ID: MRFR/CnM/3520-HCR | February 2021 | Region: Global | 138 pages
Synthetic Rubber Market is expected to witness a healthy growth during the forecast period (2017-2023).
Synthetic Rubber is a kind of elastic polymer mainly derived from petroleum byproducts. Synthetic Rubber possess various properties such as elasticity, oil resistant, durability, and excellent water repellant property which make them suitable for various end use industries such as construction, footwear, automotive & transportation, industrial, and others. Moreover, it is used for making polymer concrete for waterproofing, tires, hoses, conveyor belt covers, gaskets, tubes, and others.
As per our Analysis, some of the prominent market factors and trends identified in the Global Synthetic Rubber Market include rapid urbanization, growing demand for durable rubber, and continuous growth of automotive & transportation sector. Rising population along with the increasing per capita disposable income is estimated to drive the growth of the market during the assessment period (2016 to 2023). Growing middle class population combined with constant industrialization has resulted in the expansion of footwear sector, which in turn, is expected to propel the growth of the market. Increasing automotive production and sales across the globe has resulted in the demand for durable tires which is likely to fuel the growth of the market. Moreover, increasing sports events such as racing car tournaments as well as increasing research & development on the production of high quality tires and rubber is predicted to drive the market growth over the forecast period. Furthermore, increasing construction activities in the developed and developing nation is expected to drive the growth of the market. However, volatility in crude oil prices and increasing substitution of Synthetic Rubber by natural rubber are expected to hinder the market growth over the upcoming years.
The Global Synthetic Rubber Market Share by End Use (2016), (%):
The Global Synthetic Rubber Market is spanned across five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, the Asia Pacific region is expected to grow with a highest CAGR during the review period, 2016 to 2023 due to stable economy and tremendous growth of automotive & transportation industry. The demand for synthetic rubber is estimated to propel in the various countries of Asia Pacific such as China, India, Vietnam, Thailand, Singapore, South Korea, Malaysia, and Japan on account of high adoption rate by the automobile manufacturers. Moreover, growing automotive production as well as increasing demand for industrial products in developing countries along with increasing disposable income of consumer is expected to fuel the growth of the market. Furthermore, rising construction activities in China and India along with approval of large scale commercial, residential, institutional, and industrial construction projects is predicted to fuel the demand for synthetic rubber. Moreover, economic development in Asia Pacific, particularly Vietnam, China, India, Bangladesh, has presented opportunities for Synthetic Rubber in the transportation sector.
Asia Pacific has emerged as the leading market region for Synthetic Rubber followed by Europe and North America. North America is predicted to witness a moderate growth in synthetic rubber due to recovery of industrial sector combined with escalating investments to revitalize industrial sector. In North America, the U.S. is followed by Canada in the regional market growth and both countries are expected to see a significant growth on account of continuous expansion of footwear industry. European countries such as Russia, Poland, France, Italy, Germany, and U.K have emerged as important consumer markets due to developed end use industries and heavy investment on Research & Development as well as innovation. Latin American countries such as Mexico, Brazil, Colombia, Peru, Guatemala, and Argentina are also predicted to witness an average growth due to increasing expenditure on passenger cars and commercial vehicles. Moreover, increasing air traffic in the developing countries such as Brazil, China, India, Malaysia, and Vietnam has resulted in increased demand for tires and which in turn has given a new momentum for the market growth. The Middle East & Africa regional market is predicted to witness a significant growth during the review period due to high adoption rate in various application and is predicted to positively influence industry growth during the assessment period.
The Global Synthetic Rubber Market is segmented on the basis of type, end use industry, and region. On the basis of type, the market is classified into SBR, NBR, BR, EPDM, SBC, others. Other type include IR, IIR, and CR. On the basis of end use, the market is categorized into construction, automotive & transportation, industrial, footwear, and others. On the basis of region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Some of the prominent players operating in the Synthetic Rubber Market are LANXESS (Germany), The Dow Chemical Company (U.S.), Versalis S.p.A. (Italy), Kumho Petrochemical (South Korea), JSR Corporation (Japan), LGChem (SouthKorea), Exxonmobil (U.S.), Asahi Kasei Corporation (Japan), Sumitomo Chemical Co., Ltd. (Japan), ZEON Corporation (Japan) among others.
The report covers brief analysis of geographical regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
In May 2020, researchers from Iowa State University revealed that they had discovered a new process that can significantly improve the durability of perovskite cells, which will boost the intake of solar panels. Perovskite models are already known for their low cost, but these are normally not so durable. But with this new research result, durability will not be an issue. The process includes glass and synthetic rubber chambers to surround the cells and then it includes three sets of international standard tests with temperature. It also follows methods where the test understands its high humidity resistance quality.
|Market Size||2030 : Significant value|
|CAGR||2022–2030: Substantial CAGR|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||LANXESS (Germany), The Dow Chemical Company (U.S.), Versalis S.p.A. (Italy), Kumho Petrochemical (South Korea), JSR Corporation (Japan), LGChem (SouthKorea), Exxonmobil (U.S.), Asahi Kasei Corporation (Japan), Sumitomo Chemical Co., Ltd. (Japan), ZEON Corporation (Japan) among others.|
|Key Market Opportunities||Rapid urbanization, growing demand for durable rubber, and continuous growth of automotive & transportation sector.|
|Key Market Drivers||Rising population along with the increasing per capita disposable income is estimated to drive the growth|
Frequently Asked Questions (FAQ) :
Styrene-Butadiene, Nitrile, and Butadiene Rubber, Ethylene Propylene Diene Monomers, Styrenic Block Copolymer
petroleum, coal, oil, natural gas, etc.
The growing automotive industry and the growing demand for longer lasting automotive tires is likely to be the major driver for the global synthetic rubber market over the forecast period.
buna rubber, butyl rubber, silicone rubber
Volatility in the prices of crude oil is likely to be the major restraint acting on the synthetic rubber market.
Asia Pacific is the leading regional market for synthetic rubber due to the growing automotive industry in the region.
Leading players in the synthetic rubber market include ZEON Corporation, Lanxess, LG Chem, Dow, Asahi Kasei Corporation, and JSR Corporation.
The automotive industry is the largest end user of the synthetic rubber market, holding a dominant 65% share in the market in 2016.