Synthetic Rubber Market Report, Size, Global, Outlook and Forecast by 2027
The global synthetic rubber market share is expected to gain momentum from the rising inclination of people from natural rubber to artificial rubber. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Synthetic Rubber Market, 2020-2027.” The report further states that the global market size was USD 30,396.8 million in 2019. It is projected to reach USD 36,761.9 million by 2027, exhibiting a CAGR of 3.2% during the forecast period. Nowadays, several companies are striving persistently to introduce innovative synthetic rubbers to cater to the high demand. In March 2019, for instance,Trinseo unveiled SPRINTANTM 918S, a new grade of Solution Styrene Butadiene Rubber (S-SBR) at the Tire Technology Expo, Germany.
Report Coverage-
The report aims to analyze the market by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to analyze their core competencies in each segment. At the same time, it ensures to aid our clients better understand the competitive developments, namely, joint ventures, acquisitions, new product developments, agreements, and expansion of production facilities.
Drivers & Restraints-
High Abrasion & Temperature Resistant Properties to Bolster Growth
Synthetic rubber is experiencing high demand from the automotive industry worldwide. It has excellent temperature resistance and abrasion properties that make it the best suited for numerous vehicle manufacturers. The Malaysian Rubber Council (MRC), for instance, declared that the usage of this rubber surged to 15,792 million tons in 2020 from 15,280 million tons in 2019. However, the manufacturing process of this type of rubber can be harmful for the environment. This factor may hinder the synthetic rubber market growth in the upcoming years.
Segments-
Industrial Rubber Goods Segment Generated a Share of 6.2% in 2019
Our analysts have divided the report into type, application, and geography. By type, it is segmented into butyl rubber, polybutadiene rubber, nitrile rubber, styrene-butadiene rubber, and others. Based on application, it is fragmented into footwear, industrial rubber goods, tire, non-tire automotive, and others. Amongst these, the industrial rubber goods segment earned 6.2% in terms of the synthetic rubber market share in 2019. This growth is attributable to the increasing demand for synthetic rubber for the manufacturing of wires & cables, gloves, industrial mats, and conveyor belts.
Regional Insights-
Asia Pacific to Remain at the Forefront Stoked by Rapid Infrastructure Development
By geography, Asia Pacific procured USD 15,711.2 million in terms of revenue in 2019. The rising development of infrastructures and constant product advancements would propel growth in this region. In Europe, the expansion of the automotive industry will accelerate the demand for synthetic rubber, thereby making it the second-largest in terms of revenue. North America is anticipated to show rapid growth fueled by the flourishing electrical & electronic industry.
Competitive Landscape-
Key Players Focus on Collaboration & Product Development Strategies to Intensify Competition
The market for synthetic rubbers contains a large number of reputed manufacturers. Most of them are focusing on launching unique products for gaining high consumer bases. A few others are participating in the collaboration strategy to co-develop eco-friendly solutions. Below is one of the latest industry developments:
October 2020:Trinseo joined hands with Tyre Recycling Solutions, a provider of recycling technology, to conduct research & development activities. Both companies will use each other’s technology expertise to aid tire manufacturers globally for developing sustainable tire formulations. They aim to reduce environmental footprint.
A list of all the renowned synthetic rubber manufacturers operating in the global market:
LANXESS (Germany)
Sinopec (China)
Goodyear Tire and Rubber Company (U.S.)
Indian Synthetic Rubber Private Limited (India)
Reliance Industries Limited. (India)
Trinseo (U.S.)
Kumho Petrochemical (South Korea)
TSRC Corporation (Taiwan)
Nizhnekamskneftekhim (Russia)
Apcotex Industries Limited (India)
JSR Corporation (Japan)
Other Key Players
Information Source:
https://www.fortunebusinessinsights.com/synthetic-rubber-market-102144