As stated in our extensive report; the Global Synthetic rubber Market accounted forUSD 39.3 Billionin the year 2021.
Rising demand for automobiles across the globe is anticipated to upsurge product consumption, mainly related to the adoption of rubber products in the different bikes and car manufacturers.
The rapid expansion in automobile production and the mounting research & development activities will help the Synthetic rubber market sales to expand in the coming years.
The Asia-Pacific market dominates the Synthetic rubber industry due to the higher demand from China and India.
Key factors influencing Synthetic rubber Market Growth
The growth of the Synthetic rubber global market can be attributable to the following:-
1. Surge in demand for Synthetic rubber from the automotive sector acts as a key driver in the growth of the Synthetic rubber market.
2. Growing rubber demand from tire and electronic applications and rise in rate in automotive, construction, and aerospace are other factors projected to drive the market during the forecast period.
3. Intensifying research and development and rising product advancements by numerous manufacturers in the rubber industry are likely to flow the product demand, propelling the market’s growth.
4. The demand for Synthetic rubber will amplify in the next few years because of its use in the medical sector to produce goods with better flexibility, protection, and strength.
5. Increasing demand for high-performance and eco-friendly tires due to the rising concern over deteriorating environmental tires will create lucrative prospects for the market.
On the other hand, the hazardous impacts caused by artificial elastomers might impede market growth.
Asia Pacific Region to Take Over the Market
Asia PacificSynthetic rubber market is likely to expand in the forecast period owing to the mounting demand from the automobile industry. Also, promising growth of the construction sector and rising infrastructure projects are likely to have an optimistic impact on theregionalmarket. In theAsia Pacificmarket, most of the revenue is generated from China as it is a significant vehicle market and the leading user of Synthetic rubber globally. In China, the automotive sector will be propelled by the New Energy Vehicles (NEVs) growth, further augmenting demand for Synthetic rubber during the forecast period. Worldwide, automobile companies invest in APAC countries to build production facilities and raise their market share. This will probably boost the regional market growth in the next few years. Furthermore, Malaysia is another key consumer of rubber in the APAC region. This is because of the intensifying sales of automobiles in the nations.
As per Vantage Market Research, the increase in the application of Synthetic rubber and rising penetration of Synthetic rubber in automotive manufacturing will positively influence the overall Synthetic rubber market.
Some of the key players in the Global Synthetic rubber Market include- Asahi Kasei Corporation, The Dow Chemical Company, DuPont, LANXESS AG, Exxon Mobil Corporation, Dynasol Elastomers S.A., TSRC Corporation, Versalis S.p.A., Sumitomo Chemical Co., Ltd., KUMHO PETROCHEMICAL, China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec Corporation) and others.