Synthetic Rubber Market Size Expected to Cross US$ 68.1 Bn by End of 2031: Transparency Market Research, Inc.

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Transparency Market Research

Dec 14, 2022, 07:33 ET

  • Data-driven research and decisions are helping the manufacturers to better predict the prices of raw materials and optimize the production cost of synthetic rubber
  • The emerging market trend of usage of eco-friendly products augments the synthetic rubber industry

WILMINGTON, Del., Dec. 14, 2022 /PRNewswire/ -- According to TMR forecast, the global Synthetic Rubber Market Size is projected to grow at a CAGR of 5.1% between 2021 and 2031. This is ascribed to volatility in petroleum and by-product prices. In order to prevent long-term losses in the bottom line, companies in the Synthetic Rubber Market are focusing on data-driven research to forecast prices of petroleum, related products, and materials. On the other hand, utilization of chemical processes that improve elastomer properties has enabled chemical companies to open up new avenues in the synthetic rubber industry. Transparency Market Research's latest research report on the Synthetic Rubber Market states that the rising demand for synthetic rubber in the automotive industry is a key factor expected to propel the market.

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Synthetic Rubber Market: Growth Drivers

  • Shortage of natural rubber for a range of uses, including industrial goods, adhesives, and footwear, has led to a rise in the demand for synthetic rubber. This in turn is propelling the Synthetic Rubber Market.
  • The tire industry dominates the demand for synthetic rubber. Additionally, the automobile industry has experienced strong growth in the past few years, which has augmented the Synthetic Rubber Market.

Key Findings of Synthetic Rubber Market

  • Styrene butadiene rubber (SBR) accounts for majority share of the Synthetic Rubber Market. SBR is a type of synthetic rubber that can be easily processed and aged with heat. Furthermore, it is abrasion-resistant and is utilized in the production of conveyor belts, gaskets, floor tiles, adhesives, footwear, and hoses.
  • Nitrile butadiene rubber (NBR), another product type, is vying for higher revenue, which can be ascribed to rise in demand for NBR in automobile applications. Consequently, the expansion of residential and commercial construction is fueling the global market for synthetic rubber.
  • The tire segment led the Synthetic Rubber Market in the past few years. The trend is anticipated to continue in the near future. Inclusion of silica in regular synthetic rubber, which lowers roll resistance, is inducing players to introduce eco-friendly variations. This aids in reducing fuel consumption, which in turn augments the segment.

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Synthetic Rubber Market: Regional Assessment

  • Asia Pacific accounted for the largest share of the global Synthetic Rubber Market in 2021. This is ascribed to fast growing economies such as China and India. Malaysia is another major rubber consumer in the region due to increase in automobile sales. Furthermore, Asia Pacific is likely to benefit from the rapid growth of the construction sector and increase in infrastructure projects. Rise in demand for eco-friendly tires is expected to bolster the market during the forecast period. Asia Pacific is projected to lead the Synthetic Rubber Market in the next few years, as the Chinese petroleum and chemical companies are ranked as the world's largest manufacturers of synthetic rubber.

Synthetic Rubber Market: Key Players

Leading participants in the global Synthetic Rubber Market are:

  • LANXESS AG
  • Exxon Mobil Corporation
  • DuPont
  • Dynasol Elastomers S.A.
  • Versalis S.p.A.
  • The Dow Chemical Company
  • TSRC Corporation
  • Sumitomo Chemical Co., Ltd.
  • Sumitomo Chemical Co., Ltd.
  • Asahi Kasei Corporation
  • China National Petroleum Corporation (CNPC)
  • KUMHO PETROCHEMICAL

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Synthetic Rubber Market: Segmentation

Product

  • Styrene Butadiene Rubber (SBR)
  • Polybutadiene (BR)
  • Ethylene Propylene (EPDM)
  • Nitrile Butadiene Rubber (NBR)
  • Others (including IIR, CR, TPR, and ABS)

End-use

  • Tires
  • Industrial Goods
  • Footwear
  • Others (including adhesives and asphalt overlay)

Regions

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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SOURCE Transparency Market Research