All updated as on -
Assuming a compound annual growth rate (CAGR) of 5.77% from 2023 to 2030, the global market for synthetic rubber is expected to reach a value of USD 28.89 billion by 2030. In 2022, the market was estimated to be worth $19.19 billion.
Use in producing tires for automobiles, both light and heavy duty, is the primary consumer of synthetic rubber worldwide. Low rolling resistance tires, made from synthetic rubber, reduce energy use, fuel economy, and carbon dioxide emissions. Moreover, rising sales of EVs and the increasing deployment of these tires in EVs drive market expansion. Another major factor propelling the international synthetic rubber market is its widespread adoption as a building material. Growth in the global rubber market is projected to be stifled by strict laws governing the manufacturing and distribution of rubber. However, companies in the synthetic rubber industry encounter difficulties due to the unpredictable cost of crude oil. However, businesses in this industry should expect to benefit from devulcanization of synthetic rubber and the use of used tires as energy carriers and fuel.
Increasing numbers of people buying electric vehicles is the main cause.
Conventional auto production has taken a hit in recent years due to falling sales, rising customer preference for electric vehicles (EVs), evolving regulatory frameworks, rising popularity of car sharing services, falling per capita spending, and economic downturn in many countries. Due to the COVID-19 epidemic and the consequent halt in production, automotive demand dropped in 2020. Sales of all types of automobiles around the world rose by 4.72 percent in 2021 compared to 2020.
In 2020, according to India's National Investment Promotion and Facilitation Agency, the country would produce more than 3 million electric vehicles. It is expected that the demand for electric vehicles would increase in the near future. The worldwide car business is projected to earn $300 billion by 2027. Because of its superior performance over conventional metals and other materials, synthetic rubber is widely employed in electric vehicles. Increased government support for EVS policies and a dynamic regulatory landscape fuel the synthetic rubber industry's growth. During the COVID-19 period in Europe, EV sales surged by 137% thanks to incentives offered by green recovery funds. Europe's sales have overtaken China's, and they're projected to grow even more rapidly in the years to come.
Limitations: The Synthetic Rubber Industry is Constrained by Environmental Regulations and Health Risks
The strict environmental laws have reduced synthetic rubber production. According to the EPA, three major contributors to hazardous air pollutant (HAP) emissions are the production of sealants, tire manufacturing facilities, and rubber processing. One example is the hazardous substances released during the production of the synthetic rubber known as butadiene rubber (BR), which include carbon dioxide, carbon monoxide, and other gases and fumes. One example of the many rules that affect the synthetic rubber business is the Canadian Environmental Protection Act, 1999 (CEPA 1999), which includes butadiene on its list of dangerous substances. The expansion of the global market for synthetic rubber has been hampered by such rules and restrictions.
Synthetic rubber is made using a variety of compounds including butadiene, styrene, acrylonitrile, and polymerization catalysts such hydrogen peroxide, sodium perborate, and organic peroxides. Excessive exposure can be lethal for people. Workers have died from leukemia after being exposed to SBR during manufacture. There are also negative health impacts associated with being exposed to butadiene rubber (BR). It is a particularly dangerous toxin when inhaled. Contact with the skin is thought to be carcinogenic, and inhalation can cause irritation to the respiratory tract. Dizziness, vertigo, exhaustion, and fainting are only some of the symptoms of polybutadiene toxicity that can result from prolonged exposure. As a whole, these issues stifle growth in the synthetic rubber industry.
The automotive sector, which uses synthetic rubber for both tires and non-tire applications, is the key market driver. The synthetic rubber market is led by the segment that includes tires and related products. Styrene-butadiene rubber is the material of choice in the ire manufacturing industry due to its high abrasion resistance and remarkable aging stability. About half of the material used to create car tires is a synthetic rubber called styrene-butadiene rubber.
According to the USA Tire Manufacturers Association, heavy truck tires contain only 11% synthetic rubber whereas passenger car and light truck tires include 24%. The automotive industry is expected to grow by 10% in the first nine months of 2021 compared to the same period in 2020, and the increased production of electric vehicles will also increase demand for tires and tire parts. Consequently, these factors are expected to favor the tire and tire component sector and raise the market for synthetic rubber throughout the forecast period.
Report Coverage
Global Synthetic Rubber research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Synthetic Rubber report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Synthetic Rubber competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Synthetic Rubber market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Synthetic Rubber market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Synthetic Rubber market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
LANXESS (Germany), Kumho Petrochemical Co., Ltd (South Korea), LG Chem Ltd (South Korea), Sinopec (China), Versalis S.p.A. (Italy), TSRC Corporation (Taiwan), ZEON CORPORATION (Saudi Arabia), Group Dynasol (Europe), Kraton Corporation (US), JSR Corporation (Japan), PJSC Nizhnekamskneftekhim (Russia), SIBUR (Russia), The Goodyear Tire & Rubber Company (US), Trinseo (US), and PetroChina (China), ExxonMobil Corporation, The Dow Chemical Company, Sumitomo Chemical Co., Ltd., Synthos S.A., Arlanxeo Holding B.V., China National Petroleum Corporation (CNPC), Asahi Kasei Corporation, Formosa Plastics Corporation, DuPont (U.S), Mitsui Chemical Inc. (Japan), SABIC (Saudi Arabia), Denka Company Ltd. (Japan), Thai Rubber Latex Corporation (Thailand) Public Company Limited
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Synthetic Rubber market based on the below-mentioned segments:
Global Synthetic Rubber Market, By Type
Styrene-Butadiene Rubber (SBR)
Ethylene Propylene Diene Monomer (EPDM)
Butyl Rubber
Polyisoprene
Others
Global Synthetic Rubber market, By Application
Construction
Automotive & Transportation
Medical
Others
Global Synthetic Rubber market, Regional Analysis
Use in producing tires for automobiles, both light and heavy duty, is the primary consumer of synthetic rubber worldwide. Low rolling resistance tires, made from synthetic rubber, reduce energy use, fuel economy, and carbon dioxide emissions. Moreover, rising sales of EVs and the increasing deployment of these tires in EVs drive market expansion. Another major factor propelling the international synthetic rubber market is its widespread adoption as a building material. Growth in the global rubber market is projected to be stifled by strict laws governing the manufacturing and distribution of rubber. However, companies in the synthetic rubber industry encounter difficulties due to the unpredictable cost of crude oil. However, businesses in this industry should expect to benefit from devulcanization of synthetic rubber and the use of used tires as energy carriers and fuel.
Increasing numbers of people buying electric vehicles is the main cause.
Conventional auto production has taken a hit in recent years due to falling sales, rising customer preference for electric vehicles (EVs), evolving regulatory frameworks, rising popularity of car sharing services, falling per capita spending, and economic downturn in many countries. Due to the COVID-19 epidemic and the consequent halt in production, automotive demand dropped in 2020. Sales of all types of automobiles around the world rose by 4.72 percent in 2021 compared to 2020.
In 2020, according to India's National Investment Promotion and Facilitation Agency, the country would produce more than 3 million electric vehicles. It is expected that the demand for electric vehicles would increase in the near future. The worldwide car business is projected to earn $300 billion by 2027. Because of its superior performance over conventional metals and other materials, synthetic rubber is widely employed in electric vehicles. Increased government support for EVS policies and a dynamic regulatory landscape fuel the synthetic rubber industry's growth. During the COVID-19 period in Europe, EV sales surged by 137% thanks to incentives offered by green recovery funds. Europe's sales have overtaken China's, and they're projected to grow even more rapidly in the years to come.
Limitations: The Synthetic Rubber Industry is Constrained by Environmental Regulations and Health Risks
The strict environmental laws have reduced synthetic rubber production. According to the EPA, three major contributors to hazardous air pollutant (HAP) emissions are the production of sealants, tire manufacturing facilities, and rubber processing. One example is the hazardous substances released during the production of the synthetic rubber known as butadiene rubber (BR), which include carbon dioxide, carbon monoxide, and other gases and fumes. One example of the many rules that affect the synthetic rubber business is the Canadian Environmental Protection Act, 1999 (CEPA 1999), which includes butadiene on its list of dangerous substances. The expansion of the global market for synthetic rubber has been hampered by such rules and restrictions.
Synthetic rubber is made using a variety of compounds including butadiene, styrene, acrylonitrile, and polymerization catalysts such hydrogen peroxide, sodium perborate, and organic peroxides. Excessive exposure can be lethal for people. Workers have died from leukemia after being exposed to SBR during manufacture. There are also negative health impacts associated with being exposed to butadiene rubber (BR). It is a particularly dangerous toxin when inhaled. Contact with the skin is thought to be carcinogenic, and inhalation can cause irritation to the respiratory tract. Dizziness, vertigo, exhaustion, and fainting are only some of the symptoms of polybutadiene toxicity that can result from prolonged exposure. As a whole, these issues stifle growth in the synthetic rubber industry.
The automotive sector, which uses synthetic rubber for both tires and non-tire applications, is the key market driver. The synthetic rubber market is led by the segment that includes tires and related products. Styrene-butadiene rubber is the material of choice in the ire manufacturing industry due to its high abrasion resistance and remarkable aging stability. About half of the material used to create car tires is a synthetic rubber called styrene-butadiene rubber.
According to the USA Tire Manufacturers Association, heavy truck tires contain only 11% synthetic rubber whereas passenger car and light truck tires include 24%. The automotive industry is expected to grow by 10% in the first nine months of 2021 compared to the same period in 2020, and the increased production of electric vehicles will also increase demand for tires and tire parts. Consequently, these factors are expected to favor the tire and tire component sector and raise the market for synthetic rubber throughout the forecast period.
Report Coverage
Global Synthetic Rubber research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Synthetic Rubber report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Synthetic Rubber competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Synthetic Rubber market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | LANXESS (Germany), Kumho Petrochemical Co., Ltd (South Korea), LG Chem Ltd (South Korea), Sinopec (China), Versalis S.p.A. (Italy), TSRC Corporation (Taiwan), ZEON CORPORATION (Saudi Arabia), Group Dynasol (Europe), Kraton Corporation (US), JSR Corporation (Japan), PJSC Nizhnekamskneftekhim (Russia), SIBUR (Russia), The Goodyear Tire & Rubber Company (US), Trinseo (US), and PetroChina (China), ExxonMobil Corporation, The Dow Chemical Company, Sumitomo Chemical Co., Ltd., Synthos S.A., Arlanxeo Holding B.V., China National Petroleum Corporation (CNPC), Asahi Kasei Corporation, Formosa Plastics Corporation, DuPont (U.S), Mitsui Chemical Inc. (Japan), SABIC (Saudi Arabia), Denka Company Ltd. (Japan), Thai Rubber Latex Corporation (Thailand) Public Company Limited |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Synthetic Rubber Market from 2021 to 2030.
- Market Forecast for Synthetic Rubber Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Synthetic Rubber competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Synthetic Rubber
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Synthetic Rubber market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Synthetic Rubber market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
LANXESS (Germany), Kumho Petrochemical Co., Ltd (South Korea), LG Chem Ltd (South Korea), Sinopec (China), Versalis S.p.A. (Italy), TSRC Corporation (Taiwan), ZEON CORPORATION (Saudi Arabia), Group Dynasol (Europe), Kraton Corporation (US), JSR Corporation (Japan), PJSC Nizhnekamskneftekhim (Russia), SIBUR (Russia), The Goodyear Tire & Rubber Company (US), Trinseo (US), and PetroChina (China), ExxonMobil Corporation, The Dow Chemical Company, Sumitomo Chemical Co., Ltd., Synthos S.A., Arlanxeo Holding B.V., China National Petroleum Corporation (CNPC), Asahi Kasei Corporation, Formosa Plastics Corporation, DuPont (U.S), Mitsui Chemical Inc. (Japan), SABIC (Saudi Arabia), Denka Company Ltd. (Japan), Thai Rubber Latex Corporation (Thailand) Public Company Limited
Primary Target Market
- Market Players of Synthetic Rubber
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Synthetic Rubber market based on the below-mentioned segments:
Global Synthetic Rubber Market, By Type
Styrene-Butadiene Rubber (SBR)
Ethylene Propylene Diene Monomer (EPDM)
Butyl Rubber
Polyisoprene
Others
Global Synthetic Rubber market, By Application
Construction
Automotive & Transportation
Medical
Others
Global Synthetic Rubber market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive synthetic rubber market market research and competitor analysis for your business to help you develop more profound insights into the synthetic rubber market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the synthetic rubber market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.