- Synthetic rubber is increasingly being used in the manufacturing of tires, asphalt overlay, footwear, adhesives, and industrial items, which is expected to fuel market expansion
ALBANY, N.Y., March 16, 2022 (GLOBE NEWSWIRE) -- The global synthetic rubber market was valued to cross US$ 39.4 Bn in 2020. The market is likely to rise at a CAGR of 5.1% during the forecast period, from 2021 to 2031. The global synthetic rubber market is anticipated to surpass the value of US$ 68.1 Bn by 2031. Due to the increasing shipping and sales of products during the ongoing coronavirus pandemic, synthetic rubber imports and exports are expected to grow. As market participants are continually being threatened by price volatility in petroleum byproducts, the global synthetic rubber market is predicted to grow at a modest growth rate.
In order to minimize long-term losses in the synthetic rubber market, firms are spending on data-driven research to estimate prices of petroleum byproducts as well as other raw materials. Chemical businesses, on the other hand, have been able to open up new growth opportunities for the rubber industry by utilizing chemical procedures that improve elastomer qualities.
Based on revenue share, Asia Pacific is leading the global synthetic rubber market, and the region is anticipated to remain dominant in the near future as well. Rapidly growing nations in the region, including as India and China, are likely to fuel the expansion of the Asia Pacific synthetic rubber market in the years to come.
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Malaysia is yet another important rubber consumer in the region. This can be attributed to growing sales of automotive in both countries. Furthermore, the market in Asia Pacific is likely to benefit from the expansion of the construction industry as well as rise in infrastructural projects. The growing demand for green tires is projected to have a favorable impact on the market during the forecast period.
Key Findings of Market Report
- An important element likely to stimulate growth of the global synthetic rubber market is the high price of natural rubbers as a result of dwindling plantations throughout the world. Synthetic rubbers have developed as a viable option to meet the growing demand from construction and automotive industries.
- Synthetic rubber is used in the making of low-cost building materials with a variety of properties, resulting in considerable share of overall demand in the market. As a result, developing countries, which have witnessed a rise in infrastructure building projects in the recent years, are likely to provide a major push to the global market.
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- Presently, styrene butadiene rubber (SBR), a form of synthetic rubber, is likely to control majority of the market's revenue. It is simple to work with and allows heat aging. Abrasion resistance is another property of SBR. It is primarily utilized in the manufacturing of automobile tires, where it is occasionally blended with natural rubber. It is also used in the manufacture of conveyor belts, adhesives, hoses, floor tiles, and gaskets.
- Based on production, Asia Pacific is expected to dominate the global synthetic rubber market. In addition, Chinese petroleum as well as chemical businesses are marketed as the world's leading synthetic rubber producers.
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Global Synthetic Rubber Market: Growth Drivers
- Industrial items, adhesives, asphalt overlay, footwear, and tires make use of synthetic rubber. The tires category, which generates major demand in the market, is expected to continue its dominance in the global market in the near future. As standard synthetic rubber has silica, which lowers roll resistance, market players are now developing eco-friendly variants.
- Another product type, nitrile butadiene rubber (NBR), is building a strong case for dominating the global synthetic rubber market. The growing demand for NBR in automotive applications is likely to be driven by such market dominance. As a result, the global market is likely to benefit from the rise in both residential and commercial building activities.
Global Synthetic Rubber Market: Key Players
Some of the key market players are
- China National Petroleum Corporation (CNPC)
- The Dow Chemical Company
- Exxon Mobil Corporation
- China Petroleum & Chemical Corporation (Sinopec Corporation)
- Sumitomo Chemical Co., Ltd.
- Dynasol Elastomers S.A.
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Global Synthetic Rubber Market: Segmentation
Product
- Styrene Butadiene Rubber [SBR]
- Polybutadiene [BR]
- Ethylene Propylene [EPDM]
- Nitrile Butadiene Rubber [NBR]
- Others
End Use
- Tires
- Industrial Goods
- Footwear
- Others
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