Meticulous Research®, a leading global market research organization, has released a comprehensive report titled, 'Synthetic Rubber Market Size, Share, Forecast, & Trends Analysis by Type (SBR, EPDM, BR, SBC, IIR, NBR, IR, CR), Application (Tires, Textiles & Apparel, Electronics, Packaging), Industry (Construction, Automotive, Industrial) - Global Forecast to 2031.'

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According to Meticulous Research®, the synthetic rubber market is anticipated to reach $42.3 billion by 2031, growing at a CAGR of 4.4% from 2024 to 2031. Key drivers of this growth include increased investment in construction and infrastructure, higher vehicle production, and expansion in the industrial sector, including manufacturing. Additionally, the rising preference for environmentally friendly synthetic rubber alternatives is expected to further drive market growth. However, challenges such as waste management, environmental pollution, and stringent regulatory frameworks may pose hurdles for market participants.

The market is categorized by type, application, and end-use industry, with in-depth analysis provided for competitors and regional markets.

Segmentation by Type:

The synthetic rubber market is divided into 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 others. In 2024, styrene butadiene rubber (SBR) is expected to dominate with a share of over 29.0%, primarily due to its high demand in tire manufacturing for its superior durability and abrasion resistance. The growing trend towards green technologies, including higher bio-based and recycled material content, is also contributing to this segment's growth.

In contrast, the ethylene propylene diene rubber (EPDM) segment is projected to grow the fastest from 2024 to 2031. This growth is fueled by EPDM’s increasing use in construction, automotive applications, and renewable energy technologies due to its excellent weather resistance and durability.

Segmentation by Application:

The synthetic rubber market is segmented by application into tires, automotive (non-tire), footwear components, textiles & apparel, seals & gaskets, hoses & belts, electronic devices, lubrications, packaging, and others. The tires segment is forecasted to hold the largest market share of over 72.0% in 2024, driven by the expanding automotive industry and increasing demand for tire replacements.

Conversely, the electronic devices segment is expected to witness the highest growth rate during the forecast period. This growth is driven by the booming consumer electronics market, rising demand for wearable devices, and the development of telecommunication infrastructure including 5G networks. The use of synthetic rubber in various electronic components also supports this trend.

Segmentation by End-use Industry:

The market is segmented by end-use industry into construction, automotive, industrial manufacturing, footwear, aerospace, consumer electronics, and others. The automotive segment is projected to account for over 76.0% of the market share in 2024, reflecting the growth in automotive applications and the extensive use of synthetic rubber in automotive components.

The consumer electronics segment is expected to grow at the fastest rate between 2024 and 2031, supported by advancements in technology, increasing demand for wearable devices, and the expansion of IoT devices.

Regional Analysis:
The synthetic rubber market is segmented by region into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is predicted to lead with a market share of over 54.0% in 2024 and a projected CAGR of over 6.0%. The region’s growth is attributed to increasing demand across various industries, rapid urbanization, infrastructure development, and supportive government policies in countries such as China, Japan, South Korea, and India.

Key Players:
The key players operating in the synthetic rubber market are China Petrochemical Corporation (a subsidiary of Sinopec Corp.) (China), ERIKS N.V.(Netherlands), The Dow Chemical Company (U.S), Exxon Mobil Corporation (U.S.), Kumho Petrochemical Co., Ltd. (KKPC) (South Korea), Zeon Corporation (Japan), Nizhnekamskneftekhim (Russian), Mitsui Chemicals, Inc. (Japan), JSR Corporation (Japan), SABIC (Saudi Arabia), Denka Company Limited (Japan), Asahi Kasei Corporation (Japan), Indian Synthetic Rubber Private Limited (India), Apcotex (India), Reliance Industries Limited (India), Trinseo PLC (U.S.), TSRC Corporation (Taiwan), Michelin Group (France), and LANXESS (Germany).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/synthetic-rubber-market-5848

Key questions answered in the report:
• Which are the high-growth market segments based on type, application, end-use industry, and geography?
• What was the historical market for the synthetic rubber market?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, opportunities, and challenges in the synthetic rubber market?
• Who are the major players, and what shares do they hold in the synthetic rubber market?
• What is the competitive landscape in the synthetic rubber market?
• What are the recent developments in the synthetic rubber market?
• What are the different strategies adopted by the major players in the synthetic rubber market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global synthetic rubber market, and how do they compete with the other players?

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