Synthetic Rubber Market Forecasted at $42.3 Billion by 2031 | Meticulous Market Research Pvt. Ltd.

 

Meticulous Research®, a prominent global market research firm, has released its new report titled, 'Synthetic Rubber Market Size, Share, Forecast, & Trends Analysis by Type (SBR, EPDM, BR, SBC, IIR, NBR, IR, CR), Application (Tires, Textiles & Apparel, Electronics, Packaging), Industry (Construction, Automotive, Industrial) - Global Forecast to 2031.'

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According to Meticulous Research®, the synthetic rubber market is projected to achieve $42.3 billion by 2031, with a CAGR of 4.4% from 2024 to 2031. The growth is primarily driven by the rise in construction and infrastructure development activities, increased vehicle production, and a surge in industrial sector activities, including manufacturing and machinery. The demand for eco-friendly synthetic rubber alternatives is expected to further propel market growth. However, challenges such as waste management issues, environmental pollution, and strict regulations may impede market progress.

The market is segmented by type, application, and end-use industry, with an extensive analysis of competitors and regional markets.

Segmentation by Type:

The synthetic rubber market is divided into various types, including styrene butadiene rubber (SBR), polybutadiene rubber (BR), styrene block copolymer (SBC), ethylene propylene diene rubber (EPDM), butyl rubber (IIR), acrylonitrile-butadiene rubber (NBR), isoprene rubber (IR), chloroprene rubber (CR), and others. In 2024, styrene butadiene rubber (SBR) is anticipated to hold the largest market share of over 29.0%. This segment's dominance is driven by the high demand for tires, due to SBR's excellent abrasion resistance and aging properties. The shift towards green tire technologies, incorporating higher proportions of bio-based and recycled materials like SBR, is also a key driver.

On the other hand, ethylene propylene diene rubber (EPDM) is expected to experience the highest growth rate between 2024 and 2031. This growth is fueled by EPDM's extensive use in construction applications, automotive seals, gaskets, and hoses due to its superior weather resistance and durability, along with its role in renewable energy technologies.

Segmentation by Application:

The synthetic rubber market is segmented into tires, automotive (non-tire), footwear components, textiles & apparel, seals & gaskets, hoses & belts, electronic devices, lubrications, packaging, and others. In 2024, the tires segment is projected to dominate the market with a share exceeding 72.0%. This dominance is driven by the expanding automotive sector, increasing vehicle production, and the growing need for tire replacement due to wear and tear.

In contrast, the electronic devices segment is projected to grow at the fastest rate during the forecast period. The rise in the consumer electronics market, coupled with the growing popularity of wearable devices and the expansion of telecommunication infrastructure, including 5G networks, is contributing to this growth. The increasing use of synthetic rubber in electronic components further supports this trend.

Segmentation by End-use Industry:

The synthetic rubber market is segmented by end-use industry into construction, automotive, industrial manufacturing, footwear, aerospace, consumer electronics, and others. In 2024, the automotive segment is expected to hold the largest market share of over 76.0%. This is due to the growth in the automotive industry, the use of synthetic rubber in automotive applications, and the demand for high-performance materials.

The consumer electronics segment is forecasted to grow at the highest rate from 2024 to 2031, driven by advancements in technology, increasing popularity of wearable devices, and the expansion of IoT devices, including smart home appliances and connected wearables.

Regional Analysis:

The synthetic rubber market is segmented by region into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is anticipated to lead the market with over 54.0% of the share in 2024 and is projected to register the highest CAGR of over 6.0%. The region’s dominance is due to the increasing demand for synthetic rubber in automotive, construction, and manufacturing sectors, along with rapid urbanization and supportive government policies in countries like China, Japan, South Korea, and India.

Key Players:

The key players operating in the synthetic rubber market are China Petrochemical Corporation (a subsidiary of Sinopec Corp.) (China), ERIKS N.V.(Netherlands), The Dow Chemical Company (U.S), Exxon Mobil Corporation (U.S.), Kumho Petrochemical Co., Ltd. (KKPC) (South Korea), Zeon Corporation (Japan), Nizhnekamskneftekhim (Russian), Mitsui Chemicals, Inc. (Japan), JSR Corporation (Japan), SABIC (Saudi Arabia), Denka Company Limited (Japan), Asahi Kasei Corporation (Japan), Indian Synthetic Rubber Private Limited (India), Apcotex (India), Reliance Industries Limited (India), Trinseo PLC (U.S.), TSRC Corporation (Taiwan), Michelin Group (France), and LANXESS (Germany).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/synthetic-rubber-market-5848

Key questions answered in the report:

  • Which are the high-growth market segments based on type, application, end-use industry, and geography?
  • What was the historical market for the synthetic rubber market?
  • What are the market forecasts and estimates for the period 2024–2031?
  • What are the major drivers, restraints, opportunities, and challenges in the synthetic rubber market?
  • Who are the major players, and what shares do they hold in the synthetic rubber market?
  • What is the competitive landscape in the synthetic rubber market?
  • What are the recent developments in the synthetic rubber market?
  • What are the different strategies adopted by the major players in the synthetic rubber market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the global synthetic rubber market, and how do they compete with the other players?

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