected to further provide growth opportunities during the forecast period.
The major players operating in the polybutadiene market include China Petroleum & Chemical Corporation, JSR Corporation, Reliance Industries Limited, Lanxess AG, Kumho Petrochemical Co. Ltd., The Goodyear Tire & Rubber Company, UBE Industries, Ltd., Synthos S.A., Evonik Industries, and LyondelBasell Industries NV among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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