Global Market for Synthetic Rubbers to Witness Significant CAGR in Coming Years: P&S Intelligence

NEW YORK, Aug. 2, 2021 /PRNewswire/ -- The burgeoning requirement for replacement tires and various other automotive parts, increasing demand for long-lasting rubber, soaring implementation of government initiatives for meeting the escalating need for rubber, mushrooming investments being made by rubber producers and their increasing production capacities, and rising industrialization rate are driving the expansion of the global synthetic rubber market. Because of these factors, the market is predicted to progress rapidly during 2021–2030, according to P&S Intelligence.

During the COVID-19 pandemic, lockdowns were imposed by the governments of many countries to mitigate the spread of the infection. This caused massive disruptions in manufacturing and supply chain operations, thereby affecting the operations of many industries such as automotive, in which rubber is used extensively. Moreover, the lack of availability of raw materials, delay in trade and latex collection, and the imposition of restrictions on exports and imports caused the closing down of various industries. Because of these reasons, the demand for synthetic rubber fell sharply, which, in turn, affected the growth of the market.

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The synthetic rubber market is classified into polybutadiene rubber (BR), styrene-butadiene rubber (SBR), styrene block copolymer (SBC), butyl rubber (IIR), acrylonitrile-butadiene rubber (NBR), and ethylene-propylene-diene rubber (EPDM), based on product type. Amongst these, the SBR category dominated the market in 2020, and it is predicted to exhibit huge expansion during the forecast period. This is credited to the abrasion resistance characteristic of SBR, which makes it highly suitable for use in building and construction activities and also in healthcare and footwear industries.

Depending on application, the synthetic rubber market is divided into footwear, non-tire automotive, tire, adhesives & sealants, industrial components, and paints & coatings. Amongst these, the tire category contributed the highest revenue to the market in 2020, and it is predicted to grow sharply throughout the forecast period as well. This is ascribed to the surging requirement for replacement tires, because of the soaring sales of two-wheelers and four-wheelers.

Browse detailed report with COVID-19 impact analysis on Synthetic Rubber Market Research Report: By Form Type (Solid, Liquid), Product Type (Styrene Butadiene Rubber, Butadiene Rubber, Styrenic Block Copolymer, Ethylene Propylene Diene Monomer Rubber, Butyl Rubber, Nitrile Rubber), Application (Tire, Non-Tire Automotive, Footwear, Industrial Components, Adhesives & Sealants, Paints & Coatings) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/synthetic-rubber-market

Globally, Asia-Pacific (APAC) dominated the synthetic rubber market, both in terms of value and volume, in 2020, due to the high requirement for synthetic rubber in the tire and construction industries in the region. Moreover, many global automakers are setting up their manufacturing plants in the APAC countries to bolster their presence and expand their operations in the region. Currently, the automotive industry in China is flourishing, with a strong focus on manufacturing environment-friendly vehicles, which is, in turn, fueling the demand for synthetic rubber in the region.

The players operating in the global synthetic rubber market are actively focusing on launching products in order to strengthen their position. For example, researchers working at the Fraunhofer Institute developed a new type of synthetic rubber in April 2019. This product is 30–50% less abrasive than natural rubber. Furthermore, the initial tests conducted on the tires manufactured from biomimetic synthetic rubber BISYKA showed that their abrasiveness was less than the ones produced from natural rubber.

Some of the major synthetic rubber market players are Bridgestone Corporation, Toyo Tire & Rubber Co. Ltd., LANXESS AG, JSR Corporation, The Dow Chemical Company, Kumho Petrochemical Co., Ltd., and Denka Company Ltd.

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Automotive Tire Market - Geographically, the automotive tire marketwill demonstrate the highest growth in Asia-Pacific in the coming years. This is credited to the soaring automobile manufacturing, the increasing gross domestic product (GDP), and the soaring disposable income of the people residing in the developing countries such as India and China.

U.S. Automotive Tire Market - The U.S. automotive tire market is set to increase its revenue size to $75.4 billion by 2024 from $57.9 billion in 2018, while demonstrating a 5.4% CAGR between 2019 and 2024.

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SOURCE P&S Intelligence