The Global Synthetic Rubber and Fibers Market, a part of the chemicals industry, grew at a compound annual growth rate (CAGR) of around 1% during the historic period. The chemicals industry showed a steady growth. During the historic period, interest rates in most developed countries were very low. This created a flow of cheap money for investment, both in developed and developing economies. It also encouraged borrowing and discouraged saving in advanced markets, helping to drive spending.
In the forecast period, the global synthetic rubber and fibers market size is expected to be over $108 billion by 2021, growing at a CAGR of nearly 3%. Technology is expected to be a continued driver of market growth during this period. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global synthetic rubber and fibers market in the future.
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Many manufacturers have started to use more synthetic than natural rubber because falling crude oil prices led to lower prices. Synthetic rubber prices dropped 15% in Europe and 5% in the USA in the second quarter of compared to a year earlier.
Major companies in the synthetic rubber and fibers market, offering new technology include DOW, Owens Corning, KUMHO Petrochemical, Teijin, Ltd., TSRC Corporation.
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