Global Synthetic rubbers Market By Type (Styrene Butadiene Rubber (SBR), Polybutadiene Rubber (BR), Styrene Block Copolymer (SBC), Ethylene Propylene Diene Monomer (EPDM), Butyl Rubber (IIR), Nitrile Butadiene Rubber (NBR)), By Application (Tire, Non-Tire Automotive, Footwear, Industrial) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2030

Report Code : BII 966 Jan-2022 Chemicals & Materials Format : PDF Pages : 2015

     



Global Synthetic Rubber Market Overview

A significant share of the overall demand in the synthetic rubber market arises from its use in making inexpensive construction materials with various characteristics. Conversely, the adoption of environmentally friendly production methods will create new opportunities for market participants. Synthetic rubber finds usage in adhesives, making footwear, industrial goods, asphalt overlay, and tires. Also, because of the continued improvement of the automobile industry in developing regions, the worldwide synthetic rubber market is expected to rise significantly during the forecast period.

Furthermore, the growing middle-class population, combined with increased industrialization, has fueled the growth of the footwear sector, which is projected to grow during the forecast period. In addition, growing sporting activities such as vehicle racing championships, along with extensive research into tire durability and demand, will boost the market expansion over the upcoming years. However, one of the most difficult challenges faced by synthetic rubber manufacturers is fluctuating raw material prices.

Market Size

According to Business Intelligence Insights “Global Synthetic Rubber Market" is expected to grow from USD 18.70 billion in 2021 to USD 25.00 billion by 2030, at a CAGR of 3.70% during the forecast period 2022-2030


Covid -19 Impact Analysis

The unanticipated outbreak of Covid 19 has had a negative influence on market growth in terms of volume and sales due to strict movement restrictions and lockdowns The supply chain and manufacturing units were severely disrupted. As a result, the synthetic rubber sector has been significantly impacted by decreased output in the automotive and other industries due to a lack of raw materials. Also, the demand for synthetic rubber was particularly low in 2019, owing to unexpectedly slow growth in China and India's passenger car markets. Thus, this declined the demand for synthetic rubber products which dipped the development of the market.

Market Dynamics

•    Drivers

o    the growing middle-class population, combined with increased industrialization,
o    continued improvement of the automobile industry in developing regions 

•    Restraints

o    fluctuating raw material prices.

Segmentation Insights


By Industry:

Industrial category dominated the market  with the highest revenue share of 54.7%

In 2021, the market for synthetic rubbers was dominated by Industrial application over the upcoming years. Synthetic rubber is robust to ozone, high winds, ultraviolet rays, and rain, and thus finds use in a variety of industries and production processes.  Furthermore, there are several advantages that increase the use of synthetic rubbers by end-use industries.

By SBR segment: 

SBR segment dominated the market and accounted for around 80% of the total demand.

The SBR Type synthetic Rubber can be taken are Styrene Butadiene Rubber [SBR], Polybutadiene [BR], Ethylene Propylene [EPDM], Nitrile Butadiene Rubber [NBR]. SBR is the most popular application mode. the SBR dominated the market since it is widely used in automobile & truck tires and manufacturing of carpets globally. It finds wide usage in the tire industry and production of belts, seats, and other technical products. The primary reason for its popularity is that it has favorable characteristics such as ageing stability and resistance to high abrasion, making it the preferred material in the tire manufacturing sector.

By Type
•    Styrene Butadiene Rubber (SBR)
•    Ethylene Propylene diene Rubber (EPDM)
•    Polyisoprene (IR)
•    Polybutadiene Rubber (BR)
•    Isobutylene Isoprene Rubber (IIR)
•    Other Types

By Application
•    Tire and Tire Component
•    Non-tire Automobile Application
•    Footwear
•    Industrial Goods
•    Other Applications

By Region
•    North America

o    U.S.
o    Canada
•    Europe 
o    Germany
o    U.K.
o    France
o    Italy
o    Spain
o    Rest of Europe
•    Asia Pacific 
o    China
o    India
o    Japan
o    Rest of Asia Pacific
•    Latin America 
o    Brazil
o    Mexico
o    Rest of Latin America
•    Middle East and Africa 
o    UAE
o    South Africa
o    Rest of Middle East and Africa (MEA)

Key Players

•    Aptote Industries Limited
•    China Petrochemical Corporation (SINOPEC)
•    Exxon Mobil Corporation
•    JSR Corporation
•    Kumho Petrochemical
•    LANXESS
•    LG Chem
•    Mitsubishi Chemical Corporation
•    Reliance Industries Limited
•    SABIC
•    Saudi Arabian Oil Co.
•    The Goodyear Tire & Rubber Company
•    Trinseo
•    TSRC
•    Versalis SPA
•    Synthos
•    SIBUR
•    LLC Tolyattikauchuk
•    Synthez-Kauchuk (Sterlitamak)
•    АО Omsk Kauchak (Titan Group of Companies)
•    Danazol Group

Regional Insights

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Asia Pacific dominated the market with more than 36% of the market share

In both developed and emerging countries, Asia Pacific is at the forefront accounting for the largest revenue share of the global synthetic rubber market. The synthetic rubber market in the country is being driven by rapid industrialization, rising middle class and growing economy. A rising construction sector and infrastructure buildings is expected to etch growth in the region. Also, The APEJ region also has a flourishing the automobile industry. It is a developing market in terms of vehicle production and sales.

Table

Report Attributes
Details
Market Size Value in 2021 USD 18.70 billion
Market Size Value in 2030 USD 25.00 billion
Growth Rate +3.70%
Base Year 2021
Forecast Period 2022-2030
Historical Data 2018-2020
Forecast Units USD Billion
Countries Covered North America: U.S., Canada, Europe: Germany, U.K., France, Italy, Spain, Rest of Europe, Asia Pacific: China, India, Japan, Rest of Asia Pacific, Latin America: Brazil, Mexico, Rest of Latin America, Middle East and Africa: UAE, South Africa, Rest of Middle East and Africa (MEA)
Segments Covered By Type, By Application, By Region
Competitive landscape Leading companies, Competitive strategies and Consumer engagement scope
Customization is available If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at sales@businessintelligence-insights.com if you have any questions

 

Frequently Asked Questions (FAQ):

The Synthetic Rubber Market is predicted to grow at a 3.70% CAGR between 2022-2030

According to Business Intelligence Insights “Global Synthetic Rubber Market" is expected to grow from USD 18.70 billion in 2021 to USD 25.00 billion by 2030, at a CAGR of 3.70% during the forecast period 2022-2030

Industrial category dominated the market with the highest revenue share of 54.7%

Asia Pacific dominated the market with more than 36% of the market share

Key competitors in the Synthetic Rubber Market include Aptote Industries Limited, China Petrochemical Corporation (SINOPEC), Exxon Mobil Corporation, JSR Corporation, Kumho Petrochemical, LANXESS, LG Chem, Mitsubishi Chemical Corporation, Reliance Industries Limited, SABIC, Saudi Arabian Oil Co.,The Goodyear Tire & Rubber Company, Trinseo, TSRC, Versalis SPA, Synthos, SIBUR, LLC Tolyattikauchuk, Synthez-Kauchuk (Sterlitamak), АО Omsk Kauchak (Titan Group of Companies), Danazol Group
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