Synthetic Rubber Market Analysis and Statistics by Top Companies 2023-2035
Research Nester assesses the growth and market size of the global synthetic rubber market which is anticipated to be on account of the increasing use of synthetic rubber due to its superior properties such as resistance to temperature and chemicals, durability, and low cost compared to natural rubber
Research Nester’s recent market research analysis on “Synthetic Rubber Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global synthetic rubber market in terms of market segmentation by application, type and by region.
Ever Evolving Growth of the Automotive and Transportation Sector to Promote Global Market Share of Synthetic Rubber
Synthetic rubber is expected to grow significantly in the coming years due to the intensifying growth of the automotive and transportation industries. Synthetic rubber is a highly durable material that can withstand extreme temperatures, wear and tear, and chemical exposure, making it ideal for use in automotive and transportation applications. Its lightweight and high strength also makes it an ideal material for use in components such as tires, hoses, and seals. Tires and non-tire elastomer products are in high demand due to the growing number of wheels on motor vehicles worldwide. It is estimated that there are more than 37 million wheels in use worldwide.
Some of the major growth factors and challenges that are associated with the growth of the global synthetic rubber market are:
Growth Drivers:
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Healthcare & Medical Device Industry demand synthetic rubber for manufacturing surgical gloves, condoms, breathing bags, stoppers, cushioning materials, tubes, and other medical essentials
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Growing demand for rubber products in the automotive and construction industries
Challenges:
Synthetic rubber’s global market size is anticipated to be affected by concerns about the impact on the environment. Synthetic rubber production results in the release of volatile organic compounds and other hazardous air pollutants, which have a detrimental effect on the environment. Additionally, the production of synthetic rubber also involves the use of non-renewable resources, which can further damage the environment.
Synthetic rubber is classified by application into automotive (tires and non-tires), footwear, textile, industrial products, consumer goods, and others. By 2035, the automotive segment is expected to generate the highest 48% revenues, growing at a significant CAGR. As a result of the growing automotive industry, which is producing a growing number of vehicles as well as increasing the demand for tires, clutches, and engine bearings, along with the increasing investments in the development of lightweight vehicles to improve fuel economy, the segment has grown rapidly. It was observed that the production of motor vehicles worldwide increased by 1.3% from 2020 to 79 million in 2021.
In terms of revenue, Asia Pacific is expected to generate the most, with a share of roughly 38% by the end of 2035. There is a high probability of this growth occurring owing to the region’s increasing population, rising disposable incomes, and improved infrastructure. Additionally, the region is home to many large and rapidly growing economies such as China, India, and Japan, which are expected to play a key role in driving the region’s growth. A growing rubber industry as well as the growth of end-use industries in emerging nations such as China and India are driving the industrial development in the region. China is known for being the world’s leading producer of synthetic rubber due to the growing automotive and consumer industries.
This report also provides the existing competitive scenario of some of the key players of the Arlanxeo, Agilyx AS, ExxonMobil Corporation, Kumho Petrochemical Co., Ltd., Saudi Arabian Oil Co., TSRC Corporation, China Petrochemical Corporation (Sinopec), The Dow Chemical Company, Dupont, Zeon Corporation.
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