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 Form type(Solid and liquid), By Type (Acrylic rubber, butadiene rubber, ethylene propylene diene monomer, styrene butadiene rubber), By End use industry(Building & construction, transportation, medical, textile & apparel), By Region - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Synthetic Rubber Market?

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.', 'Zeon Corporation', 'LG Chem Ltd.', 'Versalis S.p.A.', 'TSRC Corporation', 'JSR 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 Corporation (Thailand) Public Company Limited'

Q: Which region accounted for the largest share in the Global Synthetic Rubber Market?

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.

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

Synthetic Rubber Market Dynamics

Synthetic Rubber Market Driver

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.

Synthetic Rubber Market Restraint

Environmental regulations and health hazards in the synthetic rubber production sector are impeding the growth of the market. The production of synthetic rubber has been hampered by strict environmental regulations. Based on the Environmental Protection Agency (EPA), the main sources of harmful pollutants are rubber processing, sealant manufacturing, and tire manufacturing facilities.

Synthetic Rubber Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Synthetic Rubber Market size was valued at USD 28.89 billion in 2019 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).

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.', 'Zeon Corporation', 'LG Chem Ltd.', 'Versalis S.p.A.', 'TSRC Corporation', 'JSR 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 Corporation (Thailand) Public Company Limited'

An increase in demand from the footwear sector is driving up 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.

Asia Pacific held the largest 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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

Synthetic Rubber Market Dynamics

Synthetic Rubber Market Report Snapshots

Want to customize this report?

FAQs

What is the market size of Synthetic Rubber Market?

Who are the key vendors in the Synthetic Rubber Market?

What is the key driver of Synthetic Rubber Market?

What is the key market trend for Synthetic Rubber Market?

Which region accounted for the largest share in Synthetic Rubber Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300