In terms of revenue, the Global Synthetic Rubber Market is expected to reach USD 56.0 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.1% from 2022 to 2028.
The rubber industry is both international and diverse, offering crucial materials not only for the automobile sector but also for consumer goods, construction, and industrial uses. The two categories into which the rubber-producing industry is separated: are natural rubber and Synthetic Rubber. Global production of Synthetic Rubber was developed in response to the strategic value of rubber during World War II.
A man-made or artificial elastomer is Synthetic Rubber. It is produced utilizing acetylene, coal, oil, and natural gas as basic ingredients. The product has many beneficial qualities, including the capacity to be recycled, a higher tensile strength, and resistance to swelling and abrasion. The market for rubber will see an increase in product demand due to manufacturers' expanding investments in R&D and product development. During the anticipated time frame, the market expansion will be fueled by the accelerated growth rates in the aerospace, automotive, and construction industries as well as the rising demand for rubber from tire and electronic applications.
Key Developments in the Industry:
· The Dow Chemical Company installed a new gum mixer in December 2021 to increase the capacity of its fluorosilicone rubber production in Midland, Michigan, and added a new liquid silicone rubber mixer in Zhangjiagang, China. At its factory in Songjiang, China, it also made an investment in a pair of new mixers for thermally conductive technologies.
· Rogers Corporation was bought by DuPont in November 2021. The corporation signed a legally binding agreement to pay USD 5.2 billion to buy Rogers Corporation.
· Asahi Kasei Corporation and Shell Eastern Petroleum (Pte) Ltd have formed a joint venture that will last through December 2021. The business and Shell worked together to produce solution-polymerized styrene-butadiene rubber (S-SBR). The business came to an arrangement about the supply of butadiene made from biomass and plastic waste.
· In March 2021, joint venture partner JSR Corporation sold 50% of its interests in Kumho Polychem to Kumho Petrochemical. The acquisition will increase competitiveness and solidify leadership amassed over time in this sector.
· In August 2021, BASF and SINOPEC extended the Verbund site, which is run by their 50/50 joint venture BASFYPC Co., Ltd. in China. To better serve the expanding Chinese market, this entails expanding the capacity of downstream chemical facilities like the new tert-butyl acrylate factory.
· Veloxis Pharmaceuticals Inc. was acquired by Asahi Kasei Company in March 2020. (US). This acquisition will improve the company's very position within the pharmaceutical industry.
· Sibur and Sinopec created a joint venture to produce nitrile rubber in Russia in September 2019 to suit local demand.
The market is anticipated to develop as a result of the rising demand from the automotive industry for Synthetic Rubber. Artificial rubber is favored in the automobile sector because to qualities like abrasion and temperature resistance. The outstanding anti-slip properties of artificial rubber make it ideal for use in automobile pedals and interior flooring mats. Applications for it include flooring, door and window profiles, hoses, O-rings and gaskets, and belts. It is also widely used in tire applications. Additionally, it is anticipated that the growing demand for autos on a global scale will increase product consumption, especially as rubber products are used to produce various bikes and cars. The demand for the product will increase over the forecast period due to the fast expansion of the automotive industry and rising R&D activities.
Additionally, the industry will expand as there is a rising preference for Synthetic Rubber over natural rubber. Its adaptability for usage in locations exposed to chemicals, grease, lubricants, high temperatures, oxidizing agents, and other severe circumstances is credited with causing the demand. Many of these rubber varieties are also flame-resistant. As a result, they are used to insulate electrical equipment. Additionally, artificial elastomer could offer a wide range of property enhancements that natural rubber cannot. The world's production of rubber would rise as a result of this property improvement. Thus, the market for Synthetic Rubber will develop as a result of these causes.
The product's hazardous effects prevent its use in a variety of applications. The soot of carbon particles is created during the vulcanization of Synthetic Rubber. It contributes to a number of environmental issues, such as the acidity of lakes and rivers and smog. Additionally, breathing in soot can cause a variety of major health problems, including bronchitis, shortness of breath, respiratory problems, asthma, cancer, heart attacks, and premature death. These are a few things that might prevent product adoption and slow market expansion.
Geographically, the market is anticipated to have the considerable market expansion, with the highest growth rate over the anticipated period. The growth is related to the rising demand from the construction industry for styrene-butadiene rubber and nitrile rubber. Additionally, the market expansion will be fueled by the expanding infrastructure development along with product enhancement. China dominates the Synthetic Rubber market in this region, owing to its increased manufacturing of various tire grades and non-automotive goods.
It makes obvious that the need for rubber will increase as the economies of the area, notably their automobile industries, rise. Hoses, tubes, and bearings for the construction industry; shoes, erasers, and sporting goods for the consumer goods sector; and surgical gloves, contraceptives, and catheters for the healthcare sector are further used for rubber.
The Global Synthetic Rubber Market is Segmented as follows:
- Form Type
- Acrylic Rubber (ACM)
- Butadiene Rubber (BR)
- Styrene Butadiene Rubber (SBR)
- Butyl Rubber (IIR)
- Ethylene Propylene Diene Monomer (EPDM)
- Fluoroelastomers (FKM)/ Viton
- Isoprene Rubber (IR)
- Nitrile Rubber (NBR)
- Polychloroprene (CR)/ Neoprene
- Polysulfide Rubber (PSR)
- Silicone Rubber (SiR)
- Other Types
- End Use Industry
- Building & Construction
- Textile & Apparel
- Food & Beverage
- Other End Use Industries
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Synthetic Rubber Market is:
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)
The Global Synthetic Rubber Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|