The global synthetic rubber market size is likely to attain over USD 24.5 Billion by the year 2028. Besides, it is likely to project a CAGR of nearly 5.2% during the forecast years 2021-2028. Synthetic rubber is an artificial elastomer or manmade rubber. It is synthesized from various raw materials such as coal, natural gas, oil, and acetylene. The product offers various beneficial properties, including recyclability, resistance to swelling and abrasion, higher tensile strength. The increasing product advancement by various manufacturers and rising research and development activities in the rubber industry will surge the product demand.
The present and future synthetic rubber market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the synthetic rubber market opportunities during the forecast years. Factors such as the increasing demand for tires in the automobile sector, which represents the largest use of synthetic rubber by far, is the key factor driving the market growth for synthetic rubber.
Also, rising demand for synthetic rubber in non-tire applications such as automotive components is another factor driving market growth. However, stringent environmental regulations and possible health risks is hampering the market growth. Furthermore, the development of bio-based feedstock for synthetic rubber is likely to provide lucrative development opportunities for the synthetic rubber market in the forthcoming years.
The report also emphasizes several distinctiveness of the global synthetic rubber industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the synthetic rubber industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The synthetic rubber market has tough competition among the new emerging and pre-established market vendors. Besides, the synthetic rubber industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the Type segment, the market is bifurcated into Styrene-butadiene rubber (SBR), Polybutadiene Rubber (BR), Styrene block copolymer (SBC), Ethylene-propylene-diene rubber (EPDM), Butyl rubber (IIR), and Acrylonitrile-butadiene rubber (NBR). The Styrene-butadiene rubber is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the same segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of the SBR segment is largely ascribed to its cost-effective properties and its preference over natural rubber. The high product consumption can be seen in the insulation of wire and cabling.
Europe is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the synthetic rubber market in this region is mostly ascribed to the rapid growth in the automotive industry and increasing product demand for the manufacturing of tires, belts, and hoses. However, the Asia Pacific region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increasing demand for styrene-butadiene rubber and nitrile rubber from the construction industry.
The major players of the global synthetic rubber market are Sinopec, DuPont, The Dow Chemical Company, ExxonMobil, Kumho Petrochemical Company Ltd., Trinseo, Zeon Corporation, Nizhnekamskneftekhim, The Goodyear Tire and Rubber Company, SIBUR, Mitsui Chemical Inc. Moreover, the additional prospective market players in the synthetic rubber market are LG Chemical, LANXESS, and JSR Corporation. Renowned companies are offering new and modern synthetic rubber software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Synthetic Rubber Market
Type Overview, 2019-2028 (USD Million)
- Styrene-butadiene rubber (SBR)
- Polybutadiene Rubber (BR)
- Styrene block copolymer (SBC)
- Ethylene-propylene-diene rubber (EPDM)
- Butyl rubber (IIR)
- Acrylonitrile-butadiene rubber (NBR)
Application Overview, 2019-2028 (USD Million)
- Automotive (Non-tire)
- Industrial Goods
- Consumer Goods
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America