India SBR market is anticipated to grow at a significant growth rate during the forecast period. A considerable number of the manufacturing unit establishment has been witnessed in the country in the last decade in the field of SBR rubber. The first large-scale SBR plant was established at Panipat by Indian Synthetic Rubber (a joint venture of Indian Oil Corp., Taiwan’s TSRC and Japan’s Marubeni) in 2013 with an investment of around $300 million. Moreover, Reliance Industries Ltd. also developed a plant of SBR in 2015-2016 with an annual capacity of 150,000 tons. Cohesive government regulation can disrupt the SBR market in the country. The Indian government is planning to mandatory certification of some more chemical imports in which styrene also include. The move is in order to curb the import and motivate ‘make in India’ initiative.
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The largest SBR consumers in India is the automotive sector which can be categorized into two sectors – the tire sector and the non-tire sector. The tire sector comprises all types of automobile tires, conventional as well as radial tires – and tire exports. The non-tire sector comprises the medium-scale, small scale, and tiny units, which produce high technology and sophisticated industrial products. The country is the fourth largest manufacturer of vehicles globally however a downfall has been witnessed in the country in 2019, which is a major restraint for the growth of the market. However, the market is expected to grow considerably during the forecast period. Due to this, tire companies are significantly expanding their manufacturing facilities in the country. For instance, in August 2019, Maxxis Tyres announced to set up five manufacturing plants in the country. In the same month, Mahansaria Tyres Pvt. Ltd., announced to start a new plant in Gujarat.
India SBR market is segmented on the basis of type and end-user. By type, the market is further segmented into Emulsion SBR and Solution SBR. During the forecast period, solution SBR is expected to have a major market growth rate in the country. By end-user, the market is further segmented into automobile components, industrial application, footwear, household, and others. By end-user, the automobile components segment will hold the major market share in the country.
The companies which are contributing significantly in the market including Reliance Industries Ltd., ARLANXEO Holding B.V., Asahi Kasei Corp., Bridgestone Corp., Indian SBR Pvt. Ltd., LG Chem, Ltd., SABIC, The Dow Chemical Co., The Goodyear Tire & Rubber Co., The Michelin Group, and others. The market players are considerably contributing to the market growth by the adoption of various growth strategies including new product launch, merger, and acquisition, collaborations with government, and technological advancements to stay competitive in the market.
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India SBR Market Segmentation
By Type
- Solution SBR
- Emulsion SBR
By End-User
- Automobile Component
- Industrial Application
- Footwear
- Household
- Others (Electronics, Aerospace)
