The Synthetic Rubber Market Is Estimated to Be USD 28.88 Billion in 2017 and Is Projected to Reach USD 37.82 Billion by 2022, Registering a CAGR of 5.5% Between 2017 and 2022
NEW YORK, Dec. 5, 2017 /PRNewswire/ -- Synthetic rubber market expected to register a CAGR of 5.5% during the forecast period
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The synthetic rubber market is estimated to be USD 28.88 billion in 2017 and is projected to reach USD 37.82 billion by 2022, registering a CAGR of 5.5% between 2017 and 2022. Synthetic rubber is mostly produced from crude oil and natural gas, by the polymerization of monomers. Although used in a wide range of applications, its major application is in tires. There has been a growing demand for synthetic rubber from applications, such as tire, non-tire automotive, footwear, industrial, and others. Environmental regulations related to synthetic rubber may act as a restraint for the synthetic rubber market
NBR expected to be the fastest-growing type segment of the synthetic rubber market during forecast period
Based on type, the NBR (nitrile butadiene rubber) segment is projected to witness the highest growth during the forecast period. NBR is mostly used in applications where high oil resistance is required. Increasing demand for hoses, belts, and cables in the manufacturing and automotive industries in APAC, is likely to fuel the growth of the NBR segment over the forecast period. Rapid industrialization in China and India is anticipated to drive the demand for NBR in APAC over the next six years. The IIR (isobutylene-isoprene rubber) segment is estimated to be the second-fastest growing type segment of the synthetic rubber market during the forecast period. IIR is used in inner linings of tires and in linings of tubeless tires. Due to its property of high resistance, IIR is mainly used in hoses and curing bags used in tire vulcanization
Tire application segment accounted for the largest share of the synthetic rubber market in 2016
Based on application, the tire segment accounted for the major share of the overall synthetic rubber market in 2016. This large share is attributed to the high demand for synthetic rubber in tire manufacturing due to the ideal features provided by synthetic rubber, such as directional stability, rolling resistance, wet traction, puncture resistance, steering response, speed and run-flat capability, impact resistance, high fuel efficiency, and weather resistance to function in challenging conditions.
Asia Pacific estimated to be the fastest-growing market for synthetic rubber
Asia Pacific is estimated to be the fastest-growing market for synthetic rubber during the forecast period. This high growth is due to the increasing automotive production in the region. China is projected to be the fastest-growing market for synthetic rubber in the Asia Pacific region, followed by India and South Korea. The automotive sector is also developing rapidly in Southeast Asian countries, such as Thailand, Indonesia, and Malaysia. These countries have become an emerging hub for car production due to the growing purchasing power of the middle-class population. All these factors act as key growth drivers for the synthetic rubber market in the Asia Pacific region.
Top down and bottom up approaches were used to arrive at the market numbers. And extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments.
The break-up of primary interviews is given below:
• By Company Type - Tier 1 – 50%, Tier 2 – 37%, and Tier 3 – 13%
• By Designation - Director Level – 31%, C level – 23%, and Others* – 46%
• By Region - North America – 33%, Europe – 28%, Asia Pacific – 22%, South America – 11%, Middle East & Africa – 6%
Note: The tiers of the companies are defined on the basis of their total revenue, as of 2016: Tier 1 = >USD 500 million, Tier 2 = USD 100 million to USD 500 million, and Tier 3 =
*Others include sales managers, marketing managers, and product managers.
The companies profiled in this market research report include LANXESS (Germany), Sinopec (China), The Goodyear Tire and Rubber Company (US), Kumho Petrochemical (South Korea), TSRC Corporation (Taiwan), Nizhnekamskneftekhim (Russia), JSR Corporation (Japan), LG Chem (South Korea), Versalis S.p.A. (Italy), and ZEON Corporation (Japan).
Research Coverage:
This research report categorizes the synthetic rubber market on the basis of type, application, and region. The report includes detailed information regarding the major factors influencing the growth of the synthetic rubber market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into business overviews, products & services, key strategies, expansions, new product developments, agreements, and recent developments associated with the market.
Reasons to Buy the Report
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the synthetic rubber market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, new product developments, and agreements.
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