Meticulous Research®, a prominent global market research firm, has released a report titled 'Synthetic Rubber Market Size, Share, Forecast, & Trends Analysis by Type (SBR, EPDM, BR, SBC, IIR, NBR, IR, CR), Application (Tires, Textiles & Apparel, Electronic, Packaging), Industry (Construction, Automotive, Industrial) - Global Forecast to 2031.'
According to this recent publication, the synthetic rubber market is anticipated to achieve a value of $42.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031. Factors driving this growth include increased construction and infrastructure projects, rising vehicle manufacturing and sales, and expansion in industrial sectors such as manufacturing, machinery, and equipment. Furthermore, there is a rising demand for environmentally friendly alternatives to synthetic rubber, presenting opportunities for market expansion. However, challenges such as waste management, pollution concerns, and carbon emissions could impede market growth. Additionally, stringent environmental regulations, quality standards, and compliance policies enforced by governments pose significant challenges to industry participants.
The global synthetic rubber market is segmented by type, application, and industry, with the report providing a detailed analysis of competitors within various end-user sectors and examining market dynamics at regional and national levels.
Based on type, the synthetic rubber market is categorized into various types including styrene butadiene rubber (SBR), polybutadiene rubber (BR), styrene block copolymer (SBC), ethylene propylene diene rubber (EPDM), butyl rubber (IIR), acrylonitrile-butadiene rubber (NBR), isoprene rubber (IR), chloroprene rubber (CR), and other variants. By 2024, the styrene butadiene rubber (SBR) segment is expected to dominate the market with a share exceeding 29.0%. This segment's prominence is driven by increasing tire demand, its favorable properties like high abrasion resistance and durability, and the industry's shift towards eco-friendly tire technologies incorporating more bio-based and recycled materials including SBR.
However, the ethylene propylene diene rubber (EPDM) segment is anticipated to experience the highest growth rate during the forecast period from 2024 to 2031. This growth is attributed to the rising adoption of EPDM in construction, automotive seals, gaskets, weatherstripping, and hoses due to its superior weather resistance and durability. Additionally, the increasing focus on renewable energy sources has bolstered EPDM's use in seals and gaskets for renewable energy technologies.
Based on application, the synthetic rubber market is segmented broadly across various applications including tires, automotive (non-tire), footwear components, textiles & apparel, seals & gaskets, hoses & belts, electronic devices, lubrications, packaging, and other uses. By 2024, the tires segment is expected to dominate the market, capturing over 72.0% share. This segment's leadership is driven by the expanding automotive sector, which is experiencing increased production and sales globally, higher vehicle maintenance demands, growing tire requirements, and rising replacement needs due to wear and tear.
Conversely, the electronic devices segment is projected to exhibit the highest growth rate during the forecast period from 2024 to 2031. This growth is fueled by the expanding consumer electronics market, rising popularity of wearable devices like smartwatches, fitness trackers, and earbuds, expansion of telecommunication infrastructure such as 5G networks and enhanced connectivity, and the increased utilization of synthetic rubber in various electronic components such as keypads, gaskets, vibration dampening materials, and seals.
Based on end-use industry, the synthetic rubber market is broadly categorized into construction, automotive, industrial manufacturing, footwear, aerospace, consumer electronics, and other industries. By 2024, the automotive sector is expected to dominate the market, capturing over 76.0% share. This segment's prominence is attributed to the expansion of the automotive industry, increased adoption of synthetic rubber in automotive applications such as tires, seals, gaskets, interior and exterior components, and chassis systems, and rising demand for high-performance synthetic rubber materials offering enhanced properties.
On the other hand, the consumer electronics segment is forecasted to experience the highest growth rate during the forecast period from 2024 to 2031. This growth is fueled by ongoing technological advancements in the consumer electronics sector, rising popularity of wearable devices, expansion of telecommunication infrastructure, increasing demand for water and dust-resistant devices, and the proliferation of IoT devices including smart home appliances, connected wearables, and industrial sensors.
Based on geography, the synthetic rubber market globally is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. By 2024, Asia-Pacific is anticipated to hold the largest share, exceeding 54.0% of the market, followed by Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific is projected to achieve a compound annual growth rate (CAGR) of over 6.0% during the forecast period. The significant market share of Asia-Pacific is primarily attributed to increasing demand for synthetic rubber across diverse industries such as automotive, construction, manufacturing, and consumer goods. Factors driving this growth include urbanization, infrastructure development, government initiatives supporting industrial growth, and the expanding automotive and consumer electronics sectors in countries like China, Japan, South Korea, and India.
Key Players:
The synthetic rubber market is served by major players including China Petrochemical Corporation (a subsidiary of Sinopec Corp.) from China, ERIKS N.V. based in the Netherlands, The Dow Chemical Company and Exxon Mobil Corporation from the United States, Kumho Petrochemical Co., Ltd. (KKPC) headquartered in South Korea, Zeon Corporation of Japan, Nizhnekamskneftekhim from Russia, Mitsui Chemicals, Inc., JSR Corporation, and Denka Company Limited from Japan, SABIC based in Saudi Arabia, Asahi Kasei Corporation from Japan, Indian Synthetic Rubber Private Limited, Apcotex, and Reliance Industries Limited from India, Trinseo PLC from the United States, TSRC Corporation from Taiwan, Michelin Group from France, and LANXESS from Germany.
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Key questions answered in the report:
• Which market segments show high growth potential based on type, application, end-use industry, and geography?
• What is the historical performance of the synthetic rubber market?
• What are the market forecasts and projections for the period 2024–2031?
• What factors drive, restrain, offer opportunities, and pose challenges in the synthetic rubber market?
• Who are the major players in the synthetic rubber market, and what market shares do they command?
• What does the competitive landscape look like in the synthetic rubber market?
• •What recent developments have occurred in the synthetic rubber market?
• What strategies do the major players employ in the synthetic rubber market?
• What are the key geographic trends, and which countries are experiencing high growth?
• Who are the emerging local players in the global synthetic rubber market, and how do they compete with other players?
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