IMARC Group’s report titled “Synthetic Rubber Market Report by Type (Styrene Butadiene Rubber, Ethylene Propylene Diene Rubber, Polyisoprene, Polybutadiene Rubber, Isobutylene Isoprene Rubber, and Others), Form (Liquid Synthetic Rubber, Solid Synthetic Rubber), Application (Tire and Tire Component, Non-Tire Automobile Application, Footwear, Industrial Goods, and Others), and Region 2024-2032“, Offers a comprehensive analysis of the industry, which comprises insights on the synthetic rubber market share. The global synthetic rubber market size reached US$ 33.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 44.2 Billion by 2032, exhibiting a growth rate (CAGR) of 3.2% during 2024-2032.
Industry Overview of Synthetic Rubber
Synthetic rubber is a man-made elastomer that replicates the characteristics of natural rubber, which is derived from latex obtained from certain trees. It comprises styrene-butadiene rubber (SBR), which is the most widely used synthetic rubber known for its abrasion resistance and versatility. It also consists of polybutadiene rubber (BR), which exhibits high elasticity and is commonly used in the production of tires, especially when combined with other rubbers to improve performance. It includes ethylene-propylene rubber (EPR), which is known for its excellent resistance to weathering, ozone, and heat, making it suitable for outdoor applications and automotive components. It is created through the polymerization of various petrochemicals, primarily styrene and butadiene. It is chemically diverse, with variations in composition based on the desired properties. It undergoes various processing techniques, including vulcanization, extrusion, and molding, to shape it into different forms, enhancing its usability across industries. Synthetic rubber reduces dependence on natural rubber, providing a reliable and consistent source for industries that rely on rubber-based products. It allows manufacturers to meet specific requirements, leading to enhanced product performance and durability. It is often more cost-effective than harvesting and processing natural rubber, contributing to the economic viability of various industries. It exhibits superior durability compared to natural rubber, making it suitable for applications requiring resistance to wear, tear, and harsh environmental conditions.
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Leading Companies Operating in the Global Synthetic Rubber Industry:
- 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
- Zeon Corporation
What are the growth prospects and trends in the synthetic rubber industry?
At present, the increasing demand for bio-based synthetic rubber derived from renewable sources due to the rising awareness about the impacts of climate change and global warming represents one of the crucial factors impelling the growth of the market. Besides this, the increasing production of vehicles globally, driven by the rising purchase of passenger cars and heavy-duty vehicles, is propelling the demand for tires, hoses, belts, and other rubber components. The popularity of electric vehicles (EVs) is compelling car manufacturers to adapt synthetic rubber formulations to meet the specific needs of these vehicles.
In addition, the growing complexity and specialization of industrial processes are driving innovation in synthetic rubber formulations. The production of sealants, coatings, and adhesives made from synthetic rubber is also contributing to the market growth. Apart from this, the increasing utilization of synthetic rubber for the production of shoe soles, providing wear resistance, flexibility, and cushioning, is supporting the market growth. Additionally, the rising innovations in polymerization processes, catalyst technologies, and molecular engineering are enhancing the performance characteristics of synthetic rubbers.
This allows manufacturers to meet specific requirements for diverse applications, including improved fuel efficiency in automotive tires, better durability in industrial applications, and enhanced comfort in consumer goods. Moreover, stringent environmental regulations and standards are encouraging manufacturers to adopt cleaner and greener production processes. Furthermore, the increasing employment of synthetic rubber in the production of conveyor belts, hoses, and other components used in various industrial processes is bolstering the market growth.
Synthetic Rubber Market Report Segmentation:
Breakup by Type:
- Styrene Butadiene Rubber
- Ethylene Propylene Diene Rubber
- Polyisoprene
- Polybutadiene Rubber
- Isobutylene Isoprene Rubber
- Others
Breakup by Form:
- Liquid Synthetic Rubber
- Solid Synthetic Rubber
Breakup by Application:
- Tire and Tire Component
- Non-Tire Automobile Application
- Footwear
- Industrial Goods
- Others
Regional Insights:
- 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
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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