Synthetic Rubber Market Research Report Forecast 2030
Market Overview
The synthetic rubber market is anticipated to register a notable CAGR of 4.77% during the review period. The excellent driver of the global synthetic rubber market is its broad use in tire production for travelers and uncompromising vehicles. Synthetic rubber is utilized for assembling low-moving obstruction tires, which consume less energy, have lower fuel utilization, and decrease CO2 emanations. Also, the rising reception of these tires in electric vehicles (EVs) and the rising deals of EVs advance market development. Moreover, the utilization of synthetic rubber in the development business is one prime driver of the global market.
Nevertheless, rigid guidelines with respect to the creation and handling of rubber are supposed to go about as limitations for global market development. Then again, the value unpredictability of raw petroleum, a critical natural substance, is a test looked at by the players in the synthetic rubber market.
Market Segmentation
The global Synthetic Rubber market is classified based on Type, Application, and region.
Based on Type the market is categorized into Ethylene Propylene Diene Monomer (EPDM), Styrene-Butadiene Rubber (SBR), Polyisoprene, Butyl Rubber, and Others.
The Application segment comprises Construction, Automotive & Transportation, Medical, and Others.
Regional Analysis
Asia-Pacific addressed the greatest market share of 35.44% in 2021. Asia-Pacific has been divided into China, India, Japan, South Korea, Australia, and New Zealand, and the rest of Asia-Pacific. The high improvement in the area is credited to quick people advancement, urbanization, and variables, for instance, the presence of a colossal number of creators, humble work costs, and creation of application segments in the district. China remains the greatest creator and customer of synthetic rubber in 2021. India has similarly seen a quick development in usage over the span of late years.
North America addressed the second-greatest market piece of 25.48% in 2021 and should enlist a CAGR of 5.27% during the gauge time span. The North American market has been segregated into the US and Canada. The US is the second-greatest purchaser of synthetic rubber, followed by China. The improvement in the US is a direct result of the presence of gigantic degree end-use undertakings, expansive mechanical and Innovative work limits, and unlimited creation workplaces. From this point forward, the US should drive regional advancement during the assessment period. The advancement in this space is attributed to the enormous degree of production of motor vehicles, and the region tends to be the greatest private monetary sponsor in creative work (Innovative work). Plus, Latin America and Center East and Africa addressed just a single-digit market part of around 7.84% and 5.82%, separately.
Major Players
The key players operating in the global synthetic rubber include LANXESS (Germany), Ltd (South Korea), LG Chem Ltd (South Korea), ZEON CORPORATION (Saudi Arabia), Kumho Petrochemical Co., Sinopec (China), Versalis S.p.A. (Italy), SIBUR (Russia), TSRC Corporation (Taiwan), Group Dynasol (Europe), Kraton Corporation (US), JSR Corporation (Japan), PJSC Nizhnekamskneftekhim (Russia), The Goodyear Tire & Rubber Company (US), Trinseo (US), and PetroChina (China).
COVID 19 Impacts
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.
Companies Mentioned
LANXESS (Germany)
Ltd (South Korea)
LG Chem Ltd (South Korea)
ZEON CORPORATION (Saudi Arabia)
Kumho Petrochemical Co.
Sinopec (China)
Versalis S.p.A. (Italy)
SIBUR (Russia)
TSRC Corporation (Taiwan)
Group Dynasol (Europe)
Kraton Corporation (US)
JSR Corporation (Japan)
PJSC Nizhnekamskneftekhim (Russia)
The Goodyear Tire & Rubber Company (US)
Trinseo (US)
and PetroChina (China)
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