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Market Size – USD 18.40 Billion in 2020, Market Growth – at a CAGR of 3.8%, Market Trends – Rising disposable income
VANCOUER, BC, CANADA, June 27, 2022 /EINPresswire.com/ -- The global synthetic rubber market size is expected to reach USD 24.90 Billion at a revenue CAGR of 3.8% in 2028, according to latest analysis by Emergen Research. Steady global synthetic rubber market growth can be attributed to increasing cost of natural rubber and various benefits provided by synthetic rubber over natural rubber. Synthetic rubber possesses better durability and extended service life as compared to natural rubber due to greater endurance to degradation and damage caused by chemicals and improved resistance to low and high temperatures, UV radiation, ozone, and weathering. Also, synthetic rubber displays excellent elasticity at low temperatures and insulation to electricity. In comparison to natural rubber, synthetic rubber offers ease of production in diverse variations at lower cost, making it appropriate for use in a variety of end-use applications with very specific requirements. Custom-made formulations of synthetic rubber can be produced to improve or add particular material properties, including flame resistance.
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The report comprises an exhaustive overview of the Synthetic Rubber market, focusing on its leading players and their lucrative business expansion initiatives. It provides the reader with essential conclusive data and information concerning the Synthetic Rubber market’s growth, assessed on both regional and global levels. Hence, the sample copy of the ‘Global Synthetic Rubber Market’ research report is inclusive of a brief analysis of the Synthetic Rubber industry, the competitive landscape, regional overview, technological innovation, and future market developments, which are based on a practical research methodology.
Global Synthetic Rubber Market report - COVID-19 Impact Assessment:
Emergen Research’s latest report sums up the significant changes in the global business sector that followed the COVID-19 outbreak. The pandemic has also had an enormous impact on the global Synthetic Rubber market, disrupting the market dynamics and trends. The global health crisis has gravely affected the Synthetic Rubber industry, disrupting the global supply chains and bringing about volatility in prices and product demand. However, industry experts believe that the global Synthetic Rubber market will regain traction in the post-COVID scenario. The report further offers a preliminary and a future assessment of the pandemic’s impact on this lucrative business space.
The report essentially evaluates the significant presence of the global Synthetic Rubber market across the world’s major regions. The global Synthetic Rubber market has been categorized into several key geographical regions. North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa are the leading Synthetic Rubber market regions. In this section of the report, the authors have examined the market share, market size, revenue contribution, sales network, distribution channels, and numerous other aspects of each geographical segment.
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Some Key Highlights from the Report
In May 2021, Trinseo made an announcement about signing an agreement with Synthos SA to sell its synthetic rubber business unit (located in Germany) for around USD 491.0 million. Amon the product type segments, the styrene butadiene rubber segment accounted for largest revenue share in 2020. Styrene butadiene rubber is a general-purpose rubber exhibiting improved abrasion resistance, better resistance to heat and aging, lower elasticity, and exceptional electrical insulation. It finds considerable use in tire manufacturing, and for seals, conveyor belts, and various other technical products. Among the application segments, the automotive tire segment contributed largest revenue share to the global market in 2020. Synthetic rubber deforms on application of stress and when stress is removed, it returns back to its original shape. This characteristic is immensely beneficial in production of automotive tires for an improved grip on road surfaces. It also offers improved durability and better rolling resistance. Styrene butadiene rubber is the most commonly used material type in light application automotive tires. Market in Asia Pacific accounted for largest revenue share in 2020 and is expected to register fastest revenue CAGR over forecast period, attributed to increased demand from developing economies such as India and China. Rapid industrialization, increasing sale of vehicles, especially electric vehicles, and rising disposable income are some key factors fueling market revenue growth. In addition, presence of leading market players in the region such as SABIC and LG Chem Ltd. are causative of steady market revenue growth.
The global Synthetic Rubber market witnesses the significant presence of a large number of companies performing consistently to achieve optimal market growth. The current market standing of these companies, their past performances, the demand & supply graphs, sales network, production & consumption patterns, and distribution channels have been extensively discussed in this report. Furthermore, the report points out the effective business approaches undertaken by the market players to enhance their product portfolios and prosper considerably.
The leading contenders in the global Synthetic Rubber market are listed below:
Some major companies in the market are DuPont, SABIC, SIBUR International, Exxon Mobil Corporation, Asahi Kasei Corporation, LG Chem Ltd., Goodyear Tire & Rubber Company, Lanxess AG, Mitsui Chemicals Inc., and JSR Corporation.
Synthetic Rubber Market Product Type Segmentation:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
Styrene Butadiene Rubber Styrene Block Copolymer Polybutadiene Rubber Butyl Rubber Ethylene Propylene Diene Rubber Acrylonitrile Butadiene Rubber Synthetic Rubber Market Application Outlook:
Application Outlook (Revenue, USD Billion; 2018–2028)
Automotive Tire Automotive Non-Tire Industrial Goods Footwear Textile Consumer Goods Others
The report also provides an extensive analysis of the key market elements, such as drivers, constraints, opportunities, limitations, threats, and micro and macro-economic factors. The exhaustive SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis included in the report are intended to help the reader tactfully formulate business growth strategies. Strategic recommendations for the established market players assist them in fortifying their financial positions in the market.
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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