Synthetic Rubber Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Synthetic Rubber Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Synthetic Rubber Market


The synthetic rubber market size was valued at USD 31.31 billion in 2023, and the market is now projected to grow from USD 32.84 billion in 2024 to USD 48.17 billion by 2032, exhibiting a CAGR of 4.9% during the forecast period of 2024-2032.

The synthetic rubber market has suffered from negative effect of COVID-19. The lockdown and decreased industrial activity triggered the downfall of demand from the automotive, construction, and manufacturing sector which are the major of synthetic rubber. Shortages in supply chains and logistical difficulties added more pressure. While some recovery has been recorded as regulations eased, there remain uncertainties that stifle the development of the market.

Major factor driving the synthetic rubber market growth is rising demand from automotive, construction and consumer goods sectors. Factors including durability, suitability to extreme conditions, and cost effectiveness together drive its use in tire manufacturing, which is one of the its major application fields. In addition, the progress in polymerization technologies contribute to the increase in product quality as well as the rise of possible applications, which accelerates the striding of the industry. Increasingly serious environmental problems and laws regulating the use of eco-friendly raw materials create a growing demand for bio-based synthetic rubbers substitutes.

The synthetic rubber market is currently undergoing several notable tendencies. One of the major trend is the growing need of eco-friendly rubber substitutes due to the dangers of carbon dioxide emissions and environment. This gave a push to the development of bio-based rubber polymer of the synthetic origin from renewable resources. Also, the increased attention towards empowering the property of synthetic rubber by durability, elasticity, and heat resistance is given out in the wide industrial applications.

Comprehensive Analysis of Synthetic Rubber Market

The synthetic rubber industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by types and by end users. Based on type, market is divided into styrene butadiene rubber, nitrile rubber, polybutadiene rubber, butyl rubber and others. Based on application market is divided into tire, non-tire automotive, industrial rubber goods, footwear and others.

The Asia Pacific holds leading position in synthetic rubber market share by benefitting a market size of USD 16.64 billion in 2023 due to well-developed infrastructure and abundant human resources. In addition to that, rapid growth in automotive, construction, and industrial production shifts the demand towards synthetic rubber goods.

The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include, Indian Synthetic Rubber Private Limited (India), Apcotex Industries Limited (India), Reliance Industries Limited. (India), Trinseo (U.S.), Goodyear Tire and Rubber Company (U.S.), Sinopec (China), LANXESS (Germany), TSRC Corporation (Taiwan), JSR Corporation (Japan), Kumho Petrochemical (South Korea), Nizhnekamskneftekhim (Russia). These market players provide a level-playing competitive landscape.

April 2024: The Goodyear Tire & Rubber Company presented Goodyear SkyGrip™, a unique range of blimps specialized tires – exclusively for the Goodyear blimps.

Segmentation Table

Global Synthetic Rubber Market Scope

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

CAGR Growth Rate of 4.9% from 2024 to 2032

Unit Value (USD Billion), Volume (Million ton)

Segmentation By Type

Styrene Butadiene Rubber

Nitrile Rubber

Polybutadiene Rubber

Butyl Rubber

Others

By Application

Tire

Non-tire Automotive

Industrial Rubber Goods

Footwear

Others

By Geography

North America (By Type, By Application, By Country)

-U.S. (By Application)

-Canada (By Application)

Europe (By Type, By Application, By Country)

-Germany (By Application)

-France (By Application)

-U.K. (By Application)

-Italy (By Application)

-Russia (By Application)

-Rest of Europe (By Application)

Asia Pacific (By Type, By Application, By Country)

-China (By Application)

-India (By Application)

-Japan (By Application)

-Southeast Asia (By Application)

-Rest of Asia Pacific (By Application)

Latin America (By Type, By Application, By Country)

-Brazil (By Application)

-Mexico (By Application)

-Rest of Latin America (By Application)

Middle East & Africa (By Type, By Application, By Country)

-Saudi Arabia (By Application)

-UAE (By Application)

-Rest of Middle East & Africa (By Application)