Silver Market 2022 detailed industry scope future market size scenario and elaborates outlook to 2030

 

Silver Market

Synthetic Rubber is classified as an 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 a 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 the 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, 2022 to 2030.

Competitive Analysis:

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.

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 the Asia Pacific such as China, India, Thailand, Japan, and South Korea are the fastest growing market for synthetic rubber, and is predicted to grow at the same pace in the near future. In Asia Pacific, some of the driving factors for market growth are a strong economic growth rate, competitive manufacturing costs, and availability of inexpensive raw materials. Europe's Synthetic Rubber Market is estimated to witness steady growth due to the continuous growth of the footwear industry. North America is expected to witness substantial growth during the assessment period on account of rising demand for Synthetic Rubber in the construction industry. The Middle East and African countries is estimated to witness strong market growth due to increasing building construction activities. In Latin America, market growth is majorly due to the expansion of the automotive sector.

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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, and others. Other types 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 possesses low-temperature flexibility, excellent water resistance, and heat aging properties and can be utilized for bonding to a wide range of materials. SBR accounted for the largest market share among other type segments because of it usage in the manufacturing of tubes, gaskets, conveyor belt covers, lining rubber, hoses, belts, tires, and seals. 

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