Synthetic Rubber Market has been expected to witness a healthy CAGR during the forecast period (2016-2023) owing to the rapid urbanization.
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Synthetic Rubber Market Information:
According to a new report by Market Research Future (MRFR), the global synthetic rubber market has been expected to witness a healthy CAGR during the forecast period (2016-2023) owing to the rapid urbanization. Properties such as oil resistance, water repellant, elasticity, and durability make synthetic rubber suitable for several end-use industries like automotive and transportation, construction, industrial, footwear, and others. Synthetic rubber is also used to make polymer concrete for hoses, gaskets, waterproofing, tiers, conveyor belt covers, tubes, and others.
Competitive Landscape:
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.
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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.
Segment Insights:
The Global Synthetic Rubber Market is segmented on the basis of type, end use industry, and region.
On the basis of type, the market is classified into SBR, NBR, BR, EPDM, SBC, others. Other type include IR, IIR, and CR.
On the basis of end use, the market is categorized into construction, automotive & transportation, industrial, footwear, and others.
On the basis of region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Future Drivers and Restraints Affecting the Market Growth
Synthetic rubber is mainly derived from petroleum byproducts and is a type of elastic polymer. The market is predicted to showcase a healthy CAGR over the forecast period owing to the growing demand for durable rubber, rapid urbanization, and growth in transportation and automation sector. With the increasing population, there has been an increase in the per capita disposable income which is predicted to drive the market during the forecast period.
Constant industrialization coupled with the growing middle-class population has resulted in the expansion of the footwear sector which is anticipated to fuel the market growth over the assessment period. Besides, increasing sales and automotive production globally have also resulted in the demand for durable tires which is predicted to spur the market growth. Moreover, with rapid urbanization, there has been an increase in the construction activities both in the developed as well as the developing countries which are expected to propel the market growth. Increasing racing car tournaments and other sports events coupled with R&D on the premium quality tire and rubber production is also anticipated to spur the market growth over the review period.
Meanwhile, with the growing substitution of synthetic rubber by natural rubber and volatility in crude oil prices are anticipated to act as a hindrance to the growth of the market globally in the years to come. Besides, the oversupply of synthetic rubber due to consistent capacity addition might restrain the growth of the market over the review period.
Industry News:
Yokohama Rubber Co. has claimed to have developed the world’s first technology which is capable of producing isoprene from biomass efficiently. This breakthrough was achieved in joint research with Zeon Corp. and Japanese research institute Riken.
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Regional Insights:
The Global Synthetic Rubber Market is spanned across five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Among these, the Asia Pacific region is expected to grow with a highest CAGR during the review period, 2016 to 2023 due to stable economy and tremendous growth of automotive & transportation industry. The demand for synthetic rubber is estimated to propel in the various countries of Asia Pacific such as China, India, Vietnam, Thailand, Singapore, South Korea, Malaysia, and Japan on account of high adoption rate by the automobile manufacturers. Moreover, growing automotive production as well as increasing demand for industrial products in developing countries along with increasing disposable income of consumer is expected to fuel the growth of the market. Furthermore, rising construction activities in China and India along with approval of large scale commercial, residential, institutional, and industrial construction projects is predicted to fuel the demand for synthetic rubber. Moreover, economic development in Asia Pacific, particularly Vietnam, China, India, Bangladesh, has presented opportunities for Synthetic Rubber in the transportation sector.
Asia Pacific has emerged as the leading market region for Synthetic Rubber followed by Europe and North America. North America is predicted to witness a moderate growth in synthetic rubber due to recovery of industrial sector combined with escalating investments to revitalize industrial sector. In North America, the U.S. is followed by Canada in the regional market growth and both countries are expected to see a significant growth on account of continuous expansion of footwear industry.
European countries such as Russia, Poland, France, Italy, Germany, and U.K have emerged as important consumer markets due to developed end use industries and heavy investment on Research & Development as well as innovation.
Latin American countries such as Mexico, Brazil, Colombia, Peru, Guatemala, and Argentina are also predicted to witness an average growth due to increasing expenditure on passenger cars and commercial vehicles. Moreover, increasing air traffic in the developing countries such as Brazil, China, India, Malaysia, and Vietnam has resulted in increased demand for tires and which in turn has given a new momentum for the market growth.
The Middle East & Africa regional market is predicted to witness a significant growth during the review period due to high adoption rate in various application and is predicted to positively influence industry growth during the assessment period.
Contact Info:
Name: Abhishek Sawant
Organization: Market Research Future
Address: Office No. 528, Amanora Chambers, Magarpatta Road, Hadapsar, Pune – 411028, Maharashtra, India
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/synthetic-rubber-market-4952
Source: MarketersMedia
Release ID: 461264
