synthetic rubber Market Size – USD 33.35 Billion in 2020, Growth - CAGR of 4.6%, Trends – increasing demand from the footwear industry
The global synthetic rubber market is expected to reach USD 47.69 Billion by 2028, according to a new report by Reports and Data. The growth of the market is attributed to the increasing end-use applications of synthetic rubber.
Increasing demand of synthetic rubber for tire production is one of the significant factors influencing the market growth. The benefits of synthetic rubber comprises exceptional abrasion resistance and adhesion to metals, thereby making it suitable in making of seals, gaskets, and other products. Also, synthetic rubber provides optimum performance in harsh temperatures owing to better heat resistance quality. It has been found that tires manufactured from synthetic rubber lose around 30.0% less mass as compared to tires produced from natural rubber. Moreover, the advancement in production technology has transformed the automobile industry, which is expected to experience increased sales in the upcoming years, thus creating an increase in the demand for tires, and in turn, would drive the growth of the market.
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Top Lading Players:
DuPont, Eastman Chemical Company, INEOS, ExxonMobil Corporation, Chevron Phillips Chemical Company, Nova Chemicals Corporation, Mitsubishi Chemical Corporation, SABIC, Sinopec, and Goodyear, among others.
Some Key Highlights from the Report:
- By product type, styrene-butadiene rubber contributed to the largest market share in 2020. Styrene-butadiene rubber polymer substitutes natural rubber because it is more environmental friendly and provides various benefits. For example, this product type provides crack endurance, exceptional abrasion resistance, and usually ages well. Furthermore, it offers excellent water resistance and compression set resistance.
- By application, footwear application is estimated to grow at a rate of 3.7% in the forecast period.
- By distribution channel, the online distribution channel is projected to grow at a faster rate of 7.1% in the period 2020-2028, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.
- The market in the Asia Pacific region dominated the market in 2020 and is projected to grow at a rate of 5.4% in the forecast period. The market dominance of the APAC region is attributed to the rapid urbanization, rise in the level of disposable income, and growth of the end-use industries, particularly the automotive and footwear industry.
Segments covered in the report:
Product Type Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Styrene-Butadiene Rubber
- Ethylene Propylenediene Rubber
- Polyisoprene
- Polybutadiene Rubber
- Others
Application Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Automotive
- Footwear
- Industrial Goods
- Others
Distribution Channel Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Online
- Offline
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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