The global synthetic rubber market is expected to reach USD 45.72 Billion by 2027, according to a new report by Reports and Data. The growth of the market is attributed to the increasing end-use applications of synthetic rubber.
Increasing demand of synthetic rubber for tire production is one of the significant factors influencing the market growth. The benefits of synthetic rubber comprises exceptional abrasion resistance and adhesion to metals, thereby making it suitable in making of seals, gaskets, and other products. Also, synthetic rubber provides optimum performance in harsh temperatures owing to better heat resistance quality. It has been found that tires manufactured from synthetic rubber lose around 30.0% less mass as compared to tires produced from natural rubber. Moreover, the advancement in production technology has transformed the automobile industry, which is expected to experience increased sales in the upcoming years, thus creating an increase in the demand for tires, and in turn, would drive the growth of the market.
Growing demand for synthetic rubber from the footwear industry is fuelling the market demand. The footwear industry using a wide variety of materials that are used to make footwear ranging from casual footwear to technical products, including protective and safety footwear. Synthetic rubber possesses several superior physical characteristics appropriate for producing shoe sole; specifically, abrasion resistance, durability, tensile resistance, slip resistance, tear strength resistance, oil resistance, and the capacity to be molded in different shades.
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Further key findings from the report suggest
- By product type, styrene-butadiene rubber contributed to the largest market share in 2019. Styrene-butadiene rubber polymer substitutes natural rubber because it is more environmental friendly and provides various benefits. For example, this product type provides crack endurance, exceptional abrasion resistance, and usually ages well. Furthermore, it offers excellent water resistance and compression set resistance.
- By application, footwear application is estimated to grow at a rate of 3.7% in the forecast period.
- By distribution channel, the online distribution channel is projected to grow at a faster rate of 7.1% in the period 2020-2027, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.
- The market in the Asia Pacific region dominated the market in 2019 and is projected to grow at a rate of 5.4% in the forecast period. The market dominance of the APAC region is attributed to the rapid urbanization, rise in the level of disposable income, and growth of the end-use industries, particularly the automotive and footwear industry.
- Key participants include DuPont, Eastman Chemical Company, INEOS, ExxonMobil Corporation, Chevron Phillips Chemical Company, Nova Chemicals Corporation, Mitsubishi Chemical Corporation, SABIC, Sinopec, and Goodyear, among others.
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For the purpose of this report, Reports and Data have segmented the global synthetic rubber market on the basis of product type, application, distribution channel, and region:
Product Type Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
- Styrene-Butadiene Rubber
- Ethylene Propylenediene Rubber
- Polyisoprene
- Polybutadiene Rubber
- Others
Application Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
- Automotive
- Footwear
- Industrial Goods
- Others
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
- Online
- Offline
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The Synthetic Rubber market report is an investigative study that provides insights into opportunities, limitations, and barriers faced by the companies that influence or hinder the growth of the industry. It also offers critical insights to the novice players and established companies to overcome the barriers and hurdles of the market. Overall the report provides valuable information and an overview of the market scenario to gain a better understanding of the market.
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