Synthetic Rubber Market 2021 by Manufacturers, Product, Device, Regions, Type and Application, Forecast to 2028

 Synthetic Rubber is classified as elastic polymer from which rubber is obtained and manufactured on the basis of petrochemical raw material. It is mostly used with natural rubbers as a single polymer or in mixture and is majorly produced synthetically by polymerization. It is predominantly used as the main constituent of the tires used on automobiles, airplanes, and bicycles. It finds a wide application scope in numerous end use industries such as footwear, industrial, construction, automotive & transportation, and others.

Some of the important factors that positively influence the growth of the Synthetic Rubber Market are increasing per capita disposable income, rising demand for lightweight footwear, and growing construction industry. Rapid urbanization combined with rising per capita disposable income in various countries across the globe is estimated to drive the growth of the market during the forecast period. Moreover, rising demand for durable as well as oil resistant rubber and increasing investment in construction activities is likely to propel the market growth over the estimated period, 2016 to 2023.

Competitive Analysis:

The major players operating in the Synthetic Rubber Market are LANXESS (Germany), The Dow Chemical Company (U.S.), Versalis S.p.A. (Italy), Kumho Petrochemical (South Korea), JSR Corporation (Japan), LGChem (SouthKorea), Exxonmobil (U.S.), Asahi Kasei Corporation (Japan), Sumitomo Chemical Co., Ltd. (Japan), ZEONCorporation (Japan) among others.

Market Segmentation:

The Global Synthetic Rubber Market is segmented into type, end use, and region. On the basis of region, the market is segmented into SBR, NBR, BR, EPDM, SBC, others. Other type include IR, IIR, and CR. Among them, SBR is the extensively used type of Synthetic Rubber in large quantities in automobile and heavy vehicle truck tires, on account of its abrasion resistant as well as heat resistant qualities. Moreover, SBR possess low temperature flexibility, excellent water resistance, and heat aging properties and can be utilized for bonded to a wide range of materials. SBR accounted for the largest market share among other type segment because of it usage in the manufacturing of tubes, gaskets, conveyor belt covers, lining rubber, hoses, belts, tires, and seals. SBR is followed by BR and SBC. Polybutadiene rubber (BR) is predicted to witness healthy growth during the forecast period on account of its wide utilization in end use industries such as building & construction as well as footwear. On the basis of end use, the market is classified into construction, automotive & transportation, industrial, footwear, and others. Among them, automotive & transportation account for the largest end use segment followed by construction. Increasing automotive production & sales along with increasing purchasing power of consumer is predicted to fuel the segment. Moreover, increasing construction activities including residential and commercial is predicted to drive the construction segment with healthy CAGR.

Regional Analysis:

Asia Pacific is expected to be the largest market for Synthetic Rubber followed by Europe and North America on account of increasing demand from numerous end use industries such as building & construction and automobile & transportation among others. Emerging countries of Asia Pacific such as China, India, Thailand, Japan, and South Korea are the fastest growing market for synthetic rubber, and is predicted to grow with the same pace in the near future. In Asia Pacific, some of the driving factors for market growth are strong economic growth rate, competitive manufacturing costs, and availability of inexpensive raw material. Europe Synthetic Rubber Market is estimated to witness a steady growth due to continuous growth of footwear industry. North America is expected to witness a substantial growth during the assessment period on account of rising demand for Synthetic Rubber in construction industry. The Middle East & African countries is estimated to witness strong market growth due to increasing building & construction activities. In Latin America market growth is majorly due to expansion of automotive sector.