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 News

In November 2022, CHIMEI Corporation, a Taiwanese performance materials company that designs and manufactures advanced polymer materials, synthetic rubbers, and specialty chemicals, plans to introduce Ecologue bio-ABS products with ISCC PLUS approval in 2023.

In November 2022, Radic Performance introduced New Zealand Boutique Brakeset.

In October 2022, Raj Petro Specialities Pvt Ltd, a Brenntag Group company, introduced the 'Everyday Forward' global brand platform.

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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.

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.

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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 News

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