Synthetic Rubber Market Report by Type (Styrene Butadiene Rubber, Ethylene Propylene Diene Rubber, Polyisoprene, Polybutadiene Rubber, Isobutylene Isoprene Rubber, and Others), Form (Liquid Synthetic Rubber, Solid Synthetic Rubber), Application (Tire and Tire Component, Non-Tire Automobile Application, Footwear, Industrial Goods, and Others), and Region 2023-2028

Synthetic Rubber Market Report by Type (Styrene Butadiene Rubber, Ethylene Propylene Diene Rubber, Polyisoprene, Polybutadiene Rubber, Isobutylene Isoprene Rubber, and Others), Form (Liquid Synthetic Rubber, Solid Synthetic Rubber), Application (Tire and Tire Component, Non-Tire Automobile Application, Footwear, Industrial Goods, and Others), and Region 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A5172
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Market Overview:

The global synthetic rubber market size reached US$ 32.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 39.8 Billion by 2028, exhibiting a growth rate (CAGR) of 3.52% during 2023-2028. The expanding automotive sector's demand for tire manufacturing, rising construction activities necessitating sealants and coatings, the growing consumer goods industry's reliance on versatile synthetic rubber, the energy sector's escalating rubber demand, and eco-friendly alternatives' research are stimulating the market growth.

Report Attribute
 Key Statistics
Base Year
2022
Forecast Years
2023-2028
Historical Years
2017-2022
Market Size in 2022 US$ 32.0 Billion
Market Forecast in 2028 US$ 39.8 Billion
Market Growth Rate (2023-2028)
3.52%


Synthetic rubber is a versatile and artificially synthesized material that replicates the properties of natural rubber. It is created through polymerization of various petrochemical compounds, primarily derived from petroleum, using methods such as emulsion, solution, and bulk polymerization. This manufacturing process enables tailoring the material's properties to meet specific needs, resulting in advantages like enhanced durability, resistance to extreme temperatures, and chemical stability. Synthetic rubber finds extensive usage in the automotive industry for tire production due to its improved wear resistance and fuel efficiency. Moreover, it is utilized in industrial applications, including conveyor belts, hoses, and gaskets, where its resilience and adaptability are highly valued. The two main types of synthetic rubber are styrene-butadiene rubber (SBR), commonly employed in tire treads, and polybutadiene rubber (BR), used for impact-resistant products.

Global Synthetic Rubber Market

The global synthetic rubber market is influenced by the expanding automotive industry and the rising construction activities worldwide. Moreover, the growing consumer goods sector drives the demand for synthetic rubber for producing various goods like footwear and consumer electronics, which, in turn, is augmenting the market growth. In line with this, the energy sector's demand for rubber in oil and gas exploration is further contributing to the market growth. Furthermore, the shift towards eco-friendly alternatives drives research and development (R&D) in bio-based synthetic rubber products, bolstering market innovation. Apart from this, the consistent growth in industrialization and robust growth of the healthcare sector are propelling the market growth.

Synthetic Rubber Market Trends/Drivers:

Expanding automotive industry driving tire manufacturing demand

The burgeoning global automotive industry stands as a pivotal driver behind the remarkable growth of the synthetic rubber market. With automobiles serving as an essential mode of transportation worldwide, the demand for durable and reliable tires has surged. Synthetic rubber's unique characteristics, including superior elasticity and resistance to wear, make it a preferred choice in tire manufacturing. As car ownership continues to rise, particularly in emerging economies, the need for quality tires has intensified, directly influencing the demand for synthetic rubber. This driver not only caters to the present demand but also reflects the industry's future growth prospects, underscoring the lasting impact of the automotive sector on the synthetic rubber market.

Rising construction activities

The global construction industry's upward trajectory has significantly bolstered the synthetic rubber market, primarily through its application in sealants and coatings. As infrastructure projects continue to proliferate across both developed and developing economies, the demand for synthetic rubber-based sealants and coatings has witnessed a substantial increase. These materials provide crucial attributes such as waterproofing, adhesion, and protection against environmental factors, making them integral to construction projects. As urbanization persists and infrastructural developments expand, the reliance on synthetic rubber for its functional and versatile properties is set to remain a dominant driver in shaping the market's growth.

