Global Synthetic Rubber Market to Be Worth US$ 45,767.1 Mn by 2023 - Transparency Market Research

Transparency Market Research

Synthetic Rubber (SBR, BR, EPDM, NBR, and Others) Market for Tires, Industrial Goods, Footwear, and Other End-users - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2023

Some of the prominent names in the global market for synthetic rubber are LANXESS AG, China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec Corporation), KUMHO PETROCHEMICAL, The Dow Chemical Company, TSRC Corporation, Asahi Kasei Corporation, ExxonMobil Corporation (ExxonMobil), Dynasol Elastomers, DuPont, Sumitomo Chemical Co., Ltd., and Versalis S.p.A.

A report by Transparency Market Research predicts the global market for synthetic rubber to rise at a steady 5.10% CAGR over the course of the forecast period from 2015 to 2023. At this pace, the market which was worth US$29.12 bn in 2014, will likely become worth US$45.77 bn by 2023-end.

Based on the type of products, the global synthetic rubber market can be segmented into styrene butadiene rubber (SBR), polybutadiene (BR), ethylenepropylene (EPDM), nitrile butadiene rubber (NBR), etc. Of them, SBR accounted for a maximum market share of 30.0% in 2014. SBR is a copolymer comprised of styrene and butadiene in a proportion of 3:1 by weight. The unique perceived benefits of SBR leading to its swift uptake are better processability, resistance to abrasion, and heat aging. SBR is mainly used in making car tires, where they are sometimes mixed with natural rubber.

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Geographically, the key segments of the global market for synthetic rubber are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific, among them, leads the market and in the near future too is expected to maintain its dominant position. Serving to fuel the market in the region is the rising demand from the burgeoning automotive sector, particularly in the fast-expanding large economies of India and China.

Price Volatility of Natural Rubbers Promotes Uptake of Synthetic Ones

Synthetic rubbers are an alternative to natural rubber. A number of factors have led to their uptake over their natural counterparts. One of them is them in the high price volatility of natural rubbers. “The extreme fluctuation in prices of natural rubber market is a result of inconsistent supply due to fluctuations in raw material obtainability, geographic constraints on rubber plantations, long distances over which they have to be transported, and demand-supply gap across nations in the world. This has served to up demand for synthetic rubber. This, in turn, is helping industrial consumers of rubber to accomplish cost benefit and raised profit margins,” adds the lead analyst of the TMR report.

The End-use Segment of Tires Majorly Fuelling Demand

Some of the key end-use segments in the global market for synthetic rubbers are industrial goods, asphalt overlay, tires, footwear, adhesives, and tires. Among them, the segment of tires is expected to see good growth in the coming years and also account for a substantial share in the market.Bottom of Form The continued progress in technology is expected to prove beneficial for the market in the next couple of years.

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Serving to dampen demand in the market, on the other hand, is the increasing substitution of synthetic rubber by natural rubber. In addition, a supply glut due to the consistent capacity addition is also expected to have a negative impact on the market.

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Source: Transparency Market Research