The Global "Synthetic Rubber Market" is expected to grow at a CAGR of 3.2% during the forecasting period (2022-2029).
Synthetic rubber, like natural rubber, has uses in the automotive industry for tires, door and window profiles, hoses, belts, matting, and flooring. Synthetic rubber, like other polymers, is made from various petroleum-based monomers. It is any artificial elastomer. About fifteen billion kilograms (thirty-three billion pounds) of rubbers are produced annually, and of that amount, two-thirds are synthetic. By application, the synthetic rubber market is segmented into footwear, industrial, automotive, construction, and other electrical & electronics and healthcare.
Rising demand from the automotive industry by application, especially from tires, is the major driver for market growth worldwide. Unlike in bus and truck radial tires, the percentage of SR used is higher in passenger car radials for speed and performance. Styrene-butadiene (SBR) and polybutadiene are the chief forms of SR used by the rubber industry. In recent years, growing sales of passenger cars have led to increased SR by the tire industry worldwide. In recent years, the growing ion of synthetic rubber ihas5,787,000 tons in 2017 holds a major share worldwide, but still, to meet its domestic demand, China has to import millions of tons of synthetic rubber every year.
Adding to this, synthetic rubber is used a great deal in printing on textiles, which is called rubber paste. In most cases, titanium dioxide is used with copolymerization and volatile matter in producing such synthetic rubber for textile use. Moreover, this kind of preparation can be considered to be pigment preparation based on titanium dioxide.
Environmental regulation and health hazards in the synthetic rubber manufacturing industry are the major restraints hindering the market's growth.
Based on type, the market is classified into polybutadiene rubber (BR), ethylene propylene diene monomer (EPDM), styrene-butadiene rubber (SBR), butyl rubber (IIR), styrene block copolymer (SBC), nitrile butadiene rubber (NBR), and others. Others include Polyisoprene Rubber and Polychloroprene Rubber.
By application, the synthetic rubber market is segmented into footwear, industrial, automotive, construction and other electrical & electronics and healthcare. The global synthetic rubber market size by application was by application worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
In automotive, the two main synthetic rubber polymers used in tire manufacturing are butadiene rubber and styrene-butadiene rubber. These rubber polymers' physical and chemical properties determine the performance of each component in the tire asThese rubber polymers' physical and chemical properties, wear, and traction. Researchers are focusing on and new synthetic rubber. For instance, In April 2019, A new type of synthetic rubber has been developed by researchers at the Fraunhofer Institute that is said to be 30-5researchers at the Fraunhofer Institute developed a% less abrasive than natural rsia Pacific synthetic rubber market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Asia Pacific is expected to grow with a high CAGR rate over the forecast period due to rapid industrialization and increasing demand from end-users, especially in the automotive tire industry. China and India are expected to hold major market share in production, exports, import and consumers of synthetic rubber in the Asia Pacific. Manufacturers are focusing on investing in synthetic rubbers due to huge demand from the automobile sector.
Indian companies invest in synthetic rubber, building on the recently added capacity of about 270,000 tons a year. ISRPL beginvestulsion Styrene Butadiene Rubber (ESBR) which is specifically used for matonsire sitonsnce early 2015. In 2016, the Reliance Group started a 150,000 ESBR plant. The combined output from the two companies approximately covers 270,000 t/y ESBR demand.
The Synthetic Rubber market is competitive with existing players in the market.
Some of the major players include Kumho Petrochemical, JSR Corporation, LANXESS, Sinopec, ZEON Corporation, Nizhnekamskneftekhim, LG Chem, TSRC Corporation, The Goodyear Tire and Rubber Company, and Versalis S.P.A.
The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions, contributing to the growth of the Synthetic Rubber Market.
In June 2019, China’s Commerce Ministry announced that it is launching an anti-dumping investigation import of a synthetic rubber product from the United States, South Korea, and the European Union following a request from major petrochemical producers.
In May 2018, ARLANXEO, a leading synthetic elastomers company, signed an agreement with Saudi Aramco Products Trading Company, headquartered in Dhahran, Saudi Arabia, about the marketing and sales of EPDM (Ethylene Propylene Diene Monomer) rubber.
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