Synthetic Rubber Market to Reach $42.3 Billion by 2031, Reports Meticulous Market Research Pvt. Ltd.

 


Meticulous Research®—a global leader in market research—has unveiled a new report titled, ‘‘Synthetic Rubber MarketSize, Share, Forecast, & Trends Analysis by Type (SBR, EPDM, BR, SBC, IIR, NBR, IR, CR), Application (Tires, Textiles & Apparel, Electronic, Packaging), Industry (Construction, Automotive, Industrial) - Global Forecast to 2031.’

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5848

As per the recent publication from Meticulous Research®, the synthetic rubber market is projected to reach $42.3 billion by 2031, growing at a CAGR of 4.4% from 2024 to 2031. This growth is primarily driven by increased construction activities, vehicle production, and expansion in industrial sectors like manufacturing and machinery. The rising demand for environmentally friendly synthetic rubber alternatives is also expected to spur market growth. However, issues related to waste management, pollution, carbon emissions, and stringent environmental regulations may hinder market progress.

The synthetic rubber market is segmented based on type, application, and end-use industry. The report also provides a detailed analysis of competitors and market trends at regional and country levels.

Market Segmentation

Type: The market includes 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, SBR is anticipated to dominate with a share of over 29.0% due to its high application in tire manufacturing, driven by its abrasion resistance, durability, and the shift towards green technologies incorporating bio-based and recycled materials.

The EPDM segment is expected to experience the highest growth rate during the forecast period, fueled by its increasing use in construction, automotive seals, and renewable energy technologies.

Application: The market is divided into tires, automotive (non-tire), footwear components, textiles & apparel, seals & gaskets, hoses & belts, electronic devices, lubricants, packaging, and other uses. The tires segment is projected to hold over 72.0% of the market share in 2024, driven by the automotive industry's growth, rising vehicle production, and increased tire replacement needs.

Conversely, the electronic devices segment is set to grow at the fastest rate due to the expansion of consumer electronics, wearable technology, telecommunication infrastructure growth, and the use of synthetic rubber in electronic components.

End-Use Industry: The market covers construction, automotive, industrial manufacturing, footwear, aerospace, consumer electronics, and other industries. The automotive sector is expected to hold over 76.0% of the market share in 2024 due to its significant use of synthetic rubber in tires, seals, gaskets, and other automotive parts.

In contrast, the consumer electronics segment is projected to grow the fastest, driven by advancements in technology, demand for wearable devices, and the expansion of telecommunication networks.

Geography: The market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to dominate with over 54.0% of the market share in 2024 and register the highest CAGR of over 6.0% during the forecast period. This growth is attributed to the increasing demand for synthetic rubber in various industries, urbanization, infrastructure development, and government initiatives supporting industrial growth, particularly in 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?

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

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