Synthetic Rubber Market: Current Analysis and Forecast (2021-2027)

Report Description

The global Synthetic Rubber market is expected to demonstrate the growth of ~4% during the forecast period (2021-2027). Synthetic rubbers has myriad of application, and its usage has been growing over the year with increasing production of end-use industry. It is preferred by global industry over natural rubber due to its low cost, easy availability, and range of physical and chemical properties. Thus, helping companies in reducing raw materials procurement cost without compromising with the manufactured goods. Among many applications, tire industry is one of the largest consumers of synthetic rubber as it helps in determine the performance of each component in the tire as well as the overall tire performance.

However, in 2020, demand of synthetic rubber from tire industry witnessed a severe decline owing to the emergency like situation created by the COVID-19 which halted the global production of tire industry. For instance, in 2019, the global original equipment manufacturer passenger car and light truck tire market was stood around 422 million units which fell to 351 million unit in 2020. The most severe impact had witnessed in South American region where demand dropped by 31% in 2020.

Insights Presented in the Report

“Amongst type, SBR held prominent share in the market in 2020.”

Based on type, the market is categorized into SBR, BR, SBC, EPDM, IIR, NBR, and others. Among these, SBR held the prominent share in the global synthetic rubber market. SBR is widely use in tire industry as it is better suited to meet the increasingly stringent specifications of high-performance tires. Further, in automotive industry SBR founds application in belt, hoses, gasket. Therefore, growth in tire industry and replacement of automotive components are some of the key factors for its considerable position in the market.

“Amongst application, tire held prominent share in the market in 2020.”

Based on application, the market is divided into tire, automotive, footwear, industrial goods, consumer goods, textile, and others. Among these, tire held the significant share in the market. This can be attributed to tire large and growing demand of tire from automobile industry. Tire is used as an original equipment with a new vehicle as well as it large demand during old tire replacement. Further, increasing demand of high-performance tire resulting in the growing demand of synthetic rubber in tire industry.

“Large automobile and tire product aid the APAC region to obtain the prominent position in the market”

For a better understanding of the market adoption of Synthetic Rubber, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World.  Asia-Pacific held the prominent position in the global synthetic rubber market owing to its large tire manufacturing industry and largest automobile production base across the globe. For instance, tire manufacturers like Bridgestone, Yokohama, Kumho, Hankook, Triangle, Apollo, and MRF are among the largest producer of tire, globally. Further, the regional is the largest producer footwear in the world, with country like China, Vietnam, Indonesia, and India has considerable market share.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country level analysis of the industry 

Customization Options:

The global Synthetic Rubber market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Synthetic Rubber three major steps undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Synthetic Rubber industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Synthetic Rubber through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Synthetic Rubber market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. Major segment included in the report is by type and application. Further regional and country-level analyses were conducted to evaluate the overall adoption of the Synthetic Rubber globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Synthetic Rubber. Further, we conducted factor analysis using dependent and independent variables such as increasing demand of tire and increasing adoption of electric vehicle. A thorough analysis was conducted for demand and supply-side scenario considering increasing investment, top partnerships, merger and acquisition, business expansion, and product launches in the Synthetic Rubber industry.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Synthetic Rubber market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Synthetic Rubber across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Synthetic Rubber market in terms of revenue generated. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global Synthetic Rubber market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of type and application. 

The main objective of the Synthetic Rubber market study

The current & future market trends of global Synthetic Rubber were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Synthetic Rubber in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segment in the study include area of type and application
• Defined analysis of the regulatory framework for the Synthetic Rubber industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Synthetic Rubber for the major countries
• Major regions/countries analyzed in the report includes North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
• Company profiles of the Synthetic Rubber market players and the growth strategies adopted by them to sustain in the growing market
• Deep dive country level analysis of the industry