New York, Jan. 27, 2021 (GLOBE NEWSWIRE) -- The Global Synthetic Rubber Market is expected to reach USD 45.72 Billion by 2027, exhibiting a robust CAGR of 4.6% through the forecast period. Synthetic rubber is an artificial elastomer synthesized from a wide range of petroleum by-products. The most widely used synthetic rubber is styrene-butadiene rubber (SBR), which is made from the copolymerization of styrene and 1,3-butadiene. Other synthetic rubbers, such as polyisoprene, are derived through the polymerization of synthetic isoprene. The most common applications of synthetic rubber include automotive tires & tubes, adhesives & sealants, latex gloves, etc. Moreover, synthetic rubber that is more durable, harder, and less elastic finds extensive use in the production of aircraft tires, waterproof gaskets, window and door profiles, hose pipes, and flooring products. The most beneficial properties of synthetic rubber are its exceptional abrasion resistance, optimal performance in extreme temperatures, high tensile strength, super adhesion to metals, excellent heat and corrosion resistance, and high moldability.
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Revenue from the global synthetic rubber market is expected to register a substantial growth rate over the forecast period, owing to various favorable factors. Amplifying demand for synthetic rubber for the production of tires & tubes, numerous advantages offered by synthetic rubber over natural rubber, and the consistently rising demand across the automotive industry are some of the key parameters driving the growth of the global synthetic rubber market. The emergence of innovative production technologies has fueled the demand for synthetic rubber in the automotive industry. Rising demand for the product in this industry for the manufacture of tires & tubes is a key factor propelling the global market growth. Hence, escalating demand for synthetic rubber in the footwear industry, mainly due to the production of casual, technical, and protective footwear products, is a significant factor stimulating the growth of this market.
Key findings of the report:
- Based on product type, the styrene-butadiene rubber sub-segment led the global synthetic rubber market in 2019 and is projected to grow more significantly over the following years. Styrene-butadiene rubber is increasingly being preferred to natural rubber for various industrial uses, owing to its higher environmental sustainability, greater crack endurance, and stronger abrasion resistance. Moreover, in terms of application, the footwear sub-segment is estimated to register the highest growth rate of 3.7% over the projected timeline.
- Among the distribution channels, the online sub-segment is expected to record the fastest growth rate of 7.1% over the forecast period. This mode of distribution offers consumers a broader exposure to the product. The surging penetration of smart devices, improved access to the internet, and the growing availability of online channels have further boosted the growth of this segment.
- Among the key regional markets, the Asia Pacific synthetic rubber market emerged as the most dominant region in 2019. The regional market is poised to register an impressive growth rate of 5.4% over the projected period, owing to the highest production of rubber across the region, rapid urbanization, and the rising number of end-use industries, including the automotive, construction, and footwear industries.
- The leading competitors in the global synthetic rubber market include DuPont, ExxonMobil Corporation, Chevron Phillips Chemical Company, Eastman Chemical Company, Mitsubishi Chemical Corporation, Sinopec, Nova Chemicals Corporation, SABIC, INEOS, and Goodyear.
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For the purpose of this report, the global synthetic rubber market is segmented based on product type, application, distribution channel, and region:
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Styrene-Butadiene Rubber
- Ethylene Propylenediene Rubber
- Polybutadiene Rubber
- Polyisoprene
- Others
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Automotive
- Industrial Goods
- Footwear
- Others
Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Online
- Offline
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- North America
- U.S.
- Europe
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
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