The global synthetic rubber market is driven by the increasing demand for high-performance tires in the automotive industry. Asia Pacific region is expected to register the fastest revenue CAGR due to growing industrialization and construction activities.
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The global synthetic rubber market size is expected to reach USD 24.90 Billion at a revenue CAGR of 3.8% in 2028, according to latest analysis by Emergen Research.
The rising need for rubber across a variety of end-use sectors has led to tremendous expansion in the synthetic rubber industry in recent years. Unlike natural rubber, which comes from trees, synthetic rubber is a polymer that is created chemically through chemical processes. Numerous businesses, including those in the automotive, building, and footwear sectors, use synthetic rubber extensively.
The expanding need for rubber in the automotive industry is one of the key factors driving the synthetic rubber market. Among other automotive components, synthetic rubber is utilised in the production of tyres, belts, hoses, and seals. Synthetic rubber is in greater demand as a result of the rising global demand for automobiles. The demand for synthetic rubber is anticipated to expand in the next years as a result of the International Organisation of Motor Vehicle Manufacturers’ (OICA) report that the global production of motor vehicles climbed from 95 million in 2018 to 97 million in 2019.
The synthetic rubber market is also significantly influenced by the building sector. Among other construction materials, synthetic rubber is utilised in the production of sealants, adhesives, and roofing materials. The need for synthetic rubber is anticipated to rise as the construction sector expands, especially in developing nations like China and India. The overall investment in real estate development in China increased by 7.0% in 2020, according to the National Bureau of Statistics of China, and this is anticipated to enhance demand for synthetic rubber in the construction sector.
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However, there are also certain obstacles that are anticipated to prevent the synthetic rubber market from expanding. The price volatility of crude oil, the primary input utilised in the creation of synthetic rubber, is one of the main constraints. The profit margins of manufacturers of synthetic rubber can be significantly impacted by the highly erratic crude oil prices. The increased understanding of the effects of synthetic rubber on the environment is another barrier. Synthetic rubber can be harmful to the environment and is not biodegradable.
Despite these obstacles, the market for synthetic rubber is anticipated to rise due to a number of variables. The rising demand for high-performance tyres is one of the key causes. Racing cars, sports cars, and other high-performance vehicles utilise tyres that are constructed of synthetic rubber. The need for high-performance tyres is rising along with the demand for high-performance cars, which is anticipated to increase demand for synthetic rubber.
In addition, new market prospects are anticipated as a result of the growing demand for synthetic rubber made from biomaterials. Bio-based synthetic rubber is more environmentally friendly than conventional synthetic rubber since it is derived from renewable resources like sugarcane and is biodegradable. In order to generate bio-based synthetic rubber, which is anticipated to drive the market’s growth in the upcoming years, several manufacturers are spending in research and development.
Synthetic Rubber Market Segmentation:
The synthetic rubber market can be segmented based on product type and application. Based on product type, the market can be further segmented into Styrene Butadiene Rubber (SBR), Styrene Block Copolymer (SBC), Polybutadiene Rubber (PBR), Butyl Rubber, Ethylene Propylene Diene Rubber (EPDM), and Acrylonitrile Butadiene Rubber (NBR). Among these, SBR is expected to dominate the market in terms of revenue during the forecast period, owing to its high usage in tire manufacturing.
On the basis of application, the synthetic rubber market can be segmented into automotive tire, automotive non-tire, industrial goods, footwear, textile, consumer goods, and others. The automotive tire segment is expected to hold the largest share in the market during the forecast period due to the high demand for synthetic rubber in the manufacturing of tires. The automotive non-tire segment is also expected to witness significant growth owing to the increasing demand for synthetic rubber in the manufacturing of automotive components such as belts, hoses, and seals.
The industrial goods segment is expected to witness significant growth during the forecast period due to the increasing use of synthetic rubber in the manufacturing of industrial products such as conveyor belts, hoses, and seals. The footwear segment is also expected to witness considerable growth due to the growing demand for synthetic rubber in the manufacturing of shoes, particularly sports shoes. The textile segment is expected to witness moderate growth due to the increasing use of synthetic rubber in the manufacturing of fabrics and textiles.
The consumer goods segment is expected to witness moderate growth due to the increasing use of synthetic rubber in the manufacturing of products such as toys, furniture, and household items. The others segment includes applications such as adhesives, coatings, and sealants, among others. This segment is expected to witness significant growth during the forecast period owing to the increasing demand for synthetic rubber in various end-use industries.
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Some Key Highlights from the Report
Amon the product type segments, the styrene butadiene rubber segment accounted for largest revenue share in 2020 due to its high usage in tire manufacturing. Styrene butadiene rubber, also known as SBR, is a synthetic rubber that is made from two monomers, styrene and butadiene. It is commonly used in the production of automobile tires due to its excellent wear resistance, good adhesion to various materials, and ability to withstand high temperatures. SBR is also used in other applications such as conveyor belts, shoe soles, and other rubber products.
Among the application segments, the automotive tire segment contributed largest revenue share to the global market in 2020 due to the high demand for tires in the automotive industry. The automotive tire segment is the largest application of synthetic rubber, and it accounted for the largest revenue share in the global market in 2020. The demand for synthetic rubber in tire manufacturing is driven by factors such as increasing vehicle production, rising demand for high-performance tires, and the growing trend towards the use of lightweight materials in automobiles.
Market in Asia Pacific accounted for largest revenue share in 2020 and is expected to register fastest revenue CAGR over forecast period due tothe increasing demand for synthetic rubber in various end-use industries in the region. Asia Pacific accounted for the largest revenue share in the global synthetic rubber market in 2020 and is expected to register the fastest revenue CAGR over the forecast period.
Some major companies in the market are DuPont, SABIC, SIBUR International, Exxon Mobil Corporation, Asahi Kasei Corporation, LG Chem Ltd., Goodyear Tire & Rubber Company, Lanxess AG, Mitsui Chemicals Inc., and JSR Corporation.
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