Meticulous Research®—a prominent global market research firm—has introduced a new report titled, ‘Synthetic Rubber Market Size, Share, Forecast, Trends Analysis by Type (SBR, EPDM, BR, SBC, IIR, NBR, IR, CR), Application (Tires, Textiles Apparel, Electronic, Packaging), Industry (Construction, Automotive, Industrial) - Global Forecast to 2031.’
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According to Meticulous Research®, the synthetic rubber market is projected to reach $42.3 billion by 2031, growing at a CAGR of 4.4% from 2024 to 2031. This growth is attributed to increased construction and infrastructure development, higher vehicle production, and industrial sector expansion. The rising demand for sustainable synthetic rubber alternatives is also expected to drive market opportunities. However, issues like waste disposal, pollution, and stringent environmental regulations may pose challenges to market growth.
The synthetic rubber market is segmented by type, application, and end-use industry, with detailed regional and country-level analysis.
Market Segmentation
Type: The market includes styrene butadiene rubber (SBR), polybutadiene rubber (BR), styrene block copolymer (SBC), ethylene propylene diene rubber (EPDM), butyl rubber (IIR), acrylonitrile-butadiene rubber (NBR), isoprene rubber (IR), chloroprene rubber (CR), and other types. SBR is expected to lead with a market share of over 29.0% in 2024, driven by its use in tire manufacturing and the shift towards green technologies incorporating bio-based and recycled materials.
The EPDM segment is expected to exhibit the highest growth rate due to its use in construction, automotive seals, and renewable energy technologies.
Application: The market is segmented into tires, automotive (non-tire), footwear components, textiles apparel, seals gaskets, hoses belts, electronic devices, lubricants, packaging, and other uses. The tires segment is forecasted to hold over 72.0% of the market share in 2024, driven by growth in the automotive industry and tire replacement needs.
On the other hand, the electronic devices segment is expected to grow at the highest rate, due to the rise in consumer electronics, wearable devices, and increased use of synthetic rubber in electronic components.
End-Use Industry: The market is divided into construction, automotive, industrial manufacturing, footwear, aerospace, consumer electronics, and other industries. The automotive sector is expected to hold over 76.0% of the market share in 2024, supported by its extensive use of synthetic rubber in various automotive components.
The consumer electronics segment is projected to experience the highest growth, driven by advancements in technology, increasing demand for wearable devices, and the expansion of telecommunication infrastructure.
Geography: The market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa. Asia-Pacific is expected to account for over 54.0% of the market share in 2024 and record the highest CAGR of over 6.0% during the forecast period, driven by industrial growth, urbanization, and government policies supporting growth in China, Japan, South Korea, and India.
Key Players:
The key players operating in the synthetic rubber market are China Petrochemical Corporation (a subsidiary of Sinopec Corp.) (China), ERIKS N.V.(Netherlands), The Dow Chemical Company (U.S), Exxon Mobil Corporation (U.S.), Kumho Petrochemical Co., Ltd. (KKPC) (South Korea), Zeon Corporation (Japan), Nizhnekamskneftekhim (Russian), Mitsui Chemicals, Inc. (Japan), JSR Corporation (Japan), SABIC (Saudi Arabia), Denka Company Limited (Japan), Asahi Kasei Corporation (Japan), Indian Synthetic Rubber Private Limited (India), Apcotex (India), Reliance Industries Limited (India), Trinseo PLC (U.S.), TSRC Corporation (Taiwan), Michelin Group (France), and LANXESS (Germany).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/synthetic-rubber-market-5848
Key questions answered in the report:
- Which are the high-growth market segments based on type, application, end-use industry, and geography?
- What was the historical market for the synthetic rubber market?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, opportunities, and challenges in the synthetic rubber market?
- Who are the major players, and what shares do they hold in the synthetic rubber market?
- What is the competitive landscape in the synthetic rubber market?
- What are the recent developments in the synthetic rubber market?
- What are the different strategies adopted by the major players in the synthetic rubber market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global synthetic rubber market, and how do they compete with the other players?
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