Global Synthetic Rubber Market Size By Type (Polyisoprene (IR), Polybutadiene Rubber (BR)), By Application (Footwear, Industrial Goods), By Geographic Scope And Forecast

Synthetic Rubber Market Size And Forecast

Synthetic Rubber Market size was valued at USD 29.31 Billion in 2022 and is projected to reach USD 42.03 Billion by 2030, growing at a CAGR of 4.6% from 2023 to 2030.

The market is growing as a result of rising demand from the automotive industry. Additionally, the rising penetration of electric vehicles is increasing the demand for synthetic rubber. The Global Synthetic Rubber Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Synthetic Rubber Market Definition

Synthetic rubbers also known as elastomers are long-chain polymers with unique chemical and physical as well as mechanical properties. A number of monomers, such as isoprene (2-methyl-1, 3-butadiene), 1, 3-butadiene, chloroprene (2-chloro-1, 3-butadiene), and isobutylene (methyl propene), can be polymerized to create synthetic rubber, with a small percentage of isoprene added for cross-linking. These materials are strong and have great abrasion resistance, good dimensional stability, and chemical stability.

Neoprene, Buna rubbers, and butyl rubbers are a few examples of the various varieties of synthetic rubber, and they are usually created with particular qualities for specialized uses. For the production of tires, styrene-butadiene rubber and butadiene rubber (both Buna rubbers) are commonly utilized. Since butyl rubber is gas-impermeable, inner tubes typically include it. Beginning in the 1890s, greater use of motor vehicles, and notably their tires led to an increase in the demand for rubber.

Global Synthetic Rubber Market Overview

The market is growing as a result of rising demand from the automotive industry. Additionally, the rising penetration of electric vehicles is increasing the demand for synthetic rubber. The market will expand as a result of the increased demand for synthetic rubber from the automobile industry. Synthetic rubber is favored in the automobile sector owing to abrasion and temperature resistance. Artificial rubber is perfect for usage in vehicle pedals and interior flooring mats due to its outstanding anti-slip properties. Additionally, given that rubber products are used to make a variety of motorcycles and vehicles, it is projected that the rising demand for cars on a global scale would enhance product consumption.

Due to the rapid growth of the automotive industry and expanding R&D activities, demand for the product will rise during the projection period. The COVID-19 epidemic had a negative impact on the market because it imposed limitations on the manufacturing of tires, footwear, and other industrial items, which are the main end-user industries for synthetic rubber. The market for synthetic rubber, however, returned to pre-pandemic levels in 2022 as a result of increased production and the restart of end-user industries. It is also anticipated to grow consistently over the duration of the forecast period. However hazardous impacts caused by artificial rubbers restrain market expansion.

Global Synthetic Rubber MarketSegmentation Analysis

The Global Synthetic Rubber Market is segmented on the basis of Type, Application, And Geography.

Synthetic Rubber Market, By Type

• Styrene Butadiene Rubber (SBR)
• Ethylene Propylenediene Rubber (EPDM)
• Polyisoprene (IR)
• Polybutadiene Rubber (BR)
• Isobutylene Isoprene Rubber (IIR)
• Other Types

Based on Type, the market is bifurcated into Styrene Butadiene Rubber (SBR), Ethylene Propylenediene Rubber (EPDM), Polyisoprene (IR), Polybutadiene Rubber (BR), Isobutylene Isoprene Rubber (IIR), and Other Types. Styrene Butadiene Rubber (SBR) is expected to hold the largest market share during the forecasted years. Both thermal aging and processing are simple for Styrene Butadiene Rubber. SBR is also resistant to abrasion. When making vehicle tires, SBR, and natural rubber are usually mixed together. Moreover, it is utilized to make footwear, conveyor belts, hoses, floor tiles, adhesives, and gaskets.

Synthetic Rubber Market, By Application

• Tire and Tire Components
• Non-tire Automobile Applications
• Footwear
• Industrial Goods
• Other Applications

Based on Application, the market is bifurcated into Tire and Tire Components, Non-tire Automobile Applications, Footwear, Industrial Goods, and Other Applications. The tire and Tire Components segment dominated the market and it is anticipated to follow the same trend in the forecasted years. This is owing to the rising penetration of electric vehicles is increasing demand for synthetic rubber. Due to its great abrasion resistance and excellent aging stability, styrene-butadiene rubber is the material of preference in the tire manufacturing industry.

Synthetic Rubber Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Based on Geography, the Global Synthetic Rubber Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region dominated the market in 2021. Owing to the significant demand from China, India, and Japan, the Asia-Pacific region dominates the synthetic rubber industry. China, India, Japan, South Korea, Thailand, and Indonesia are the top tire-producing countries in the world, and they are all located in the Asia Pacific region.

Key Players

The “Global Synthetic Rubber Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Asahi Kasei Corporation, The Dow Chemical Company, DuPont, LANXESS AG, Exxon Mobil Corporation, Dynasol Elastomers S.A., TSRC Corporation, Versalis S.p.A., Sumitomo Chemical Co., Ltd., KUMHO PETROCHEMICAL, China National Petroleum Corporation (CNPC), and China Petroleum & Chemical Corporation (Sinopec Corporation). The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In December 2022Korea Kumho Petrochemical Co. (KKPC) planned for a series of synthetic rubber expansions at its production facilities in South Korea, including its plan to expand its Solution Styrene-Butadiene Rubber (SSBR) capacity to 123 Kilo-Tonnes Per Annum by the end of 2023.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Synthetic Rubber Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in Global Synthetic Rubber Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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