Synthetic Rubber Market To Witness Huge Growth and Revenue Acceleration, Outlook, Insights forecast 2031
Synthetic Rubber
Market: Introduction
Transparency Market Research delivers key insights
on the global synthetic rubber market. In terms of revenue, the global
synthetic rubber market is estimated to expand at a CAGR of 5.1% during
the forecast period, owing to numerous factors, regarding which TMR offers
thorough insights and forecasts in its report on the global synthetic rubber
market.
The global synthetic rubber market is broadly
affected by several factors, including application of synthetic rubber in
footwear, industrial goods, asphalt overlay, tires, and adhesives. The
expanding application of tires is propelling the demand for synthetic rubber
across the globe.
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Synthetic Rubber
Market: Major Players
The global synthetic rubber market is consolidated
with the presence of key players. Prominent players operating in the global
synthetic rubber market include 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).
Synthetic Rubber
Market: Prominent Regions
At present, Asia Pacific accounts for the leading
share of the global synthetic rubber market. It is likely to hold on to its
leading share during the forecast period. The growth of the market is mainly
powered by the fastest growing economies in the region: China and India.
Malaysia is another major consumer of rubber in the region.
Burgeoning construction sector and increase in
infrastructure projects are expected to have a positive impact on the market in
Asia Pacific. The soaring demand for green tires is predicted to positively
influence the market in the near term.
Asia Pacific leads with respect to the production
in the global synthetic rubber market. China-based petroleum and chemical
company, Sinopec, is one of the world’s largest synthetic rubber production
facilities.
The synthetic rubber market in Middle East &
Africa and North America is also predicted to expand at a steady pace over the
next couple of years due to growing construction activities and car sales in
these regions.
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Global Synthetic
Rubber Market: Segmentation
Synthetic Rubber
Market, by Product
·
Styrene Butadiene Rubber (SBR)
·
Polybutadiene (BR)
·
Ethylene Propylene (EPDM)
·
Nitrile Butadiene Rubber (NBR)
·
Others (IIR, CR, TPR, ABS, etc.)
Synthetic Rubber
Market, by End-use
·
Tires
·
Industrial Goods
·
Footwear
·
Others (including Adhesives and Asphalt Overlay)
Synthetic Rubber
Market: Dynamics
Both fragmented and competitive, the global
synthetic rubbers market is choc-o-bloc with large, medium, and small players.
In order to beat competition in such a cutthroat environment, deep-pocketed
players are seen increasing spends on research and development to launch better
products. They are also banking heavily on an agile supply chain and proactive
marketing and advertising. In order to grow, they are looking to foray into
high growth markets in developing economies of the world through
carefully-considered mergers and acquisitions.
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All such initiatives by players are expected to
have a positive impact on the global synthetic rubber market. Besides this,
high cost of natural rubbers, owing to their depleting plantations across the
world is another factor providing tailwinds to the global synthetic rubber
market. Thus, to meet the rising demand from automobiles and construction
sectors, cheaper synthetic rubbers have emerged as a viable alternative.
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