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

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).

Synthetic rubber, like natural rubber, has numerous applications in the automotive industry, including tires, door and window profiles, seals such as O-rings and gaskets, hoses, belts, matting, and flooring. It provide a variety of physical and chemical properties, which can improve the dependability of a given product or application. Synthetic rubber outperforms natural rubber in two key areas: thermal stability and resistance to oils and related compounds. It is more resistant to oxidizing agents like oxygen and ozone, which can shorten the shelf-life of products like tires. Increasing R&D and product improvement by several manufacturers in the rubber market will drive up product demand. The increasing growth in aerospace, automotive, and construction, combined with rising rubber demand from tire and electronic applications, will help drive market growth over the forecast period. As the global demand for OEM tyres rises due to the expansion of the automotive industry, so will the demand for synthetic rubbers, which will eventually drive the growth of the market.

US Synthetic Rubber Market is poised to grow at a sustainable CAGR for the next forecast year.