Global Synthetic Rubber market is expected to foresee significant growth due to rebound in automobile industry and growing demand of high-performance tire
- Himanshu Patni
- December 23, 2021
- CHEMICAL, NEWS
- Synthetic Rubber market, Synthetic Rubber market growth, Synthetic Rubber market share, Synthetic Rubber market size, Synthetic Rubber market trends
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The global Synthetic Rubber market is expected to demonstrate the growth of ~4% during the forecast period (2021-2027). Last few years for the global automobile industry was very difficult with the global production of vehicle is declining. However, it is expected that during the foreseeable future, the global automobile industry would rebound resulting in the increasing demand of synthetic rubber for both OE tire and in several automotive components.
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The growth of synthetic rubber industry depends on the performance of end user industries like tire, automotive, footwear, consumer goods, and increasing foray of synthetic rubber in natural rubber landscape. The global increase in production of tire, footwear, and consumer goods products among others has increased the company’s reliance on synthetic rubber as it offers high performance at a lower cost compared to natural rubber. Further, increasing end user production process requires large quantity of raw materials and since production of natural rubber is limited therefore increase in demand resulted in supply-demand disruption thus increasing the price of natural rubber. Further, growing population and increasing consumer disposable power has resulted in the increasing demand of footwear, globally. In addition, rapid changing fashion trend and consumer adoption to those changes also resulted in the requirement of new footwears. These factors are improving the market of synthetic rubber.
However, crude oil is the primarily raw material for the production of synthetic rubber. Therefore, volatility in the crude oil price affects the dynamics of synthetic rubber market. For instance, in 2020, crude oil production and price fall to all time high owing to COVID-19 which has affected the global supply chain. This has resulted in the negative impact on synthetic rubber market.
For a detailed analysis of the Covid-19 Impact on the industry browse through – https://univdatos.com/report/synthetic-rubber-market/
Based on type, the market is categorized into SBR, BR, SBC, EPDM, IIR, NBR, and others. Among these, the SBR category held the substantial market share in the global synthetic rubber industry. This can be mainly attributed to its preferential usage in the light duty products owing to its excellent abrasion resistance, crack endurance, and ageing characteristics.
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.
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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.
Global Synthetic Rubber Market Segmentation
Market Insight, by Type
Market Insight, by Application
- Industrial Goods
- Consumer Goods
Market Insight, by Region
- North America Synthetic Rubber Market
- United States
- Rest of North America
- Europe Synthetic Rubber Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Synthetic Rubber Market
- Rest of Asia-Pacific
- Rest of World Synthetic Rubber Market
Top Company Profiles
- DuPont de Nemours Inc.
- The Dow Chemical Company
- Exxon Mobil Corporation
- Kumho Petrochemical Co. Ltd.
- Synthos S.A.
- Zeon Corporation
- The Goodyear Tire & Rubber Company
- LG Chem Ltd.