Synthetic Rubber Market Size, Growth, Trends and Forecast 2023-2028
IMARC Group, a leading market research company, has recently releases report 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. 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.
Industry Overview of Synthetic Rubber
Synthetic rubber is an elastomer artificially created through chemical synthesis rather than being sourced from natural latex from rubber trees. It is manufactured from the polymerization of various types of monomers, primarily derived from petroleum byproducts. It is available in numerous types, including styrene-butadiene rubber (SBR), nitrile rubber, ethylene propylene diene monomer (EPDM), neoprene, and silicone rubber, each with unique properties tailored for specific applications. It can resist oils and chemicals, which makes it useful in harsh or demanding environments. It offers superior thermal stability and resistance to abrasion and degradation from ozone and weather conditions, unlike natural rubber. It is highly customizable and can be tailored through chemical engineering to meet the rigorous needs of various industrial applications. It is utilized in everyday consumer products, including footwear, raincoats, and electrical insulation.
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What are the growth prospects and trends in the synthetic rubber industry?
At present, the rising utilization of synthetic rubber by the automotive sector for manufacturing tires, belts, and various automotive parts represents one of the crucial factors impelling the market growth. Additionally, the increasing technological advancements in polymerization techniques are allowing for the development of new types of synthetic rubber with enhanced properties, opening novel application areas. Besides this, the growing employment of synthetic rubber in the production of healthcare equipment, such as gloves, tubes, and seals, due to its biocompatibility and durability, is offering a favorable market outlook.
Moreover, the rising implementation of stringent environmental and safety regulations is encouraging industries to adopt higher-quality and more resilient materials like synthetic rubber. In addition, the increasing utilization of synthetic rubber in the electronics sector for wiring, insulation, and production of other components is strengthening the growth of the market.
Furthermore, the growing adoption of renewable energy generated by wind turbines, which require synthetic rubber components for seals and insulation, is positively influencing the market. Apart from this, the rising demand for synthetic rubber in the aerospace industry to manufacture aircraft tires that can withstand extreme temperatures, high loads, and various weather conditions is bolstering the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Styrene Butadiene Rubber
- Ethylene Propylene Diene Rubber
- Polyisoprene
- Polybutadiene Rubber
- Isobutylene Isoprene Rubber
- Others
Breakup by Form:
- Liquid Synthetic Rubber
- Solid Synthetic Rubber
Breakup by Application:
- Tire and Tire Component
- Non-Tire Automobile Application
- Footwear
- Industrial Goods
- Others
Breakup by Region:
- 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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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