North America Synthetic Rubber Market Outlook, 2028

North America Synthetic Rubber Market Outlook, 2028

The synthetic rubber market in North America is a dynamic and vital component of the region's industrial environment. Synthetic rubber, also known as elastomer, is a versatile and long-lasting material used in a variety of industries, such as automotive, construction, aerospace, and consumer goods. North America's market has experienced tremendous expansion and transformation in recent years, owing to a variety of causes and market dynamics. The region's thriving automobile industry is a primary driver of the synthetic rubber market in North America. Synthetic rubber is widely utilized in the manufacture of tires, seals, gaskets, hoses, and other automotive components, contributing to the growth and sustainability of the sector. The need for high-quality synthetic rubber goods is increasing as the automobile industry innovates and expands. Furthermore, the North American construction industry is a significant consumer of synthetic rubber. It is utilized in a variety of applications, including roofing materials, insulation, and sealants. The growth and development of the construction sector, as well as the requirement for sophisticated and sustainable construction materials, have increased demand for synthetic rubber in this market segment. Furthermore, the aerospace sector in North America relies on synthetic rubber for a variety of crucial applications, including sealing and vibration dampening. With the aerospace sector's ongoing improvements and the requirement for dependable materials to assure safety and performance, synthetic rubber remains an essential component of the industry's operations. Environmental concerns and laws have also affected the synthetic rubber sector in North America. In order to address environmental concerns and meet severe regulatory criteria, manufacturers are increasingly working on developing eco-friendly, sustainable, and recyclable synthetic rubber goods. This has resulted in research and development initiatives to manufacture revolutionary synthetic rubber compounds that lower the carbon footprint of the industry.

According to the research report, “North America Synthetic Rubber Market Outlook, 2028” published by Bonafide Research, the market was valued more than USD 12 Billion in 2022. The North American synthetic rubber market is also driven by developing trends in sustainable and innovative materials. As a result of environmental concerns, green or bio-based synthetic rubber is gaining favor in the region. These materials are derived from renewable resources and have a lower carbon impact, matching the growing need for eco-friendly solutions across industries. This desire for sustainability has encouraged businesses to invest in research and development to create synthetic rubber compositions with a lower environmental impact. Another changing area of the market is transportation, which includes electric cars (EVs). As the automobile industry shifts toward electric and hybrid vehicles, the need for synthetic rubber in components such as battery seals and electric motor mounts shifts. North America's excellent research and development capabilities in the sector are a significant specialization in the field of synthetic rubber. North America, notably the United States, is home to some of the world's leading rubber and polymer science research institutions, universities, and corporate research centers. These organizations work with the synthetic rubber industry to encourage innovation and the development of cutting-edge synthetic rubber compounds. North America has become a hub for innovative synthetic rubber technology and a leader in addressing industry and environmental concerns due to the region's expertise in R&D and commitment to sustainable solutions. These developments enable North American firms to generate specialized synthetic rubber compounds that fulfill the changing needs of industries while conforming to severe environmental regulations. The region's manufacturing infrastructure also enables the rapid adaptation of new technologies and the scaling up of production as per market demands. This flexibility in manufacturing is essential to meet the changing needs of industries and respond to market trends promptly.

Based on report market is categorised into three major countries United States, Canada and Mexico. United States accounts for the largest market for synthetic rubber in North America.

In the United States, the synthetic rubber market is a dynamic and vital component of the country's industrial and manufacturing scene. Automotive, aerospace, construction, and consumer goods are among the industries that employ synthetic rubber. The continual innovation in manufacturing techniques is one of the most prominent aspects of the synthetic rubber business in the United States. These advancements aim to improve synthetic rubber quality while also lowering production costs and making the sector more sustainable. One significant innovation is the development of bio-based synthetic rubber. Goodyear and Michelin, for example, have conducted research to create rubber from renewable sources, such as plant-based feedstocks. This trend connects to growing environmental concerns and the implementation of environmentally friendly production practices. Manufacturers are becoming increasingly concerned with reducing their carbon footprint, improving energy efficiency, and transitioning to environmentally friendly products and processes. Industry 4.0 concepts are making their way into synthetic rubber production. Data analytics, IoT, and automation help manufacturers optimize operations, reduce downtime, and improve product quality. The tire industry is still a major consumer of synthetic rubber. As the automobile market continues to grow and innovate, the demand for high-quality tires with new synthetic rubber compositions is likely to grow.

