Global Synthetic Rubber Market
Dublin, Dec. 01, 2022 (GLOBE NEWSWIRE) -- The "Global Synthetic Rubber Market by Type (SBR, BR, SBC, EPDM, IIR, NBR) Application (Tire, Automotive (Non-tire), Footwear, Industrial Goods, Consumer Goods, Textiles), and Region (North America, Europe, APAC, South America, MEA) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global synthetic rubber market is estimated to be worth USD 23 billion in 2022 and is projected to reach USD 28.9 billion by 2027, rising at a CAGR of 4.6% between 2022 and 2027.
The tire segment is estimated to be the largest application of synthetic rubber during the forecast period, followed by the automotive. Synthetic rubber is produced from crude oil and natural gas.
It is mainly produced by the polymerization of monomers. Synthetic rubber has many benefits over natural rubber, such as better resistance to oil and temperature. It is used in a wide range of applications, but its major application is in tires.
By Type, SBC is expected to witness the highest CAGR during forecast period
SBC, made from styrene and butadiene linked homopolymer blocks, belongs to the class of thermoplastic elastomer (TPE). It has an elastic behavior, the property to change and recover the shape when a force is first applied and then removed; and thermoplastic behavior, the property to make it soften, viscous, and free-flowing like a liquid when heated and return to solid when cooled at room temperatures.
There are three main types of SBCs, poly (styrene-butadiene-styrene) (SBS), poly (styrene-isoprene-styrene) (SIS), and poly (styrene-ethylene/butylene-styrene) (SEBS). SBC has properties such as high flexibility, good quality constancy, and reproducibility. SBS block copolymers are used for their compounding and adhesive qualities.
They have recently gained popularity for use as an element within modified asphalts; they are used in the paving of new roads and highway construction, repair of roads and highways, and roofing of construction projects. SIS block copolymers are popular mainly due to their combination of unique attributes. SEBS is replacing flexible PVC in numerous applications in the medical industry. Footwear is also one of the largest applications of SBC.
MEA (Middle East & Asia) is estimated to register the highest CAGR during forecast period
A MEA is the fastest-growing segment and estimated to register the highest cagr during the forecast period. The growing automotive and industrial manufacturing industries in the Saudi Arabia act as a key growth driver for the synthetic rubber market in MEA.
The growth in automobile production in the country is also likely to impact the synthetic rubber market, as synthetic rubber is used to manufacture tires and other automotive rubber parts. Saudi Arabia is the largest importer of vehicles and automotive components globally, accounting for approximately 770,000 sales per year.
The region accounted for a market share of 3.3%, in terms of volume, in 2021. It is one of the fastest growing synthetic rubber markets, registering a CAGR of 6.2%, in terms of value, between 2022 and 2027.
The companies profiled in this market research report include The Dow Chemical Company (U.S), ExxonMobil (U.S), Kumho Petrochemical Company Ltd (South Korea), Zeon Corporation (Japan), Nizhnekamskneftekhim (Russia), The Goodyear Tire and Rubber Company (U.S), Mitsui Chemical Inc. (Japan), JSR Corporation (Japan), Denka Company Ltd. (Japan), and Asahi Kasei Corporation (Japan).
Growing Demand in Tire Application to Drive Market
SBR Segment and China Accounted for Largest Shares
Saudi Arabia to Register Highest CAGR
Growing Penetration of Electric Vehicles
Stringent Emission Regulations and Standards in Developed Economies
Increasing Demand in Asia-Pacific
Health Hazards Associated with Production of Synthetic Rubber
Economic Slowdown and Impact of COVID-19 on Manufacturing Sector
Growing Demand for High-Performance and Eco-Friendly Tires
Volatile Raw Material Prices
Ethylene Propylene Diene Monomer Rubber Roofing Membrane - Ideal Choice for Pooling Application
Ethylene Propylene Diene Monomer Rubber Roofing Membrane - Ideal Choice for Green Roof Application
The Dow Chemical Company
China Petroleum and Chemical Corporation
Asahi Kasei Corporation
Denka Company Limited
Reliance Industries Ltd.
Mitsui Chemicals Inc.
Goodyear Tire and Rubber Company
Kumho Petrochemical Company Ltd.
Petrochina Company Ltd.
Taiwan Synthetic Rubber Corp.
Nantex Industry Co. Ltd.
SK Geo Centric Co. Ltd.
Warco (West American Rubber Company, LLC)
LyondellBasell Industries N.V
Dynasol Elastomeros SAU
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