Global Synthetic Rubber Market 2019-2024: Market is Expected to Grow at a CAGR of 5.6% - Major Players are ExxonMobil, Sinopec, Goodyear, Saudi Aramco, and Kumho Petrochemical Co

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Jun 21, 2019, 15:15 ET

DUBLIN, June 21, 2019 /PRNewswire/ -- The "Synthetic Rubber Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

The market for synthetic rubber is expected to grow at a CAGR of 5.6% during the forecast period of 2019-2024.

One of the major factors driving the market studied is the increasing demand from the automotive Industry. However, oversupply due to consistent capacity additions is likely to restrain the market growth.

Increasing demand for hydrogenated nitrile-butadiene rubber (HNBR) in the emerging markets is also likely to boost the synthetic rubber market growth.
Development of bio-based feedstock for synthetic rubber is likely to act as an opportunity for the market growth in future.
Asia-Pacific has accounted for the highest market share in 2018 and is likely to dominate the market during the forecast period.

Key Market Trends

Styrene Butadiene Rubber to Dominate the Market

Styrene butadiene rubber has the highest market share in the synthetic rubber market. This is owing to its good aging stability and high abrasion resistance, making it the material of choice for use in the tire manufacturing industry.
SBR was earlier marketed as Buna-S. It is made up of a combination of styrene and butadiene, in a 3:1 ratio, by weight. It can be produced through two processes, namely, emulsion polymerization and solution polymerization.
Around 50% of the car tires are made up of SBRs, present in a blend with natural rubber.
For low-end tires, the ratio of SBR to natural rubber is lower, in order to reduce the cost of production. Although this reduces the overall life of tires, it is a cost-effective option.
The high growth rate of the end-user industries in the Asia-Pacific (APAC), as well as the Middle East & African (MEA) regions, is expected to help SBR to account for the highest market share during the forecast period.

Asia-Pacific to Dominate the Market

Asia-Pacific has dominated the synthetic rubber market owing to the high demand from countries like India and China.
In the Asia-Pacific region, China accounts for a lion share of the region's synthetic rubber market.
China had become the largest producer, consumer, and importer of synthetic rubber, in the recent years, globally.
Being a developing country, rapid industrialization is taking place in China, which has, in turn, led to a huge demand for synthetic rubber in various end-user industries.
Besides the growth of the automotive and footwear industries, China has a massive and growing market for sex dolls. This is also a major driver for the synthetic rubber market.
The aforementioned factors are expected to boost the growth of the synthetic rubber market in the region, during the forecast period.

Competitive Landscape

The market studied is highly competitive and concentrated among the top players, with the top five players accounting for a major chunk of the market.

Major recognized players of the market include ExxonMobil Chemical Company, Sinopec, Goodyear, Saudi Aramco, and Kumho Petrochemical Company, among others.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from the Automotive Industry
4.1.2 Surging Demand for Athletic Footwear
4.1.3 Increasing Demand for Hydrogenated, Nitrile-butadiene Rubber (HNBR) in the Emerging Markets
4.2 Restraints
4.2.1 Substitution by Natural Rubber
4.2.2 Oversupply due to Consistent Capacity Additions
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.5 Feedstock Analysis and Trends
4.6 Technological Snapshot
4.6.1 Production Process
4.6.2 Technology Licensing and Patent Analysis
4.7 Supply Scenario
4.7.1 Capacity and Production Analysis
4.8 Regulatory Policy Analysis

5 MARKET SEGMENTATION
5.1 Type
5.1.1 Styrene Butadiene Rubber (SBR)
5.1.2 Ethylene Propylenediene Rubber (EPDM)
5.1.3 Polyisoprene (IR)
5.1.4 Polybutadiene Rubber (BR)
5.1.5 Other Types
5.2 Application
5.2.1 Tire and Tire Component
5.2.2 Non-tire Automobile Application
5.2.3 Footwear
5.2.4 Industrial Goods
5.2.5 Other Applications
5.3 Geography

6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Chevron Phillips Chemical Company
6.4.2 DowDuPont
6.4.3 Eastman Chemical Company
6.4.4 Exxon Mobil Corporation
6.4.5 Hexion
6.4.6 INEOS
6.4.7 LyondellBasell Industries Holdings BV
6.4.8 Mitsubishi Chemical Corporation (MCC)
6.4.9 Nova Chemicals Corporation
6.4.10 Saudi Aramco
6.4.11 SABIC
6.4.12 Sinopec
6.4.13 Kumho Petrochemical
6.4.14 TSRC
6.4.15 Goodyear

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Development of Bio-based Feedstock for Synthetic Rubber
7.2 Emerging Demand for Healthcare Gloves

For more information about this report visit https://www.researchandmarkets.com/r/8p5lla

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