Synthetic Rubber Market Size, Share, Growth, Forecast 2032

Synthetic Rubber Market Insights

Zion Market Research has published a report on the global Synthetic Rubber Market, estimating its value at USD 24.21 Billion in 2023, with projections indicating that it will reach USD 36.60 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 4.7% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Synthetic Rubber industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Global Synthetic Rubber Market: Overview

Synthetic rubber is produced by polymerization of monomers along with combination of intricate chemical compounds. As compared to natural rubber, synthetic rubber offers more superior resistances to heat, as they are versatile to be operated at low and high temperature, respective to flexibility. In addition, they provide better resistant to oil and grease compounds. There are some newly developed synthetic rubbers that are fire proof. Majority of the synthetic rubber is produced by using raw materials such as petroleum, crude oil, coal, and others.

Global Synthetic Rubber Market: Growth Factors

Rising demand of vehicles is anticipated to boost the growth of automobile industry resulting in extreme demand for synthetic rubber parts, which in turn helps in augmenting the growth of the synthetic rubber market. Huge demand of footwear around the world is also driving the synthetic rubber industry. However, cost-effective manufacturing along with reliability and quality output has forced manufacturers to meet the demand and to dominate the competitors in the market. Latest product developments, mergers, acquisitions, and joint ventures are some of the key strategies adopted by the global market players in order to boost the growth of synthetic rubber market.

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Declining rates of crude oil is also a major factor responsible for growth of the synthetic rubber industry. Synthetic rubber has wide application in industrial products, safety products such as boots, protective suits, and gloves along with diving suits, sleep sacks, which in turn augments the synthetic rubber market. On the other hand, strict rules issued by the government regarding environmental concerns may hinder the growth of the synthetic rubber market.

Global Synthetic Rubber Market: Segmentation

Based on the materials used as styrene butadiene rubber (SBR), polybutadiene (BR), ethylenepropylene (EPDM), nitrile BUTADIENE RUBBER (NBR), acrylonitrile butadiene styrene (ABS), and others. Of which, styrene butadiene rubber (SBR) type has the largest demand in the synthetic rubber market globally.

Based on the end-user application, the global market is segmented as tires, industrial goods, footwear, adhesives, and others.

Synthetic Rubber Market: Report Scope

Global Synthetic Rubber Market: Competitive Players

Some main participants of the Synthetic Rubber market are Asahi Kasei Corporation, China National Petroleum Corporation (CNPC), TSRC Corporation, China Petroleum & Chemical Corporation, and Sinopec Corporation. Other key players influencing the global market are LANXESS AG, DuPont, ExxonMobil Corporation, The Dow Chemical Company, Sumitomo Chemical Co. Ltd., and Versalis S.p.A.

Global Synthetic Rubber Market: Regional Analysis

Based on the region, the global Synthetic Rubber market can be divided into five main regions: Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific leads the synthetic rubber market globally mainly due to rising automotive industry and is also projected to maintain the position in the near future. North America is expected to grow at a steady pace owing to unstable economy.

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However, the Middle East is anticipated to witness a rapid growth in the market.

Synthetic Rubber Market: Competitive Space

The global Synthetic Rubber market profiles key players such as:

• Asahi Kasei Corporation
• China National Petroleum Corporation (CNPC)
• TSRC Corporation
• China Petroleum & Chemical Corporation
• Sinopec Corporation
• LANXESS AG
• DuPont
• ExxonMobil Corporation
• The Dow Chemical Company
• Sumitomo Chemical Co. Ltd
• Versalis S.p.A.

The global Synthetic Rubber market is segmented as follows:

By Material

• Styrene butadiene rubber (SBR)
• Polybutadiene (BR)
• Ethylenepropylene (EPDM)
• Nitrile BUTADIENE RUBBER (NBR)
• Acrylonitrile butadiene styrene (ABS)
• Others

By End User

• Tires
• Industrial goods
• Footwear
• Adhesives
• Others

Synthetic Rubber Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa