Synthetic Rubber Market is Expected to Reach US$ 45,767.1 Million by 2023

According to a recent market research report published by Transparency Market Research, the global synthetic rubber market is projected to expand at a CAGR of 5.1% during the period between 2015 and 2023. The report, titled “Synthetic Rubber Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023”, estimates the global synthetic rubber market to be worth US$45,767.1 mn by 2023. The overall market was valued at US$29,121.2 mn in 2014.

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The report states that the rising demand for synthetic rubber from the automotive industry is expected to drive the global synthetic rubber market. Rapidly expanding footwear market across the globe is also expected to augment the growth of the synthetic rubber market. However, the report mentions that oversupply of synthetic rubber due to consistent capacity additions will restrain the market during the forecast horizon. The increasing substitution of synthetic rubber by natural rubber will also hamper the growth of the market. The overall synthetic rubber market has a huge opportunity to grow with the emergence of bio-based feedstock.

On the basis of product types, the report segments the global synthetic rubber market into polybutadiene (BR), styrene butadiene rubber (SBR), nitrile butadiene rubber (NBR), ethylene propylene diene monomer rubber (EPDM), and others including CR, IIR, ABS, and TPR. Styrene butadiene rubber (SBR) accounted for over 30% share in the market in 2014 and was the largest product segment. It is a copolymer consisting of styrene and butadiene in the ratio of 3:1 by weight. Properties of SBR include heat aging and abrasion resistance. It is extensively used in manufacturing car tires where it is blended with natural rubber. SBR is also used in the manufacturing of footwear, adhesives, floor tiles, gaskets, hoses, and conveyor belts. During the forecast horizon, nitrile butadiene rubber (NBR) is expected to be the fastest growing product segment in the market. The rapid growth of this segment can be attributed to the growing demand for NBR across the automotive sector.

In terms of end-users, the report categorizes the global synthetic rubber market into footwear, industrial goods, tires, and others including asphalt overlay and adhesives. In 2014, the tires segment was the largest end-user application segment and held over 50% of the market. During the period between 2015 and 2023, the tires segment is expected to register the fastest growth, expanding at a CAGR of 4.3%. The growing demand for green tires due to tire labeling regulations and excellent performance will drive the global synthetic rubber market.Among the key regions in the global synthetic rubber market, Asia Pacific is expected to generate significant demand due to the presence of a large number of tires and footwear manufacturing units.

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The report profiles some of the key players in the global synthetic rubber market such as LANXESS AG, China National Petroleum Corporation (CNPC), TSRC Corporation, Asahi Kasei Corporation, China Petroleum & Chemical Corporation (Sinopec Corporation), DuPont, ExxonMobil Corporation (ExxonMobil), Elastomers, The Dow Chemical Company, Sumitomo Chemical Co. Ltd., and Versalis S.p.A.

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