Synthetic Rubber Market is predicted to reach USD 28.87 billion at a CAGR of 4.77% during the forecast period

Pune, India, Oct 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Synthetic Rubber Market.

Global Synthetic rubber market

Synthetic rubber is an elastic polymer mainly derived from petroleum byproducts. It exhibits various properties such as elasticity, oil resistance, durability, and excellent water repellant property, making them suitable for various end-use industries such as construction, footwear, automotive & transportation, and others. Furthermore, it is used for making polymer concrete for waterproofing applications, tires, hoses, conveyor belt covers, gaskets, tubes, and others.

Synthetic rubber is produced artificially via the polymerization of monomers into polymers; this can be done either by solution polymerization or emulsion polymerization. Synthetic rubber imports and exports are expected to increase as a result of higher shipments and higher product demand brought on by the ongoing coronavirus outbreak. Due to the challenges presented by the ever-changing pricing of petroleum by-products, the synthetic rubber industry is predicted to grow at a moderate CAGR. Synthetic rubber manufacturers need to hedge against the possibility of price fluctuations in petroleum by-products and other inputs by funding data-driven research. Conversely, chemical firms have discovered new markets in the rubber business by capitalising on chemical processes that improve the characteristics of elastomer.

Stringent regulations regarding the production and processing of rubber are expected to act as restraints for global market growth. Nevertheless, the devulcanization of synthetic rubber and the use of end-of-life tires for energy carriers and fuel is likely to open up growth opportunities for players in this market.

Market Synopsis

According to the MRFR analysis, the global Synthetic rubber market size is projected to reach USD 28.87 billion by 2030 at a CAGR of 4.77%.

Around 75% of the rubber produced is used in tire production, which is one of the crucial parts of automobiles and transport vehicles. The increasing production and sale of automobiles across the globe are fueling the demand for tires, which is expected to propel the demand for synthetic rubber. The use of synthetic rubber in low-rolling resistance tires is one of the primary factors driving the demand for rubber in the automotive industry. These tires consume less energy, lower fuel consumption, and reduce CO2 emissions. As per the US Department of Energy, installing low-resistance tires can improve fuel economy by about 3% for light-duty vehicles (LDVs) and by more than 10% for heavy-duty vehicles (HDVs). However, the reduction of tread depth to improve rolling resistance results in the corresponding reduction in tire wear life; this increases the repetitive sale of such tires, further fueling the demand for rubber in tire production.

The global market is also driven by the use of synthetic rubber in the construction industry. Factors such as converting end-of-life tires to fuel are likely to create new growth opportunities for vendors in the synthetic rubber market.

Competitive Landscape

The global synthetic rubber market is heavily fragmented and consists of many organized and unorganized industry players. According to MRFR analysis, the global synthetic rubber market has a huge revenue base in Asia-Pacific. The growth of market players is dependent on market conditions, regulatory standards, and industry development. Thus, players should focus on the expansion of production capacity and launching new products in the market to cater to the changing needs of end-users and try to expand their regional foothold via strategic partnerships and agreements and as well as the distributors in the regional market. Manufacturers focus mainly on the expansion of production capacities, and are performing mergers and acquisitions with key stakeholders to gain a competitive advantage over other players, and cement their position in a highly competitive marketplace.

Some of the key players operating in the global synthetic rubber are LANXESS, Kumho Petrochemical Co., Ltd, LG Chem Ltd., Sinopec, Versalis S.p.A., TSRC Corporation, ZEON CORPORATION, Group Dynasol, Kraton Corporation, JSR Corporation, PJSC Nizhnekamskneftekhim, SIBUR, The Goodyear Tire & Rubber Company, Trinseo, and PetroChina among others.

Segmentation

By Type

• Styrene-Butadiene Rubber (SBR): Styrene-butadiene rubber (SBR) is the most widely used synthetic rubber. It can be made by copolymerizing butadiene (75%) and styrene (25%) with free-radical initiators. SBR is primarily used in tire production. Footwear, coatings, carpet backing, and adhesives are some of the other applications.


