The Global Synthetic Rubber Market Size Was Valued At USD 28.89 Billion In 2021. The Market Is Projected To Grow From USD 29.86 Billion In 2022 To USD 41.73 Billion By 2029, Exhibiting a CAGR Of 4.9% During The Forecast Period.

Synthetic Rubber Market Overview:

The global COVID-19 pandemic has been unprecedented and shocking. Demand is lower than expected in all regions compared to what it was before the pandemic. Based on our research, the world market was 8.0% smaller in 2020 than it was in 2019.

Synthetic rubber is a type of rubber that is made in a lab. It is made from coal, oil, natural gas, and acetylene, among other things. The product has many good qualities, such as being able to be recycled, having a higher tensile strength, and being resistant to swelling and wear. The demand for rubber products will go up because more and more companies are doing research and development and making their products better. The growth of the market will be fueled by the fast growth of the aerospace, automotive, and construction industries, as well as the growing demand for rubber from the tyre and electronic industries.

Market Dynamics:

Latest Trends:

A big trend is that people are buying more rubber made in factories than natural rubber.

The market will grow because more people want synthetic rubber instead of natural rubber. Because it can be used in places with chemicals, greases, oils, high temperatures, oxidising compounds, and other harsh conditions, it is in high demand. Also, many kinds of this rubber can't catch fire. So, they are used to keep electrical devices from getting too hot. Also, artificial elastomer could make a lot of improvements to properties that you can't find in natural rubber. This change to the property would lead to more rubber being made all over the world. So, these things will make the market for synthetic rubber grow.

Driving Factors:

Market growth will be boosted by rising demand from the auto industry

The growth of the market will be helped by the rise in demand for synthetic rubber from the auto industry. Artificial rubber is often used in the automotive industry because it can stand up to wear and high temperatures. The synthetic rubber is very good at not slipping, which makes it a good choice for car pedals and floor mats inside the car. It is used a lot in tyres for things like flooring, door and window profiles, hoses, O-rings and gaskets, and belts. Also, the growing demand for cars around the world is expected to drive up product consumption. This is mostly because rubber products are used to make different bikes and cars. The demand for products will go up during the forecast period because the auto industry is growing quickly and more research and development is being done.

Restraining Factors:

Artificial Elastomer's Dangerous Effects Will Slow Down Growth

Because the product has dangerous effects, it can't be used in many situations. Soot made of tiny pieces of carbon is made when synthetic rubber is vulcanised. It causes haze and makes lakes and rivers more acidic, among other environmental problems. Also, breathing in soot can cause a wide range of serious health problems, including lung problems, bronchitis, shortness of breath, stroke, asthma, cancer, heart attack, and death before its time. These are some things that could make people less likely to buy a product and slow market growth.

Segmentation Analysis:

By Type Analysis:

By type, the market is divided into styrene butadiene rubber, nitrile rubber, polybutadiene rubber, butyl rubber, and others. Styrene butadiene rubber (SBR) is the market leader and has the biggest share of the market. The growth is due to the fact that it is cheaper than natural rubber and is preferred over it. The high amount of product used can be seen in wire and cable insulation, belting, roll coverings, cutting boards, and haul-off pads. Polybutadiene rubber is the second-biggest market segment worldwide. Most of the time, the product is used to make tyres.

Butyl rubber is an important material that is used to make inner tubes, tubeless tyres, and sports balls. This is because it doesn't let gas or vapour pass through it easily.

By Application Analysis:

The market is divided into tyre, non-tire automotive, industrial rubber goods, footwear, and other applications. Tires grew at a faster rate and made up the largest share of the market in 2021. One thing that would help the market grow is the fast growth of the auto industry and improvements in tyres. The automotive industry that doesn't make tyres is the second largest part of the market. In this segment, rubber is used for things like car mats and wires and cables.

Conveyor belts, industrial mats, gloves, and wires and cables are all part of the industrial rubber goods segment. The market will grow because more and more people are using these products.

Regional Insights:

In 2021, the size of the market in the Asia-Pacific area was USD 15.13 billion. The construction industry is increasing its use of styrene-butadiene rubber and nitrile rubber, which is a big reason for the growth. Also, the growth of the market will be fueled by the improvement of products and the growth of infrastructure. In this area, China has the biggest share of the synthetic rubber market. This is because they make more different types of tyres and non-automotive products than any other country.

Europe is the second-biggest market in the world. The growth of the market in this area will be driven by the fast growth of the automotive industry and the rising demand for tyres, belts, and hoses.

The market growth in North America will be driven by the rapid use of nitrile rubber in industrial goods and the rising demand for synthetic rubber caulk, crossword, and adhesives in the top applications. The market growth in this region will also be boosted by the fast growth of the electrical and electronic and tyre industries.

Industrial rubber mats, which are widely used in the oil and gas industry, are using more and more man-made rubber. This will drive product adoption in the Middle East and Africa. In Latin America, the growth is because more and more shoes and other rubber goods are made with butyl rubber.

Scope Analysis

Recent Development:

• March 2021 - Kumho Petrochemical acquired a 50% stake in Kumho Polychem held by joint venture partner JSR Corporation. The acquisition will strengthen our competitive edge and establish our leadership in the industry over many years.
• August 2021 - BASF and SINOPEC have expanded the Verbund site operated by BASF-YPC Co., Ltd., a 50-50 joint venture in China. This includes capacity increases at downstream chemical plants, such as a new tert-butyl acrylate plant to serve the growing Chinese market.

Market Segmentation

By Type:

• Styrene Butadiene Rubber
• Nitrile Rubber
• Polybutadiene Rubber
• Butyl Rubber
• Others

By Application:

• Tire
• Non-tire Automotive
• Industrial Rubber Goods
• Footwear
• Others

By Companies:

• Indian Synthetic Rubber Private Limited (India)
• Apcotex Industries Limited (India)
• Reliance Industries Limited. (India)
• Trinseo (U.S.)
• Goodyear Tire and Rubber Company (U.S.)
• Sinopec (China)
• LANXESS (Germany)
• TSRC Corporation (Taiwan)
• JSR Corporation (Japan)
• Kumho Petrochemical (South Korea)
• Nizhnekamskneftekhim (Russia)
• Others