What is the global market size of the Synthetic Rubber Market?

Global Synthetic Rubber Market size was valued at USD 28.89 billion in 2021 and is poised to grow from USD 29.86 billion in 2022 to USD 41.73 billion by 2030, growing at a CAGR of 4.9% in the forecast period (2023-2030).

Synthetic Rubber Market Size, Share, Growth Analysis, By Type (Styrene butadiene rubber, Polybutadiene Rubber), By Form (Solid, liquid), By Application (Tire, Automotive), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15A2103 | Region: Global | Published Date: November, 2024
Pages: 242 | Tables: 96 | Figures: 76

Synthetic Rubber Market Regional Insights

Asia Pacific held the largest global synthetic rubber market share in 2021 due to the increasing demand for styrene butadiene rubber, and nitrile rubber from the construction industry. As a result, there is a huge potential in various countries like India, China, and others. The expansion of the footwear industry and the expansion of infrastructure projects bode well for the region's future. Furthermore, the regional market will grow rapidly due to increased production of various grades of non-automotive items and tires.

The synthetic rubber market in Europe will see a positive outlook as nitrile rubber demand expands across industrial product applications. Furthermore, the heavy foot traffic of tyres, hoses, and belts across Germany, the United Kingdom, and others will benefit local economies. Artificial rubber is also becoming more popular in footwear and non-tire automotive applications.

The North American market growth will be aided by the development of industrial rubber products and tyre improvements. It should be acknowledged that man-made rubber will massively benefit the construction and aviation industries.

Synthetic Rubber Market Report Snapshots

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Global Synthetic Rubber Market size was valued at USD 28.89 billion in 2022 and is poised to grow from USD 29.86 billion in 2023 to USD 41.73 billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).

Global synthetic rubber market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Lanxess AG', 'ExxonMobil Corporation', 'The Dow Chemical Company', 'Sinopec Corporation', 'Kumho Petrochemical Co., Ltd. (Kumho Asiana Group)', 'Zeon Corporation', 'LG Chem Ltd.', 'TSRC Corporation', 'Sumitomo Chemical Co., Ltd.', 'Synthos S.A.', 'Trinseo S.A.', 'Arlanxeo Holding B.V.', 'China National Petroleum Corporation (CNPC)', 'Asahi Kasei Corporation', 'Nizhnekamskneftekhim PJSC', 'Formosa Plastics Corporation', 'PetroChina Company Limited', 'Thai Rubber Latex Corporationâ¯'

An increase in demand from the footwear sector is driving up global demand for synthetic rubber. From specialised items like protective and safety footwear to leisure footwear, the footwear industry uses a wide variety of materials to produce footwear. Synthetic rubber is perfect for producing shoe soles due to its remarkable physical properties. Abrasion resistance, durability, tensile resistance, slip resistance, tear strength resistance, and the ability to be moulded in a variety of colours are among the properties.

In the synthetic rubber market, the tire and tire components have the largest market share. Styrene-butadiene rubber is widely used in the tire due to the high abrasion resistance and good ageing stability, helping to make it the preferred material in the tire manufacturing industry. This is however, influencing the market trends around the world.

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Synthetic Rubber Market Size, Share, Growth Analysis, By Type (Styrene butadiene rubber, Polybutadiene Rubber), By Form (Solid, liquid), By Application (Tire, Automotive), By Region - Industry Forecast 2024-2031

Synthetic Rubber Market Regional Insights

Synthetic Rubber Market Report Snapshots

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