• Ethylene Propylene Diene Monomer (EPDM): EPDM is a terpolymer of ethylene, propylene, and diene component. It is compatible with polar substances, such as ketones, fireproof hydraulic fluids, alkalis, and waters, and hydrocarbons, such as oils, kerosene, aromatic compounds, gasoline, and halogenated solvents. EPDM is widely used as a sealing and gasketing material; weatherstripping, seals on doors for refrigerators and freezers; and door seals, window seals, trunk seals, oil coolers, radiators, and heaters for automotive applications, amongst others.


• Butyl Rubber: Butyl rubber is a synthetic rubber, a copolymer of isobutylene with isoprene. It is produced by polymerization of 98% isobutylene and 2% isoprene. It is a colorless to light yellow viscoelastic material. Butyl rubber is used in the manufacture of adhesives and sealants, fiber optic compounds, lubricants, paper and pulp, personal care products, and rubber and polymer modifications, amongst others.


• Polyisoprene: Polyisoprene is a synthetic polymer (elastomer) that can be vulcanized when sulfur is added. The properties of cis-Polyisoprene are similar to those of natural rubber. It has high tensile strength and is resistant to temperature changes, but it has low abrasion resistance. Oxygen and hydrocarbons attack it. Tires, specialized mechanical products, conveyor belts, footwear, and insulation are all important applications for cis-polyisoprene.


• Others: The others segment includes ethylene-propylene rubber, nitrile rubber, epichlorohydrin polymer, polychloroprene, ethylene-vinyl acetate copolymer, and polyacrylate rubber.

By Application

• Construction: In the construction industry, synthetic rubber is used in hoses, belts, mounting, rollers, sheets, flooring, and adhesives and sealants. In addition to this, the excavators, cranes, forklifts, concrete mixer machines, caterpillars, lift trucks, etc., used for various construction purposes are all fitted with tires and tracks made of synthetic rubber.


• Automotive & Transportation: In the automobile industry, synthetic rubbers are used for a variety of purposes. It can be found in fluid transfer systems, body sealing systems, transmission systems, automotive antivibration, sealants, adhesives & coatings, O-Rings, molded parts, flat seals, foam and converting products, body parts, and spare parts, amongst others. Synthetic rubber is mainly used for passenger cars and motorcycle tires as it gives them good grip performances, purity, and cost-effectiveness over natural rubber.


• Medical: There are many different types of rubber products used in the medical and health care industries, ranging from gloves to injection parts, condoms to tubes, caps and stoppers, and wheels and casters attached to hospital beds and trolleys. Rubber rollers are also used in the medical industry in medical chart recorders and medical imaging equipment. Latex rubber or natural rubber products are the most important sub-sector of the rubber industry used in the medical sector.


• Others: Other applications include agriculture, defense, chemical, mining, paper & pulp, power generation, textile, valve, gear, pump, heavy machinery and equipment, and tile and cement.

By Region

• North America: The United States and Canada now make up separate markets in North America. The United States is second only to China as a consumer of synthetic rubber. Large-scale end-use sectors, robust technology and R&D capabilities, and vast production facilities all contribute to the United States' prosperity.


• Europe: Implementing the growth in this region can be mostly attributed to technological advancements and acquisition activities being undertaken in the region. Large-scale production of automobiles is credited with spurring economic development in the area, and the automotive industry is the leading private investor in R&D.


• Asia-Pacific: China, India, Japan, South Korea, Australia and New Zealand, and the rest of Asia-Pacific make up the various divisions of the region. Rapid population expansion and urbanization, together with other variables like a wide number of producers, low labour costs, and expanding application categories, are responsible for the region's fast growth.


• Latin America: The growing demand is due to the rise in industrialization and urbanization in major countries, along with an escalation in demand for the construction, and automotive & transportation industry which is poised to keep the market growing at a healthy CAGR during 2022-30.


• Middle East & Africa: Increase in government investments in the region along is poised to keep the demand steady during the forecast period. Synthetic rubber Market - synthetic rubber market size