The Global Synthetic Rubber Market is Projected to Reach 21.2 Million Metric Tons by 2024
Automobile Industry Dynamics
and Rising Demand for Tires to Drive Growth in the Global Synthetic Rubber
Market, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, market size and demand forecasts on the global Synthetic Rubber market.
The global Synthetic Rubber market
is projected to reach 21.2 million metric tons by 2024, driven by the rising
demand for tires in the OEM and replacement market. The rising demand for
rubber from industrial, footwear and construction industries is also expected
to fuel market growth.
Synthetic
rubbers are complex chemical compounds obtained from polymerized
petroleum-derived monomers. The monomers usually used are butadiene,
acrylonitrile, isobutene, isoprene, ethylene, styrol, chlorobutadiene, as well
as other chemicals. More than 200 varieties of synthetic elastomers are
available, of which the most popular forms include butadiene rubber (BR),
styrene butadiene rubber (SBR), acrylonitrile butadiene rubber (NBR), and
ethylene propylene rubber. Synthetic rubber continues to account for a
significant share of the global rubber market, with general-purpose rubbers
such as SBR, BR, and polyisoprene rubber accounting for a substantial
proportion of the demand.
The
positive attributes of synthetic rubber such as oil resistance, elasticity,
durability and superior water repellency are leading to the growing use of
synthetic rubber in varied end-use industries including automotive and
transportation, industrial, construction and footwear, among others. The global
market for synthetic rubber continues to be driven by the increasing demand for
durable rubber, specifically from the rapidly growing automotive and
transportation sectors. The market also benefits from the rapid pace of
urbanization and industrialization, increasing population with rising
disposable incomes, and growing middle class population, all of which are
driving demand for a range of industrial and consumer products.
Automotive industry, predominantly tire
manufacturers, is the most important source of demand for synthetic rubber. In
addition to their use in tires, synthetic rubber is also widely used in several
non-tire automotive applications. About two-thirds share of all synthetic
rubber is consumed by the automotive and tire-related industries. The market
for tires is heavily dependent on the automotive industry, which in turn is a
barometer of general economic health in a country. Worldwide sales of tires
continue to grow at a stable rate, providing significant growth potential for
the synthetic rubber market. In particular, the rising sales of premium and specialty tires with high speed, low
rolling resistance, high insulation to reduce road noise, additional
cushioning, and innovative tread grooves and patterns, are expected to fuel demand
for synthetic rubber. While usage in automotive and tire-related industries
will continue to expand, non-tire applications are expected to offer immense
opportunities for growth in the synthetic rubber market due primarily to rising
use of mid-range elastomers, such as polychloroprene, nitrile, and
ethylene-propylene, in products such as belts, hoses, gloves and gaskets.
As
stated by the new market research report on Synthetic Rubber, Asia-Pacific represents
the largest regional market, worldwide. Asia-Pacific is also forecast to
register the fastest CAGR of 5.4% over the analysis period. Growth in
Asia-Pacific synthetic rubber market is being fostered by the vast population
base of the region and favorable economic environment in regional economies,
which is leading to rapid expansion of automobile, industrial products and
footwear industries. The mobility megatrend in the region, as evident by the
strong growth in sales of passenger cars in high-growth economies of China and
India due primarily to the burgeoning middle class population with rising
income levels, is also fueling demand for synthetic rubber. Increasing demand
for industrial products and rapidly growing automobile production activity is
also spurring demand for synthetic rubber in Asia-Pacific countries. The strong
growth in construction activity also augurs well for the market.
Major
players in the market include Asahi Kasei Chemicals Corp., Chongqing Changshou
Chemical Co. Ltd., Denka Co. Ltd. , Dow Chemical Company, Dynasol Elastomers,
ExxonMobil Chemical Company, Firestone Polymers LLC, Goodyear Tire & Rubber
Company, JSR Corporation, Korea Kumho Petrochemical Company, Lanxess AG, ARLANXEO,
LG Chem Ltd., Lion Elastomers, Shanxi Synthetic Rubber Group Co. Ltd., Showa
Denko K.K, SIBUR Holding JSC, SINOPEC Qilu Petrochemical Co. Ltd., Sumitomo
Chemical Company Ltd, Synthos S.A., TSRC Corporation, Tosoh Corporation, UBE
Industries Ltd., Versalis S.p.A., and Zeon Corporation, among others.
The
research report titled “Synthetic
Rubber: A Global Strategic Business Report” announced by Global Industry
Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections for all major geographic markets such as the
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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