Global Synthetic Rubber Market Insights
Global Synthetic Rubber Market size was valued at USD 28.89 billion in 2021 and is poised to grow from USD 29.86 billion in 2022 to USD 41.73 billion by 2030, growing at a CAGR of 4.9% in the forecast period (2023-2030).
Synthetic rubber, like natural rubber, has numerous applications in the automotive industry, including tires, door and window profiles, seals such as O-rings and gaskets, hoses, belts, matting, and flooring. It provides a variety of physical and chemical properties, which can improve the dependability of a given product or application. Synthetic rubber outperforms natural rubber in two key areas: thermal stability and resistance to oils and related compounds. It is more resistant to oxidizing agents like oxygen and ozone, which can shorten the shelf-life of products like tires. Increasing R&D and product improvement by several manufacturers in the rubber market will drive up product demand. The increasing growth in aerospace, automotive, and construction, combined with rising rubber demand from tire and electronic applications, will help drive market growth over the forecast period. As the global demand for OEM tyres rises due to the expansion of the automotive industry, so will the demand for synthetic rubbers, which will eventually drive the growth of the market.
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Analysis:
Global Synthetic Rubber Market Segmental Analysis
Global Synthetic Rubber Market is segmented based on the form type, type, end use industry, and region. Based on form type, the Synthetic Rubber Market is segmented into solid, and liquid. Based on type, the Synthetic Rubber Market is segmented into acrylic rubber, butadiene rubber, ethylene propylene diene monomer, styrene butadiene rubber, butyl rubber, isoprene rubber, nitrile rubber, and others. Based on end use industry, the global Synthetic Rubber Market is segmented into building & construction, transportation, medical, textile & apparel, food & beverage, and others. Based on region, Synthetic Rubber Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Synthetic Rubber Market Analysis by Type
Based on type, the global synthetic rubber market is segmented into acrylic rubber, butadiene rubber, ethylene propylene diene monomer, styrene butadiene rubber, butyl rubber, isoprene rubber, nitrile rubber, and others. Ethylene propylene diene monomer is expected to lead the segment during the forecast period due to its numerous applications, which include wire and cable connections, insulators, accumulator bladders, diaphragms, radiator and heater hoses, window and door seals, and more. It is unbreakable at temperatures as high as 150 degrees. Furthermore, it is resistant to damp and humidity.
Styrene butadiene rubber segment is anticipated to grow significantly during the forecasting years due to its cost-effective properties, and preference over natural rubber. Product consumption is high in wire and cable insulation, belting, roll coverings, cutting boards, and other applications.
Synthetic Rubber Market Analysis by End Use Industry
Based on end use industry, the global market is segmented into building & construction, transportation, medical, textile & apparel, food & beverage, and others. During the forecast period, the transportation segment is expected to lead the market. The transportation industry is the largest consumer of synthetic rubber, which is used to make tyres. Because of its durability, elasticity, and flexibility, synthetic rubber is suitable for making items used in transportation.
Synthetic Rubber Market Top Player's Company Profiles
- Lanxess AG
- ExxonMobil Corporation
- The Dow Chemical Company
- Sinopec Corporation
- Kumho Petrochemical Co., Ltd.
- Zeon Corporation
- LG Chem Ltd.
- Versalis S.p.A.
- TSRC Corporation
- JSR Corporation
- Sumitomo Chemical Co., Ltd.
- Synthos S.A.
- Trinseo S.A.
- Arlanxeo Holding B.V.
- China National Petroleum Corporation (CNPC)
- Asahi Kasei Corporation
- Nizhnekamskneftekhim PJSC
- Formosa Plastics Corporation
- PetroChina Company Limited
- Thai Rubber Latex Corporation (Thailand) Public Company Limited
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