Synthetic Rubber Market to Achieve $42.3 Billion by 2031 | Meticulous Market Research Pvt. Ltd.
Meticulous Research®, a leading global market research company, has released its new report, '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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The report by Meticulous Research® forecasts that the synthetic rubber market will reach $42.3 billion by 2031, expanding at a CAGR of 4.4% from 2024 to 2031. This growth is fueled by increased construction activities, infrastructure development, and the rising production and sales of vehicles. The expansion of industrial sectors such as manufacturing and machinery, along with the increasing demand for environmentally friendly synthetic rubber alternatives, is also expected to contribute to market growth. However, the market faces challenges including waste management, pollution, carbon emissions, and stringent regulations.
The synthetic rubber market is segmented by type, application, and end-use industry, with detailed competitor analysis and geographical market evaluation.
Segmentation by Type:
The market is divided into several 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. The styrene butadiene rubber (SBR) segment is expected to hold the largest market share of over 29.0% in 2024, driven by the extensive use of SBR in tire manufacturing due to its superior properties. The shift towards green tire technologies incorporating higher proportions of bio-based and recycled materials like SBR is further driving this segment's growth.
The ethylene propylene diene rubber (EPDM) segment is projected to experience the highest growth rate between 2024 and 2031. This growth is attributed to the increasing use of EPDM in construction, automotive applications, and renewable energy technologies, owing 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 expected to dominate the market with a share of over 72.0% in 2024, driven by the growing automotive industry and the rising demand for tire replacements.
Conversely, the electronic devices segment is anticipated to grow at the highest rate during the forecast period. This growth is driven by the expanding consumer electronics market, the increasing popularity of wearable devices, and the growth of telecommunication infrastructure, including 5G networks. The growing use of synthetic rubber in electronic components also supports this segment's growth.
Segmentation by End-use Industry:
The synthetic rubber market is segmented into construction, automotive, industrial manufacturing, footwear, aerospace, consumer electronics, and others. The automotive segment is expected to hold the largest market share of over 76.0% in 2024. The significant share of this segment is attributed to the growth in the automotive industry and the use of synthetic rubber in various automotive applications.
The consumer electronics segment is forecasted to grow at the fastest rate from 2024 to 2031, driven by technological advancements, increasing demand for wearable devices, and the expansion of IoT devices.
Regional Analysis:
Geographically, the synthetic rubber market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead with a market share of over 54.0% in 2024 and is projected to grow at the highest CAGR of over 6.0%. The region’s growth is driven by rising demand across 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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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 |