Synthetic Rubber Market, Synthetic Rubber

Synthetic Rubber Market – Increasing Demand From the Tire Industry

The report Synthetic Rubber Market by Type (SBR, BR, SBC, EPDM, IIR, NBR), Application (Tire, Non-Tire Automotive, Footwear, Industrial), and Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa) – Global Forecast to 2022″, The synthetic rubber market is estimated to be USD 28.88 Billion in 2017 and is projected to reach USD 37.82 Billion by 2022, at a CAGR of 5.5% between 2017 and 2022. The synthetic rubber market is driven by the rising demand for synthetic rubbers in applications such as tire, non-tire automotive, footwear, and industrial.

Rising use of synthetic rubbers in the tire and non-tire automotive applications, growing trend of using synthetic rubbers in automotive to reduce the weight of vehicles for fuel efficiency, and increasing demand from Asia Pacific are the major factors expected to drive the global synthetic rubber market during the forecast period.

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“Tire is projected to be the fastest-growing application segment of the market from 2017 to 2022”

The consumption of synthetic rubber in the tire application is growing due to the rising demand for automobiles in developing countries. The exponential growth of the automotive industry in China has supported the growth of the country’s tire industry. The rapidly growing automotive and transportation industries in countries like China and India are expected to propel the growth of the tire industry in APAC. The synthetic rubber type used to manufacture tires is the SBR. SBR is a cost-effective alternative to natural rubber, with better abrasion resistance and inherent hysteresis.

Synthetic Rubber Market, Synthetic Rubber
Synthetic Rubber Market, by Region, 2022

Asia Pacific is estimated to be the largest market for synthetic rubber in 2017 and is also projected to register the highest CAGR during the forecast period. China is expected to account for the largest share of the Asia Pacific synthetic rubber market till 2022 and is also expected to be the fastest-growing market for synthetic rubber during the forecast period. Major producers of synthetic rubber, such as Sinopec (China), Kumho Petrochemical (South Korea), TSRC Corporation (Taiwan), JSR Corporation (Japan), LG Chem (South Korea), and ZEON Corporation (Japan) are located in the Asia Pacific region. Europe is estimated to account for the second-largest share of the global synthetic rubber market.

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Expansions, new product developments, and agreements were the key strategies adopted by major players to achieve growth in the global synthetic rubber market between 2011 and 2017. The major players in the synthetic rubber market are LANXESS (Germany), Sinopec (China), The Goodyear Tire & Rubber Company (US), Kumho Petrochemical (South Korea), TSRC Corporation (Taiwan), Nizhnekamskneftekhim (Russia), JSR Corporation (Japan), LG Chem (South Korea), Versalis S.p.A. (Italy), and ZEON Corporation (Japan).

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