Growing consumer goods sector

The burgeoning consumer goods sector exerts a considerable influence on the global synthetic rubber market due to its diverse applications in the production of everyday goods. Industries ranging from footwear to consumer electronics harness the benefits of synthetic rubber, capitalizing on its flexibility, durability, and cost-effectiveness. Footwear manufacturers, for instance, rely on synthetic rubber for producing comfortable and durable soles. Likewise, the consumer electronics sector utilizes synthetic rubber in products like protective cases and grips for electronic devices. As consumer preferences evolve and trends shift, the versatility of synthetic rubber finds new avenues of application within the consumer goods domain, solidifying its role as a significant driver in the market's sustained growth.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Synthetic Rubber Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global synthetic rubber market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on type, form, and application.

Breakup by Type:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Styrene Butadiene Rubber
  • Ethylene Propylene Diene Rubber
  • Polyisoprene
  • Polybutadiene Rubber
  • Isobutylene Isoprene Rubber
  • Others
     

Styrene butadiene rubber dominates the market

The report has provided a detailed breakup and analysis of the market based on the type. This includes styrene butadiene rubber, ethylene propylene diene rubber, polyisoprene, polybutadiene rubber, isobutylene isoprene rubber, and others. According to the report, styrene butadiene rubber represented the largest segment.

The styrene butadiene rubber (SBR) segment is propelled by the automotive industry's soaring demand for high-performance yet cost-effective tires. Its exceptional durability, abrasion resistance, and favorable blending properties make it an ideal choice for tire manufacturers seeking optimal balance. Moreover, the construction sector's expansion necessitates versatile materials for sealants, adhesives, and coatings, further elevating SBR's prominence due to its adaptable characteristics. The consumer goods industry's reliance on SBR for items such as footwear, sports equipment, and various household goods adds another layer of impetus. As industries gravitate toward sustainability, SBR's recyclability and potential for bio-based production align with eco-conscious trends. The consistent drive for technological innovation and product enhancement also fuels research into advanced SBR formulations, solidifying its market relevance.

Breakup by Form:

  • Liquid Synthetic Rubber
  • Solid Synthetic Rubber
     

Solid synthetic rubber dominates the market

The report has provided a detailed breakup and analysis of the market based on the form. This includes liquid synthetic rubber and solid synthetic rubberAccording to the report, solid synthetic rubber represented the largest segment.

The solid synthetic rubber segment is driven by the automotive industry's surging demand for durable and high-performance tires. Furthermore, the industrial sector's need for robust seals and gaskets, particularly in machinery and equipment, contributes to the segment's expansion. The inherent advantages of solid synthetic rubber, such as its resistance to extreme temperatures and chemicals, position it as a preferred material for various industrial applications. Additionally, the construction sector's increasing requirement for reliable waterproofing and insulation solutions further augments the demand for solid synthetic rubber-based products. As environmental concerns heighten, the segment benefits from its potential to be recycled and reused, aligning with sustainability goals.

Breakup by Application:

  • Tire and Tire Component
  • Non-Tire Automobile Application
  • Footwear
  • Industrial Goods
  • Others
     

Tire and tire component dominates the market

The report has provided a detailed breakup and analysis of the market based on the application. This includes tire and tire component, non-tire automobile application, footwear, industrial goods, and othersAccording to the report, tire and tire component represented the largest segment.

The tire and tire component segment is propelled by a confluence of pivotal factors, including the expansion of the global automotive industry and the increasing demand for vehicles. Additionally, the emphasis on road safety and vehicle performance enhances the need for high-quality tires and components, thus driving innovation in this sector. Furthermore, the shift towards sustainable practices and environmental consciousness has prompted tire manufacturers to explore eco-friendly materials and manufacturing processes, fostering market evolution. The dynamic landscape of consumer preferences, marked by a preference for comfort, fuel efficiency, and longevity, fuels the demand for advanced tire technologies and materials. Moreover, as mobility patterns evolve, including the rise of electric vehicles and autonomous driving, the tire and tire component segment must adapt to new requirements, thereby further catalyzing its growth. In line with this, ongoing research and development initiatives aimed at enhancing tire durability, tread design, and overall performance contribute significantly to the sustained advancement of this segment.

Breakup by Region:

 

 
 

 

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  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Asia Pacific exhibits a clear dominance, accounting for the largest synthetic rubber market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.

