India Synthetic Rubber Market Overview, 2028

India Synthetic Rubber Market Overview, 2028

India is the third largest producer, fourth largest consumer of natural rubber and fifth largest consumer of natural rubber and synthetic rubber together in the world. The synthetic rubber market in India has been steadily expanding; as India’s strategic geographic location positions it as a significant hub for synthetic rubber exports to neighboring Asian countries. The rubber industry in India is basically divided in two sectors - tyre and non-tyre sector produces all types of auto tyres, conventional as well as radial tyres and exports to advance countries like USA. All India Rubber Industries Association (AIRIA) is a non-profit organization that represents the interests of the rubber industry in India. It has over 1,000 members, including both natural and synthetic rubber producers, processors, and consumers. AIRIA works to promote the growth and development of the rubber industry in India, and to represent the interests of its members to the government and other stakeholders. Indian Synthetic Rubber Private Limited (ISRPL) is a shining example of international collaboration is a joint venture Company promoted by IndianOil Corporation Limited (IOCL) and Trimurti Holding Corporation (THC), BVI (a 100% subsidiary of TSRC Corporation, Taiwan). Kerala is the largest producer of rubber in India, accounting for almost 90% of the country's total rubber production. India has some companies producing synthetic elastomers, but imports around half of the synthetic rubber requirements. India consumed around 616,000 tonnes of synthetic rubber in 2017. The market is expanding in these years.

According to the research report ""India Synthetic Rubber Market Overview, 2028,"" published by Bonafide Research, the market is anticipated to grow with more than 6.50% CAGR from 2023-2028. India's synthetic rubber market is experiencing substantial expansion, driven by a confluence of factors that reflect the country's dynamic and growing economy. The rising consumer demand for a wide range of products, from automobiles and industrial equipment to consumer goods and infrastructure projects, has led to an increased need for synthetic rubber. This demand, in turn, has spurred innovation in the industry, with Indian manufacturers focusing on developing advanced rubber formulations that cater to diverse applications, from high-performance tires to specialized industrial components. India has witnessed the emergence of new industries, such as the automotive and electronics sectors, which heavily rely on synthetic rubber materials for components and products. This rapid industrialization, coupled with urbanization, has fueled the demand for durable and technologically advanced synthetic rubber solutions, creating a thriving market for both established and new players in the field. New companies have entered the market, injecting fresh ideas and competition, which has further accelerated innovation and the introduction of novel synthetic rubber products. These newcomers, often agile and technologically savvy, have contributed to the industry's growth by offering specialized formulations and customization options to meet the specific requirements of different sectors. India is increasingly recognizing the importance of sustainable practices, spurring research and development into eco-friendly alternatives. Bio-based synthetic rubber materials, as well as the use of recycled rubber, are gaining traction, addressing both environmental concerns and industry demands for more responsible and sustainable production.

Based on the form of synthetic fibers, the market is segmented into Solid and Liquid forms. Among these, the solid forms dominate the market as of 2022. Solid synthetic rubbers are widely used in a plethora of industries and applications due to their versatility and durability. One of the key reasons for their dominance is their ability to be easily molded and processed into a wide range of end products. This includes applications in the automotive sector, where solid synthetic rubber is extensively used in tire manufacturing, gaskets, seals, and various automotive components. Their ability to withstand high-stress environments and resist wear and tear makes them indispensable in these applications. Solid synthetic rubber is also favored in the construction industry for its use in manufacturing weather-resistant seals, gaskets, and insulating materials. Its durability and resistance to environmental factors contribute to its widespread adoption. Additionally, based on the type of synthetic fiber being used; Polybutadiene synthetic holds the largest market share. This versatile material is commonly used in the production of tires, owing to its ability to improve tire tread durability and reduce rolling resistance, thus enhancing fuel efficiency. Butyl rubber is also a major contributor to the synthetic rubber market. It is known for its exceptional impermeability to gases and moisture, which makes it ideal for use in tire inner liners, inner tubes, and a variety of sealing applications. Butyl rubber's resistance to ozone and weathering, along with its low gas permeability, is highly valuable in preserving the integrity and performance of products that require a strong barrier to air and moisture.

The report is further segmented based on the end-users into automotive, consumer goods, industrial goods, chemical, medical, pulp & paper, and others. In India, the automotive industry holds the significant market share. In tire production, types like Styrene Butadiene Rubber (SBR) and Polybutadiene Rubber are essential for enhancing tire durability, reducing rolling resistance, and ensuring road grip. Beyond tires, synthetic rubbers are used in seals, gaskets, hoses, and belts, contributing to the efficient operation of vehicles. Their resilience, heat resistance, and flexibility make them suitable for under-the-hood applications as well. In addition to improving performance, synthetic rubber also enhances safety in the form of airbags and automotive gaskets, which play crucial roles in passenger protection and preventing fluid leakage. As a result, synthetic rubbers have firmly established their place in the heart of the automotive industry, contributing to both safety and performance. The industrial goods sector relies on synthetic rubbers for various essential applications. Conveyor belts, for instance, use synthetic rubber for their excellent wear resistance, ensuring the efficient transport of goods. Seals, gaskets, and O-rings made from synthetic rubber provide a secure and reliable seal in machinery and equipment, preventing leaks and ensuring safe operations. Additionally, synthetic rubber components can withstand extreme conditions and maintain their performance over time. The adaptability of these materials allows them to serve in various industrial environments, from heavy machinery to precision instruments, contributing to the efficiency and longevity of industrial equipment.

Considered in this report:
•Geography: India
•Historic year: 2017
•Base year: 2022
•Estimated year: 2023
•Forecast year: 2028

Aspects covered in this report:
•India Synthetic Rubber market with its value and forecast along with its segments
•Various drivers and challenges
•On-going trends and developments
•Top profiled companies
•Strategic recommendation

By Form Type:
•Solid
•Liquid

By Type:
•Styrene Butadiene Rubber
•Polybutadiene Rubber
•Ethylene Propylenediene Rubber
•Polyisoprene Rubber
•Neoprene Rubber
•Nitrile Rubber
•Butyl Rubber
•Others

By End User Industry:
•Automotive
•Consumer Goods
•Industrial Goods
•Chemical
•Medical
•Pulp & Paper
•Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Synthetic Rubber industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.