March 16, 2022 10:30 ET | Source: Transparency Market Research Transparency Market Research
Albany, New York, UNITED STATES
ALBANY, N.Y., March 16, 2022 (GLOBE NEWSWIRE) -- The global synthetic rubber market was valued to cross US$ 39.4 Bn in 2020. The market is likely to rise at a CAGR of 5.1% during the forecast period, from 2021 to 2031. The global synthetic rubber market is anticipated to surpass the value of US$ 68.1 Bn by 2031. Due to the increasing shipping and sales of products during the ongoing coronavirus pandemic, synthetic rubber imports and exports are expected to grow. As market participants are continually being threatened by price volatility in petroleum byproducts, the global synthetic rubber market is predicted to grow at a modest growth rate.
In order to minimize long-term losses in the synthetic rubber market, firms are spending on data-driven research to estimate prices of petroleum byproducts as well as other raw materials. Chemical businesses, on the other hand, have been able to open up new growth opportunities for the rubber industry by utilizing chemical procedures that improve elastomer qualities.
Based on revenue share, Asia Pacific is leading the global synthetic rubber market, and the region is anticipated to remain dominant in the near future as well. Rapidly growing nations in the region, including as India and China, are likely to fuel the expansion of the Asia Pacific synthetic rubber market in the years to come.
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Malaysia is yet another important rubber consumer in the region. This can be attributed to growing sales of automotive in both countries. Furthermore, the market in Asia Pacific is likely to benefit from the expansion of the construction industry as well as rise in infrastructural projects. The growing demand for green tires is projected to have a favorable impact on the market during the forecast period.
Key Findings of Market Report
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Global Synthetic Rubber Market: Growth Drivers
Global Synthetic Rubber Market: Key Players
Some of the key market players are
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Global Synthetic Rubber Market: Segmentation
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