Chicago, Nov. 23, 2022 (GLOBE NEWSWIRE) -- The global Synthetic Rubber Market size is estimated to be USD 23.0 billion in 2022 and is projected to reach USD 28.9 billion by 2027, at a CAGR of 4.6% between 2022 and 2027, as per the recent study by MarketsandMarkets™. Tire is the major application segment for synthetic rubber market. The recovery of automotive sector in the across the world is driving the synthetic rubber market during the forecast period. Moreover, the development of eco-friendly technologies for production of synthetic rubber and growing demand for electric & hybrid vehicles are new opportunities in synthetic rubber market.
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List of Key Players in Synthetic Rubber Market:
- Sinopec (China)
- DuPont (U.S)
- The Dow Chemical Company (U.S)
- ExxonMobil (U.S)
- Kumho Petrochemical Company Ltd (South Korea)
- SABIC (Saudi Arabia)
- Denka Company Ltd. (Japan)
- Asahi Kasei Corporation (Japan)
Drivers, Restraints, Opportunities and Challenges in Synthetic Rubber Market:
- Drivers: Growing penetration of EVs
- Restraints: Environmental regulation and health hazards in synthetic rubber manufacturing industry
- Opportunity: Growing demand for high-performance and eco-friendly tires
- Challenges: Volatile raw material prices
Key Findings of the Study:
- Tire segment is estimated to register highest CAGR during the forecast period.
- Asia Pacific is estimated to register the highest CAGR during the forecast period.
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Tire segment is estimated to register highest CAGR during the forecast period.
Tire segment is the fastest growing end use application in the synthetic rubber market. The tire segment is estimated to remain the largest end-use segment of synthetic rubber during the forecast period, followed by automotive (non-tire) in terms of volume. The applications of synthetic rubber in the automotive industry will increase as the EV market gains traction. Synthetic rubber is used in the sidewalls and treads of tires. The increasing demand for tires offering a smoother and quieter ride with better fuel efficiency has compelled manufacturers to use better materials such as synthetic rubber and silane. Synthetic tires are widely used in military vehicles and heavy-duty vehicles.
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Asia Pacific is estimated to register the highest CAGR during the forecast period.
In Terms of volume and value of the synthetic rubber market in 2022, Asia Pacific region accounts to be the largest market. The demand in Asia pacific region is driven by the countries like China, India & Japan. China country has undergone massive industrialization with heavy capital investments and development projects in the infrastructure sector to maintain its position in the competitive global market. It is currently one of the fastest-growing economies in the world. As a result of the surging manufacturing, transportation, and construction sectors, backed by low raw material and labor costs, synthetic rubber manufacturers are increasing their presence in China. Asia Pacific is one of the leading consumers of synthetic rubber due to the increasing demand from developing countries. The increasing demand for high-quality consumer goods and industrial products, rising population, and growing application segments have made it a strong industrial hub.
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