Synthetic Rubber Market Research Report: By Form Type (Solid, Liquid), Product Type (Styrene Butadiene Rubber, Butadiene Rubber, Styrenic Block Copolymer, Ethylene Propylene Diene Monomer Rubber, Butyl Rubber, Nitrile Rubber), Application (Tire, Non-Tire Automotive, Footwear, Industrial Components, Adhesives & Sealants, Paints & Coatings) - Global Industry Analysis and Growth Forecast to 2030

Market Overview

The global synthetic rubber market generated around $31.0 billion in revenue in 2020. This is mainly attributed to the increasing replacement of automotive tires, growing need for long-lasting rubber, rising production capacity of rubber manufacturers and capital investment by them, and growing automotive industry. Furthermore, various government initiatives for economic growth, increasing personal income, and continuous industrialization efforts are propelling the market growth.

During the COVID-19 pandemic, the synthetic rubber market witnessed a decline, both in terms of volume and value, owing to the implementation of strict movement restrictions and lockdowns. Due to this, there was a severe disruption in supply chains and manufacturing units. Thus, the declining production in the automotive and other industries due to the unavailability of raw materials, predominantly latex, due to the delayed trade operations, has negatively impacted the synthetic rubber market.

Styrene-Butadiene Rubber Held the Largest Share owing to Its Abrasion Resistance

The styrene-butadiene rubber (SBR) category held the largest share in the synthetic rubber market in 2020, and it is expected to witness substantial growth during the forecast period, based on product type. This can be attributed to the cost-effectiveness of SBR and its strong abrasion resistance, which makes it highly useful in industries such as building & construction, footwear, and healthcare.

Tire Category Dominated Market due to Burgeoning Automotive Sales

The tire category dominated the synthetic rubber market in 2020, and it would continue to grow at a significant rate during the forecast period, based on application. This can be attributed to the increasing demand for replacement tires because of the rising sales of four-wheeled and two-wheeled vehicles among the growing population.

Asia-Pacific (APAC) Held Largest Share due to Investments by Manufacturers

Geographically, the APAC region held the largest share in the synthetic rubber market, both in terms of volume and value, in 2020, owing to the increasing demand for synthetic rubber in the construction and tire industries. Moreover, automobile manufacturers are investing in APAC countries to establish their production plants, to enhance their market presence in the region. The strong focus on the development of new-energy vehicles (NEVs), to reduce the carbon footprint, is driving auto production in China, which will further enhance the demand for synthetic rubber during the forecast period in the region.

Acquisitions and Joint Ventures Are Major Market Trend

Players in the market for synthetic rubber are focusing on joint ventures and acquisitions to develop advanced products and expand their reach. For instance, in February 2021, The Goodyear Tire & Rubber Company acquired Cooper Tire & Rubber Company. The deal, valued at $2.5 billion, would combine the two manufacturers in order to strengthen their presence, globally. Similarly, in September 2019, Sibur Holding PAO and Sinopec Corp. entered into a joint venture to produce nitrile rubber in Russia, to meet the local demand.

Growing Automotive Industry Is Driving Market

The expansion of the automotive industry directly drives the growth of the automotive accessories and component sectors. In the automobile industry, rubber and rubber products are used for several purposes, such as fluid transport systems, body sealing systems, suspension systems, vehicle anti-vibration systems, adhesives & sealants, O rings, fused components, and flat seals. Additionally, several components that reside in the engine compartment, such as hoses for air conditioning systems and engine seals, are manufactured from high-gradesynthetic rubber. Thus, the growing automotive industry is propelling the market for synthetic rubber.

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Market Players Are Involved in Product Launches to Gain Significant Position

Some of the major players operating in the global synthetic rubber market are LANXESS AG, The Dow Chemical Company, Denka Company Ltd., Kumho Petrochemical Co. Ltd., JSR Corporation, Toyo Tire & Rubber Co. Ltd., and Bridgestone Corporation.

In recent years, players in the synthetic rubber industry have been involved in product launches in order to attain a significant position. For instance,

• In June 2019, ExxonMobil Chemical Corporation developed an inner liner material, which is claimed to significantly improve air retention in tires, during the Future Tire Sustainability conference in Cologne.
• In March 2019, Trinseo SA launched a new grade of multi-functionalized S-SBR, SPRINTANTM 918S synthetic rubber, at the Tire Technology Expo in Hanover, Germany. The new grade, namely, SPRINTANTM 918S was developed to address challenges such as physical stability, safety, high fuel efficiency, and easy processability for the tread of ultra-high-performance tires.

Key Players in Synthetic Rubber Market Are:

Market Size Breakdown by Segments

The synthetic rubber market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.

Based on Form Type

• Solid
• Liquid

Based on Product Type

• Styrene Butadiene Rubber (SBR)
• Butadiene Rubber (BR)
• Styrenic Block Copolymer (SBC)
• Ethylene Propylene Diene Monomer (EPDM) Rubber
• Butyl Rubber (IIR)
• Nitrile Rubber (NBR)

Based on Application

• Tire
• Non-Tire Automotive
• Footwear
• Industrial Components
• Adhesives & Sealants
• Paints & Coatings

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific (APAC)
  • Japan
  • China
  • India
  • Australia
  • South Korea
• Latin America (LATAM)
  • Brazil
  • Mexico
• Middle East and Africa (MEA)
  • Saudi Arabia
  • South Africa