Synthetic Rubber Industry Report and Forecast to 2027 | MRFR

Posted July 20, 2021 by Prasad2611

Market Research Future Publish New Market Research Report On-“Synthetic Rubber Industry 2021 Global Analysis, Size, Share, Trends, Opportunities and Growth, Forecast 2027”
Market Overview

Synthetic Rubber is named versatile polymer from which rubber is acquired and produced based on petrochemical crude material. It is for the most part utilized with normal rubbers as a solitary polymer or in combination and is significantly created synthetically by polymerization. It is overwhelmingly utilized as the principle constituent of the tires utilized on cars, planes, and bikes. It tracks down a wide application scope in various end use enterprises like footwear, mechanical, development, auto and transportation, and others.

A portion of the significant components that decidedly impact the development of the Synthetic Rubber Industry are expanding per capita extra cash, rising interest for lightweight footwear, and developing development industry. Quick urbanization joined with rising per capita extra cash in different nations across the globe is assessed to drive the development of the market during the conjecture time frame. In addition, rising interest for solid just as oil safe rubber and expanding interest in development exercises is probably going to impel the market development over the assessed period, 2016 to 2027.

Competitive Analysis:

The major players operating in the Synthetic Rubber Market are LANXESS (Germany), The Dow Chemical Company (U.S.), Versalis S.p.A. (Italy), Kumho Petrochemical (South Korea), JSR Corporation (Japan), LGChem (SouthKorea), Exxonmobil (U.S.), Asahi Kasei Corporation (Japan), Sumitomo Chemical Co., Ltd. (Japan), ZEONCorporation (Japan) among others.

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Market Segmentation:

The Global Synthetic Rubber Market is segmented into type, end use, and region. On the basis of region, the market is segmented into SBR, NBR, BR, EPDM, SBC, others. Other type include IR, IIR, and CR. Among them, SBR is the extensively used type of Synthetic Rubber in large quantities in automobile and heavy vehicle truck tires, on account of its abrasion resistant as well as heat resistant qualities. Moreover, SBR possess low temperature flexibility, excellent water resistance, and heat aging properties and can be utilized for bonded to a wide range of materials. SBR accounted for the largest market share among other type segment because of it usage in the manufacturing of tubes, gaskets, conveyor belt covers, lining rubber, hoses, belts, tires, and seals. SBR is followed by BR and SBC. Polybutadiene rubber (BR) is predicted to witness healthy growth during the forecast period on account of its wide utilization in end use industries such as building & construction as well as footwear. On the basis of end use, the market is classified into construction, automotive & transportation, industrial, footwear, and others. Among them, automotive & transportation account for the largest end use segment followed by construction. Increasing automotive production & sales along with increasing purchasing power of consumer is predicted to fuel the segment. Moreover, increasing construction activities including residential and commercial is predicted to drive the construction segment with healthy CAGR.

Regional Analysis:

Asia Pacific is expected to be the largest market for Synthetic Rubber followed by Europe and North America on account of increasing demand from numerous end use industries such as building & construction and automobile & transportation among others. Emerging countries of Asia Pacific such as China, India, Thailand, Japan, and South Korea are the fastest growing market for synthetic rubber, and is predicted to grow with the same pace in the near future. In Asia Pacific, some of the driving factors for market growth are strong economic growth rate, competitive manufacturing costs, and availability of inexpensive raw material. Europe Synthetic Rubber Market is estimated to witness a steady growth due to continuous growth of footwear industry. North America is expected to witness a substantial growth during the assessment period on account of rising demand for Synthetic Rubber in construction industry. The Middle East & African countries is estimated to witness strong market growth due to increasing building & construction activities. In Latin America market growth is majorly due to expansion of automotive sector.

NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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Business Address Office No. 528/524, Amanora Chambers, Magarpatta Road, Hadapsar Pune, Maharashtra 411028
Country India
Categories Business , Industry , Manufacturing
Tags synthetic rubber industry
Last Updated July 20, 2021