New York, NY, March 21, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Synthetic Rubber Market Share, Size, Trends, Industry Analysis Report, By Product Type (SBR, IIR, EPDM, IR, NBR, & Others), By Application, By Industry Vertical, By Regions, Segments & Forecast, 2023 – 2032” in its research database.
“According to the latest research analysis, the global synthetic rubber market size/share is anticipated to be valued at approximately USD 22.55 Billion in 2022 and is projected to hit a revenue of around USD 36.15 Billion by 2032, at a CAGR of around 4.84% between 2023 and 2032.”
What is Synthetic Rubber? How big is Synthetic Rubber Market Size & Demand?
- Report Overview
Synthetic rubber is normally procured from additional polymers of polyene monomers, and lest the synthetic rubber is disclosed as a polysulfide rubber, laminates accommodating such a layer will be classified as additional polymers. The rapidly rising demand for the synthetic rubber market can be attributed to the fact that it is preferred over natural rubber for some uses if the price parity is not too great.
The growth can be mainly attributed to the increasing substitution of automotive tires, increasing requirement for durable rubber, growing production magnitude of rubber manufacturers and capital investment by them, and proliferating the automotive industry. Additionally, several government resourcefulness for economic development, escalating personal income, and ceaseless industrialization endeavors are propelling the market growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key data covered in the market report
- The study on the market includes qualitative factors such as drivers, restraints, and opportunities.
- The study covers the competitive landscape of existing and prospective players in the industry and their strategic initiative for product development.
- The study covers the quantitative and qualitative analysis of the market segmented based on type, application, and geography.
- Actual market sizes and forecasts have been given for all the above-mentioned segments.
Some of the Top Market Players Are:
- ExxonMobil Corporation
- Reliance Industries Limited.
- Apcotex
- The Goodyear Tire & Rubber Company
- Saudi Arabian Oil Co.
- TSRC
- Kumho Petrochemical
- China Petrochemical Corporation
- LANXESS
- JSR Corporation.
- ERIKS nv.
- Mitsui Chemicals America Inc
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Key factors driving market growth
- The growing demand from the automotive sector will push the market
The market will advance as the demand from the automotive sector for synthetic rubber will grow. The synthetic rubber market size is expanding as artificial rubber is preferred in the automobile sector due to qualities such as abrasion and temperature resistance. The excellent anti-slip properties of artificial rubber make them perfect for utilization in automobile pedals and interior flooring mats.
Demand for green products such as environmentally friendly tyres has escalated due to anxieties about the mood of the environment. The synthetic rubber market sales are soaring due to stringent limitations in Europe and North American region; tire makers are focusing on manufacturing environmentally friendly and pepped-up tires.
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Recent trends influencing the market
The continuing demand for abrasion and temperature resistance qualities to drive the market
- The requirement for anti-slip qualities covering tire applications together with door and windows profiles, hoses, O-rings and gaskets, flooring, and belts will increase the market share for synthetic rubber. Designated the demand for abrasion and temperature resistance, synthetic rubber is expected to acquire popularity in the automobile industry.
- One of the main end-use industries that are pushing demand for synthetic rubber is the aerospace sector. Rubber is important for the aerospace sector, which encloses spaceflight and aviation. Synthetic rubber, known as silicone, has been used in heat shields, adhesives, and seals.
Segmentation Assessment
- Styrene Butadiene Rubber (SBR) segment accounted for the largest market share
Based on product type, Styrene Butadiene Rubber (SBR) segment accounted for the largest market share. Synthetic rubber market demand is on the rise due to properties including high abrasion resistance, high tensile strength, and good aging stability recommended by styrene butadiene rubber. The growth is also attributed to the applications of SBR in the insulation of wire and cabling, roll coverings, belting, and haul-off pads.
- The tyre segment is expected to dominate the market
Based on application, the tire segment is expected to dominate the market. Synthetic rubber market trends include better aging and heat resistance, abrasion resistant, outstanding electrical insulation material, and others. Further, the subordinate obtainability of natural rubber due to several factors has also plunged its application in the tire segment to a greater extent.
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Synthetic Rubber Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 36.15 Billion |
| Market size value in 2023 | USD 23.64 Billion |
| Expected CAGR Growth | 4.84 % from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | ExxonMobil Corporation, Reliance Industries Limited., Apcotex, The Goodyear Tire & Rubber Company, Saudi Arabian Oil Co., TSRC, Kumho Petrochemical, China Petrochemical Corporation, LANXESS, JSR Corporation., ERIKS nv., Mitsui Chemicals America, Inc. |
| Segments Covered | By Product Type, By Application, By Industry Vertical, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- Major economies produce tires to propel the Asia Pacific market
The Asia Pacific held the largest synthetic rubber market share as major economies such as India, China, Japan, South Korea, Thailand, and Indonesia are the predominant tire-producing countries worldwide. For instance, according to European Automobile Manufacturer's Association (ACEA), Greater China deemed 33% of world car production in 2021 and 31% of commercial vehicle production in the same period.
Browse the Detail Report “Synthetic Rubber Market Share, Size, Trends, Industry Analysis Report, By Product Type (SBR, IIR, EPDM, IR, NBR, & Others), By Application, By Industry Vertical, By Regions, Segments & Forecast, 2023 – 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/synthetic-rubber-market
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Recent Developments
- In November 2022, The Goodyear Rubber and Tyre Company collaborated with Drive TLV, an Israel-established mobility incubator to brace the company's link with the Israel mobility ecosystem.
- In December 2021, TSRC transferred the ARLANXEO-TSRC Nantong joint venture to the southern section of NETDA chemical park, China, to support the global NBR supply and satisfy the local market demand.
Frequently Asked Questions
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Polaris Market Research has segmented the Synthetic Rubber Computing Market report based on product type, application, industry vertical, and region:
By Product Type Outlook
- Styrene-butadiene Rubber (SBR)
- Butyl Rubber (IIR)
- Ethylene-propylene-diene Rubber (EPDM)
- Isoprene Rubber (IR)
- Acrylonitrile-butadiene Rubber (NBR)
- Others
By Application Outlook
- Tire
- Non-Tire Automobile Applications
- Footwear
- Industrial Goods
- Sporting Goods
- Other Applications
By Industry Vertical Outlook
- Automotive
- Industrial Goods
- Chemical Industry
- Medical Industry
- Paper & Pulp
- Others
By Region Outlook
- North America (U.S, Canada, Mexico)
- Asia-pacific (China, Japan, India, Australia, Rest of Asia- pacific)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- LAMEA (Latin America, Middle East & Africa)
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