The synthetic rubber market is projected to witness a healthy growth across the globe. As synthetic rubbers are considered as a substitute for natural rubber, owing to which the application areas are estimated to rise throughout the forecast period. In addition, the insatiable prices of natural rubber is another major factor encouraging consumers to shift from natural rubber to synthetic rubber across the globe. In addition, the introduction of the bio-based feedstock is predicted to act as a key opportunity for the key players operating in the global synthetic rubber market in the forecast period.
According to the research study, in 2014, the global synthetic rubber market was worth US$29,121.2 mn and is expected to reach a value of US$45,767.1 mn by the end of 2023. The market is anticipated to register a healthy 5.10% CAGR between 2015 and 2023.
Booming Construction Industry to Bolster Global Synthetic Rubber Market
The rising demand for synthetic rubber from the automotive sector is the key factor estimated to encourage the growth of the global synthetic rubber market throughout the forecast period. The robust increase in the number of cars and commercial vehicles is predicted to accelerate the growth of the market in the coming years. In addition, the development of the footwear market is anticipated to generate promising growth in the next few years. On the other hand, the rising substitution of synthetic rubber by natural rubber is projected to hamper the growth of the global synthetic rubber market. Moreover, the oversupply owing to the consistent capacity additions is anticipated to restrict the market’s growth in the coming few years.
The global market for synthetic rubbers has been classified on the basis of end use into industrial goods, tires, footwear, asphalt overlay, adhesives, and tires. The advancements in the technology is anticipated to fuel the growth of the market in the next few years. Among these segments, the tires segment if projected to witness a progressive growth throughout the forecast period with a key share of the overall market.
Asia Pacific to Remain in Leading Position in Global Synthetic Rubber Market
Among the key regional segments, in the last few years, Asia Pacific led the global synthetic rubber market. This region is projected to register a progressive growth and remain in the leading position throughout the forecast period. The growing demand for tires in the automotive sector is one of the major factors encouraging the growth of the Asia Pacific market. In addition, the tremendous rise in the consumption of synthetic rubber in India, China, and ASEAN region is expected to accelerate the development of the market in the near future. The increasing popularity of green tires is anticipated to contribute towards the development of the market in the near future.
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Some of the key players operating in the synthetic rubber market across the globe are Versalis S.p.A., Asahi Kasei Corporation, KUMHO PETROCHEMICAL, DuPont, The Dow Chemical Company, Sumitomo Chemical Co., Ltd., China National Petroleum Corporation (CNPC), Dynasol Elastomers, LANXESS AG, TSRC Corporation, ExxonMobil Corporation (ExxonMobil), and China Petroleum & Chemical Corporation.