String vs String Buffer vs String Builder

String is immutable whereas StringBuffer and StringBuilder can change their values.

The only difference between StringBuffer and StringBuilder is that StringBuilder is unsynchronized whereas StringBuffer is synchronized. So when the application needs to be run only in a single thread then it is better to use StringBuilder. StringBuilder is more efficient than StringBuffer.

Criteria to choose among String, StringBuffer and StringBuilder

1. If your text is not going to change use a string Class because a String object is immutable.
2. If your text can change and will only be accessed from a single thread, use a StringBuilder because StringBuilder is unsynchronized.
3. If your text can changes, and will be accessed from multiple threads, use a StringBuffer because StringBuffer is synchronous.

src: javatips
additional info: http://www.javaworld.com/javaworld/jw-03-2000/jw-0324-javaperf.html