Farmington, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Global Synthetic Rubber Market Size Was Valued At USD 28.89 Billion In 2021. The Market Is Projected To Grow From USD 29.86 Billion In 2022 To USD 41.73 Billion By 2029, Exhibiting a CAGR Of 4.9% During The Forecast Period. Europe has the biggest market for cosmetics in the world, which is a good place for new companies from developing countries to start. At the same time, beauty and personal care products made with natural ingredients are becoming more popular, and this trend is likely to continue. Based on this demand from European countries, it is likely that Europe will help the market grow a lot in the future. Turmeric is becoming more and more popular in Europe's market for health products. It is known to have antioxidant and anti-inflammatory properties, so it is used as a supplement and in medicine to improve the immune and digestive systems and overall health. The EU gets most of its turmeric from India, but it also gets some from Thailand, Madagascar, Peru, and Sri Lanka. A big reason why people want turmeric is that people in Europe are living longer. As people in Europe become more health-conscious, the area will grow. Turmeric is a popular spice in the area because it is used in a lot of dishes from different cultures.
Request Sample Copy of Report “Synthetic Rubber Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
Recent Developments:
- November 2020 – Kunnath Pharmaceuticals, a manufacturer of herbal products from India, launched antiviral immunity booster capsules across India under the brand name 'Viromune'. With this launch, the company plans to achieve sales of USD 266 million over the next three years.
- March 2021 – Lotus, one of India's popular beauty companies, launches the Lotus Botanicals brand. This e-commerce brand allows consumers to order skin and hair care products from Lotus Botanicals only through Lotus Botanicals and other third-party e-commerce channels.
Segment Overview
Type Insights
By type, the market is split into styrene butadiene rubber, nitrile rubber, polybutadiene rubber, butyl rubber, and other types. The market leader is styrene butadiene rubber (SBR), which has the biggest share of the market. The reason for the growth is that it is cheaper and more popular than natural rubber. Wire and cable insulation, belting, roll coverings, cutting boards, and haul-off pads all use a lot of the product. The second biggest market segment in the world is polybutadiene rubber. The product is usually used to make tyres.
Application Insights
The market is split up into tyres, auto parts that aren't tyres, industrial rubber goods, shoes, and other uses. Tires grew faster than any other product and made up the most of the market in 2021. The fast growth of the auto industry and improvements to tyres would help the market grow. The part of the market that makes cars but doesn't make tyres is the second largest. In this segment, rubber is used to make things like car mats and wires and cables.
Regional Outlook:
In the Asia-Pacific region, the size of the market in 2021 was USD 15.13 billion. Styrene-butadiene rubber and nitrile rubber are being used more in construction, which is a big reason for the growth. The market will also grow because products will get better and infrastructure will get better. China has the largest share of the market for synthetic rubber in this area. This is because they make more kinds of tyres and other products that don't have to do with cars than any other country.
The second largest market in the world is in Europe. The fast growth of the automotive industry and the rising demand for tyres, belts, and hoses will drive the growth of the market in this area.
The rapid use of nitrile rubber in industrial goods and the rising demand for synthetic rubber caulk, crossword, and adhesives in the top applications will drive the market growth in North America. The fast growth of the electrical and electronic and tyre industries will also help the market grow in this area.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 4.9% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 29.86 Billion |
| By Type | Styrene Butadiene Rubber, Nitrile Rubber, Polybutadiene Rubber, Butyl Rubber, Others |
| By Application | Tire, Non-tire Automotive, Industrial Rubber Goods, Footwear, Others |
| By Companies | ndian Synthetic Rubber Private Limited (India), Apcotex Industries Limited (India), Reliance Industries Limited. (India), Trinseo (U.S.), Goodyear Tire and Rubber Company (U.S.), Sinopec (China), LANXESS (Germany), TSRC Corporation (Taiwan), JSR Corporation (Japan), Kumho Petrochemical (South Korea), Nizhnekamskneftekhim (Russia) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Trends:
People are buying more factory-made rubber than natural rubber. This is a big trend.
More people want synthetic rubber instead of natural rubber, so the market will grow. It is in high demand because it can be used in places with chemicals, greases, oils, high temperatures, compounds that cause oxidation, and other harsh conditions. Also, a lot of these kinds of rubber can't catch fire. So, they keep electrical devices from getting too hot. Also, artificial elastomer could improve many properties in ways that natural rubber can't. If the property was changed in this way, more rubber would be made all over the world. Because of these things, the market for synthetic rubber will grow.
Driving Factors:
Demand will go up in the auto industry, which will help the market grow.
The rise in demand for synthetic rubber from the auto industry will help the market grow. Artificial rubber is often used in the car business because it can handle high temperatures and wear. Synthetic rubber is very good at not slipping, which makes it a good choice for car pedals and floor mats inside the car. It is used a lot in tyres for things like flooring, door and window profiles, hoses, O-rings and gaskets, and belts. Also, the growing need for cars around the world is likely to make people buy more products. This is mostly because different bikes and cars are made with rubber. During the forecast period, there will be more demand for products because the auto industry is growing fast and more research and development is being done.
Restraining Factors:
Because of how dangerous artificial elastomer is, growth will slow down.
Because the product has dangerous side effects, it can't be used in many situations. When synthetic rubber is vulcanised, tiny bits of carbon turn into soot. Among other things, it causes haze and makes lakes and rivers more acidic. Also, breathing in soot can cause a wide range of serious health problems, such as lung problems, bronchitis, shortness of breath, stroke, asthma, cancer, heart attack, and even death before its time. Some of these things could make people less likely to buy a product, which would slow the growth of the market.
Key Segments Covered:
Top Market Players:
ndian Synthetic Rubber Private Limited (India), Apcotex Industries Limited (India), Reliance Industries Limited. (India), Trinseo (U.S.), Goodyear Tire and Rubber Company (U.S.), Sinopec (China), LANXESS (Germany), TSRC Corporation (Taiwan), JSR Corporation (Japan), Kumho Petrochemical (South Korea), Nizhnekamskneftekhim (Russia), and others.
By Type
- Styrene Butadiene Rubber
- Nitrile Rubber
- Polybutadiene Rubber
- Butyl Rubber
- Others
By Application
- Tire
- Non-tire Automotive
- Industrial Rubber Goods
- Footwear
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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