IMARC Group, a leading market research company, has recently releases report titled “Synthetic Rubber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global synthetic rubber market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Synthetic Rubber Market?
The global synthetic rubber market size reached US$ 32.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 39.8 Billion by 2028, exhibiting a growth rate (CAGR) of 3.52% during 2023-2028.
What is Synthetic Rubber?
Synthetic rubber, an artificial elastomer, is a human-made rubber derived from petroleum-based monomers like oil, coal, natural gas, and acetylene. Common types include ethylene propylene diene, polyisoprene, polybutadiene, styrene-butadiene, and isobutylene isoprene. It finds broad applications in products such as belts, hoses, seals, floorings, tires, footwear, and conveyor belts. Compared to natural rubber, synthetic variants offer enhanced elasticity, toughness, low-temperature flexibility, adhesiveness, and resistance to elements like water, heat, alkalis, acids, abrasion, grease, and oil. They also showcase high resilience, superior tensile strength, durability, and tear resistance.
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What are the growth prospects and trends in the synthetic rubber industry?
The substantial growth in the global automotive industry is fostering positive market prospects. Synthetic rubber, due to its superior ageing stability and high abrasion resistance, is extensively used in vehicle parts like tires, doors, window frames, belts, and gaskets. Furthermore, the prevalent use of styrene-butadiene rubber (SBR) in tire production, owing to its resistance to substances such as alcohol, silicone oil, grease, water, and weak acids, is promoting market expansion.
Added to this, product advancements, like the development of chemically optimized synthetic rubber integrated with tailor-made silica, offer improved wear effectiveness and rolling resistance, contributing to reduced fuel consumption and carbon dioxide emissions, thus stimulating market growth. Also, the rising demand for synthetic rubber in stable and flexibly resilient technical goods like roller coverings, roof sheeting, conveyor belts, and molded parts positively influences the market.
Besides, the growing popularity of electric vehicles and the emergence of bio-based feedstock for synthetic rubber production are projected to further propel the market.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Styrene Butadiene Rubber
- Ethylene Propylene Diene Rubber
- Polybutadiene Rubber
- Isobutylene Isoprene Rubber
Breakup by Distribution Channel:
Breakup by Application:
- Tire and Tire Component
- Non-Tire Automobile Application
- Industrial Goods
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Apcotex Industries Limited
- Asahi Kasei Corporation
- China Petrochemical Corporation
- Denka Company Limited
- Exxon Mobil Corporation
- JSR Corporation
- Kumho Petrochemical Co. Ltd.
- Lanxess AG
- LG Chem Ltd.
- PJSC Nizhnekamskneftekhim
- Reliance Industries Limited
- Saudi Basic Industries Corporation (Saudi Arabian Oil Co.)
- The Goodyear Tire & Rubber Company
- TSRC Corporation
- Zeon Corporation
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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