According to the latest report by IMARC Group, titled “Global Synthetic Rubber Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, the global synthetic rubber market reached a value of US$ 30.64 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 38.51 Billion by 2027, exhibiting a CAGR of 3.70% during 2022-2027.
Synthetic rubber is an artificial elastomer synthesized from various raw materials such as natural gas, coal, oil, and acetylene. It can undergo elastic stretchability or deformation under stress and return to its previous size without permanent deformation. It has a higher tensile strength, and recyclable, swelling and abrasion-resistant properties. Synthetic rubbers are more cost-effective, durable and possess high thermal stability compared to natural rubbers. As a result, they are widely utilized across automotive, construction, electrical, and various other end-use industries.
Synthetic Rubber Market Trends and Drivers:
The market is primarily driven by the growing use of synthetic rubber in the automotive industry to make tires, doors and windows profiles, gaskets, hoses, belts, matting, and flooring. In addition, synthetic rubber is widely preferred over natural rubber owing to its sustainability and resistance to chemicals, grease, oil, high temperature, oxidizing compounds, and other extreme conditions.
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This, coupled with the rising product adoption in manufacturing electrical devices, is positively influencing the market growth. Moreover, due to rising environmental consciousness among consumers, various leading market players are introducing eco-friendly product variants. They are also emphasizing on research and development (R&D), merger and acquisition (M&A), joint ventures, collaborations, and product innovation strategies to expand their product portfolio.
Furthermore, the increasing applications of synthetic rubber in making industrial rubber mats, gloves and footwear, and the escalating product demand from the construction sector are also creating a favorable market outlook across the globe.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Synthetic Rubber Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Apcotex Industries Limited, Asahi Kasei Corporation, China Petrochemical Corporation, Denka Company Limited, Exxon Mobil Corporation, JSR Corporation, Kumho Petrochemical Co. Ltd., Lanxess AG, LG Chem Ltd., PJSC Nizhnekamskneftekhim, Reliance Industries Limited, Saudi Basic Industries Corporation (Saudi Arabian Oil Co.), The Goodyear Tire & Rubber Company, TSRC Corporation and Zeon Corporation.
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The report has segmented the market on the basis of region, type, distribution channel and application.
Breakup by Type:
- Styrene Butadiene Rubber
- Ethylene Propylene Diene Rubber
- Polybutadiene Rubber
- Isobutylene Isoprene Rubber
Breakup by Distribution Channel:
Breakup by Application:
- Tire and Tire Component
- Non-Tire Automobile Application
- Industrial Goods
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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