According to the latest report by IMARC Group, titled "Synthetic Rubber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global synthetic rubber market size reached US$ 32.0 Billion in 2022. Synthetic rubber is an artificial elastomer that mimics the properties of a natural rubber. It comprises a wide variety of rubber materials, such as neoprene, Buna rubbers, polyisoprene, styrene-butadiene rubbers, and silicones. It is manufactured using petroleum byproducts that contain several additives like sulfur, zinc oxide, carbon black, and silica. It can be toughened by vulcanization and improved and modified for special purposes by reinforcement with other materials. It is widely utilized in the manufacturing of vehicular tires, golf ball cores, and plastic compounds. Besides this, it is also employed in the production of shoe soles, gaskets, and coatings.
Global Synthetic Rubber Market Trends:
At present, the increasing demand for synthetic rubbers, as they are abrasion resistant, durable, and long-lasting, represents one of the major factors strengthening the growth of the market. Besides this, their rising utilization for insulation of electrical devices due to their flame-resistant properties are contributing to the growth of the market. In addition, the growing purchase of electric vehicles (EVs), as they are sustainable and prevent the over-expenditure of fossil fuels, is offering a favorable market outlook. Apart from this, the increasing employment of synthetic rubbers in manufacturing conveyor belts, industrial mats, wires, and cables is supporting the growth of the market. Additionally, the rising demand for green tires with low rolling resistance and better-wet grip is bolstering the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 39.8 Billion by 2028, exhibiting a CAGR of 3.52% during 2023-2028.
- On the basis of the type, the market has been segmented into styrene butadiene rubber, ethylene propylene diene rubber, polyisoprene, polybutadiene rubber, isobutylene isoprene rubber, and others. Presently, styrene butadiene rubber represents the most popular type.
- Based on the form, solid synthetic rubber holds the biggest share in the market, followed by liquid synthetic rubber.
- On the basis of the application, the market has been divided into tire and tire component, non-tire automobile application, footwear, industrial goods, and others. Tire and tire component currently exhibits a clear dominance in the market.
- Region-wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Apcotex Industries Limited, Asahi Kasei Corporation, China Petrochemical Corporation, Denka Company Limited, Exxon Mobil Corporation, JSR Corporation, Kumho Petrochemical Co. Ltd., Lanxess AG, LG Chem Ltd., PJSC Nizhnekamskneftekhim, Reliance Industries Limited, Saudi Basic Industries Corporation (Saudi Arabian Oil Co.), The Goodyear Tire & Rubber Company, TSRC Corporation, and Zeon Corporation.
|Base Year of the Analysis
||Type, Form, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Apcotex Industries Limited, Asahi Kasei Corporation, China Petrochemical Corporation, Denka Company Limited, Exxon Mobil Corporation, JSR Corporation, Kumho Petrochemical Co. Ltd., Lanxess AG, LG Chem Ltd., PJSC Nizhnekamskneftekhim, Reliance Industries Limited, Saudi Basic Industries Corporation (Saudi Arabian Oil Co.), The Goodyear Tire & Rubber Company, TSRC Corporation and Zeon Corporation.
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