Meticulous Research®, a distinguished global market research company, has published a new 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 the latest report from Meticulous Research®, the synthetic rubber market is projected to achieve $42.3 billion by 2031, with a CAGR of 4.4% from 2024 to 2031. This growth is driven by heightened construction activities, increased vehicle production, and expanded industrial sector activities. Additionally, the rising demand for eco-friendly synthetic rubber alternatives is expected to boost market growth. However, market expansion could be limited by challenges such as waste disposal issues, pollution, and stringent environmental regulations.

The report segments the market by type, application, and end-use industry, with a comprehensive analysis of 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. Styrene butadiene rubber (SBR) is anticipated to dominate the market with a share of over 29.0% in 2024, largely due to its extensive use in tire manufacturing owing to its durability and wear resistance. The increasing shift towards green technologies, including higher proportions of bio-based and recycled materials like SBR, is further driving this segment's growth.

In contrast, the ethylene propylene diene rubber (EPDM) segment is expected to grow the fastest from 2024 to 2031. The rising use of EPDM in construction, automotive applications, and renewable energy technologies due to its exceptional weather resistance and durability is contributing to this trend.

Segmentation by Application:
The 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 projected to hold the largest market share of over 72.0% in 2024, driven by the expanding automotive industry and increasing demand for tire replacements.

On the other hand, the electronic devices segment is expected to experience the highest growth rate during the forecast period. This growth is supported by advancements in consumer electronics, the growing popularity of wearable devices, and the expansion of telecommunication infrastructure including 5G networks. The use of synthetic rubber in various electronic components, such as keypads and seals, further drives this segment's growth.

Segmentation by End-use Industry:
The market is categorized by end-use industry into construction, automotive, industrial manufacturing, footwear, aerospace, consumer electronics, and others. The automotive segment is expected to dominate with over 76.0% of the market share in 2024, reflecting the growth in automotive applications and the extensive use of synthetic rubber in automotive parts.

The consumer electronics segment is forecasted to grow at the fastest rate from 2024 to 2031, supported by technological advancements, increased demand for wearable devices, and the expansion of IoT devices.

Regional Analysis:
The synthetic rubber market is segmented geographically into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is projected to lead with a market share of over 54.0% in 2024 and a CAGR of over 6.0%. The region’s growth is driven by rising demand across various industries, rapid urbanization, and infrastructure development, supported by favorable government policies in countries like 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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