Market for Synthetic Rubber Forecast to Be Worth $42.3 Billion by 2031
Meticulous Research®—a leading name in global market research—has announced 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, Electronic, Packaging), Industry (Construction, Automotive, Industrial) - Global Forecast to 2031.’
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The report from Meticulous Research® forecasts that the synthetic rubber market will reach $42.3 billion by 2031, with a CAGR of 4.4% from 2024 to 2031. The market’s growth is fueled by increased construction and infrastructure projects, rising vehicle production, and industrial sector expansion. The shift towards eco-friendly synthetic rubber alternatives is also expected to drive market opportunities. However, challenges such as waste disposal, pollution, and stringent environmental regulations may impact growth.
The report segments the synthetic rubber market by type, application, and end-use industry, with detailed analysis at regional and country levels.
Market Segmentation
Type: The market is divided into 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. SBR is expected to hold a dominant share of over 29.0% in 2024, thanks to its use in tire manufacturing and the shift towards green tire technologies that use more bio-based and recycled materials.
The EPDM segment is projected to grow the fastest due to its high weather resistance and durability, which makes it suitable for construction applications, automotive seals, and renewable energy technologies.
Application: The market includes tires, automotive (non-tire), footwear components, textiles & apparel, seals & gaskets, hoses & belts, electronic devices, lubricants, packaging, and other applications. The tires segment is anticipated to account for over 72.0% of the market share in 2024 due to rising vehicle production and the need for tire replacements.
In contrast, the electronic devices segment is set to grow at the highest rate, driven by the expansion of consumer electronics, wearable technology, and increased use of synthetic rubber in electronic components.
End-Use Industry: The market covers construction, automotive, industrial manufacturing, footwear, aerospace, consumer electronics, and other industries. The automotive sector is expected to hold more than 76.0% of the market share in 2024, driven by high demand for synthetic rubber in automotive components.
The consumer electronics sector is projected to see the highest growth, fueled by technological advancements and the growing demand for wearable devices and IoT products.
Geography: The market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is projected to hold over 54.0% of the market share in 2024 and grow at the highest CAGR of over 6.0% during the forecast period, driven by increased industrial demand, urbanization, and government policies supporting industrial growth 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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Synthetic Rubber Market, Artificial Rubber, Artificial Rubber, Polymer Rubber, Chemically-produced Rubber, Engineered Rubber, Petroleum Byproducts, Styrene Butadiene Rubber (SBR), Polybutadiene Rubber (BR), Chemicals and Materials, Chemicals |