The Asia Pacific region's remarkable economic growth is underpinned by a confluence of key factors, which includes the region's burgeoning population and rapid urbanization rates. Moreover, a burgeoning middle class fuels consumption patterns, contributing significantly to economic expansion. The region's strategic geographical location facilitates international trade and investment, fostering economic integration. Government policies aimed at attracting foreign investment, coupled with advancements in technology and innovation, further amplify growth. The manufacturing sector's dynamism and its role within global supply chains enhance the region's economic resilience. Additionally, the abundant availability of labor resources, both skilled and unskilled, at competitive costs, bolsters the region's industrial competitiveness.

Competitive Landscape:

The competitive landscape of the global synthetic rubber market is characterized by diverse dynamics that influence industry players. Market participants face a complex interplay of factors that shape their strategies and operations. Factors such as technological advancements, innovation in product development, and research in sustainable alternatives drive companies to differentiate their offerings. Pricing strategies are crucial in navigating the market's sensitivity to cost fluctuations. Moreover, the market's susceptibility to supply chain disruptions and shifts in demand patterns necessitates robust risk management practices. Regulatory compliance, especially in the context of environmental standards and safety regulations, plays a pivotal role in shaping market dynamics. Collaborations, partnerships, and mergers remain strategic options for companies to expand their reach and enhance their capabilities. As the industry evolves, adaptability to changing trends and preferences becomes paramount. The competitive landscape demands a comprehensive understanding of these factors to ensure sustained growth and relevance in a dynamic market environment.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market 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
  • Zeon Corporation

Recent Developments:

  • In August 2023, FuelCell Energy (FCEL.O) announced to extend a carbon capture joint development agreement with Exxon Mobil (XOM.N). The agreement will be extended for the fourth time and would increase research costs for Exxon to $67 million from $60 million.
  • In January 2023, Pegasus Tech Ventures established a $100 million corporate venture capital fund with Denka Company Limited, a major Japanese chemicals, materials science, and life science company.
  • In August 2023, LG Chem Ltd. (Seoul, South Korea) announced that it will spend $94.1 million over the next two years to expand its manufacturing facility in Cheongju.

Synthetic Rubber Market Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Type
  • Form
  • Application
  • Region
Types Covered Styrene Butadiene Rubber, Ethylene Propylene Diene Rubber, Polyisoprene, Polybutadiene Rubber, Isobutylene Isoprene Rubber, Others
Forms Covered Liquid Synthetic Rubber, Solid Synthetic Rubber
Applications Covered Tire and Tire Component, Non-Tire Automobile Application, Footwear, Industrial Goods, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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, Zeon Corporation, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the synthetic rubber market from 2017-2028.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the global synthetic rubber market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the synthetic rubber industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global synthetic rubber market was valued at US$ 32.0 Billion in 2022.

We expect the global synthetic rubber market to exhibit a CAGR of 3.52% during 2023-2028.

The rising utilization of synthetic rubber in vehicle components, such as tires, doors, window profiles, etc., owing to its good ageing stability and resistance to water and heat is primarily driving the global synthetic rubber market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous manufacturing units for synthetic rubber.

Based on the type, the global synthetic rubber market can be categorized into styrene butadiene rubber, ethylene propylene diene rubber, polyisoprene, polybutadiene rubber, isobutylene isoprene rubber, and others. Among these, styrene butadiene rubber exhibits clear dominance in the market.

Based on the form, the global synthetic rubber market has been segmented into liquid synthetic rubber and solid synthetic rubber. Currently, solid synthetic rubber represents the largest market share.

Based on the application, the global synthetic rubber market can be bifurcated into tire and tire component, non-tire automobile application, footwear, industrial goods, and others. Among these, tire and tire component accounts for the majority of the total market share.

On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where Asia-Pacific currently dominates the global market.

Some of the major players in the global synthetic rubber market 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.

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Synthetic Rubber Market Report by Type (Styrene Butadiene Rubber, Ethylene Propylene Diene Rubber, Polyisoprene, Polybutadiene Rubber, Isobutylene Isoprene Rubber, and Others), Form (Liquid Synthetic Rubber, Solid Synthetic Rubber), Application (Tire and Tire Component, Non-Tire Automobile Application, Footwear, Industrial Goods, and Others), and Region 2023-2028
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