Based on form type market is divided into solid and liquid. Solid type dominates the market of North America. Based on type market is bifurcated into styrene butadiene rubber, polybutadiene rubber, ethylene propylenediene rubber, polyisoprene rubber, neoprene rubber, nitrile rubber, butyl rubber and others.

Solid-form synthetic rubber is particularly adaptable since it can be easily molded, extruded, or treated into a variety of shapes and forms. Because of its adaptability, it can be used in a variety of industries and applications, including tires, automotive components, building materials, industrial goods, and consumer products. One of the key reasons for solid-form synthetic rubber's dominance in North America is its significant application in tire manufacturing. Tires are an important product of the synthetic rubber business because of their durability, grip, and resistance to wear and tear. The expanding automobile industry in North America drives tire demand, increasing the demand for solid-form rubber. The durability and resilience of solid-form synthetic rubber are well known. It is resistant to the rigors of diverse climatic conditions and applications, making it the best choice for products requiring long-term performance and durability. This is especially important in industries like automotive, where components must withstand harsh environments. Polybutadiene rubber type is leading the market of North America. PBR is an important material in tire manufacturing, and the tire industry is a major consumer of synthetic rubber in North America. The automobile industry, particularly the production of passenger and commercial vehicles, is an important economic engine in the region. As a result of its great wear resistance, strong rebound resilience, and excellent performance in tire treads, PBR is in high demand. The dominance of PBR in the tire industry is a major factor in its supremacy in the North American synthetic rubber market. Tire producers in North America have consistently worked to develop high-performance and environmentally friendly tire products, putting the region at the forefront of tire technology and innovation. PBR is important in these advances since it can be adjusted to meet specific performance requirements, such as improved wet grip and reduced rolling resistance, which are key factors in tire design.

Based on end user industry market is divided into automotive, consumer goods, industrial goods, chemical, medical, pulp & paper and others. Among them automotive industry is major consumer of synthetic rubber and is dominating the market as well.

Tires are in significant demand in the automobile industry, which includes both passenger and commercial vehicles. As a result, one of the key customers of synthetic rubber producers is tire makers. The sheer volume of synthetic rubber required for tire production has a significant impact on the North American synthetic rubber business. Synthetic rubber is used for more than just tires in the automotive industry. It is also utilized in hoses, gaskets, seals, engine mounts, suspension components, and weather stripping, among other things. The variety of applications in the automotive industry increases demand for synthetic rubber. The automobile industry is always investing in R&D to improve vehicle performance, safety, and sustainability. This includes the creation of cutting-edge synthetic rubber compounds and materials that can meet the evolving needs of the automotive sector. The automotive sector drives the aftermarket for synthetic rubber products in addition to the original equipment manufacturer (OEM) market. When cars require replacement parts, such as tires, synthetic rubber plays an important role in ensuring its continued demand. The ongoing quest for innovation and customization in the automotive sector pushes for the creation of specific synthetic rubber compounds. These materials can be designed to suit specific performance goals such as increased wet grip, decreased rolling resistance, improved noise reduction, and increased durability. This push for innovation encourages collaboration between automakers and synthetic rubber manufacturers. The popularity of electric and hybrid automobiles in North America has increased the demand for synthetic rubber materials. These vehicles have specific needs for components like battery seals, electrical insulators, and vibration dampeners, all of which rely on synthetic rubber products.

Companies Covered in this report:
Asahi Kasei Corporation, Exxon Mobil Corporation, The Dow Chemical Company, LG Chem, TSRC Corporation, Sumitomo Chemical Co., Ltd., Mitsubishi Chemical Group Corporation, The Goodyear Tire & Rubber Company, Apcotex Industries Ltd, Denka Company Limited, Michelin, Saudi Arabia's Basic Industries Corporation.

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

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

Country covered in the report:
• United States
• Canada
• Mexico

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 and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone 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 making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

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

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