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) - Global Forecast to 2027

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) - Global Forecast to 2027

The global synthetic rubber market size is estimated to be USD 23.0 Billion in 2022 and is projected to reach USD 28.9 Billion by 2027, 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 expects to reach 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.

Extensive primary interviews were conducted to determine and verify the market size for several segments and sub segments and information gathered through secondary research.

The break-up of primary interviews is given below:

By Company Type - Tier 1 – 40%, Tier 2 – 20%, and Tier 3 – 40%

By Designation – C level – 20%, Director level – 20%, and Others* – 60%

By Region – North America– 40%, Europe – 40%, APAC – 15%, and Rest of World- 5%

Notes: Others include sales, marketing, and product managers.

Companies have been selected based on recent financials (Tier 1: revenue >USD 5 billion, Tier 2: revenue between USD 1 billion to 5 billion, and Tier 3: revenue below USD 1 billion).

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).

Research Coverage:

This research report categorizes the synthetic rubber market on the basis of type, application and region. The report includes detailed information regarding the major factors influencing the growth of the synthetic rubber market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into business overviews, products & services, key strategies, expansions, new product developments, agreements, and recent developments associated with the market.

Reasons to Buy the Report

The report will help market leaders/new entrants in this market in the following ways:

1. This report segments the synthetic rubber market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.

2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.

3. This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, new product developments, and joint ventures.