Publishing: September 2021 | Report Code: CM12227 | Available Format: PDF
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.
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.
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.
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.
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.
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.
|Base Year (2020) Market Size||~$31 Billion|
|Report Coverage||Market Trends; Drivers, and Restraints; Segmentation Analysis; Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Product Type; By Application; By Region|
|Market Size of Geographies||U.S.; Canada; Germany; France; U.K.; Italy; Spain; China; Japan; India; Australia; South Korea; Brazil; Mexico; Saudi Arabia; South Africa|
|Secondary Sources and References (Partial List)||All India Rubber Industries Association Rubber Industries Association; American Chemistry Council; Association of Natural Rubber Producing Countries; Chemicals & Petrochemicals Manufacturers Association (India); China Rubber Industry Association; Chinese Chemical Society; European Synthetic Rubber Association; Gulf Petrochemicals and Chemicals Association; Indian Chemical Council|
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,
The synthetic rubber market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Form Type
Based on Product Type
Based on Application
The global synthetic rubber market was valued at $31 billion in 2020.
The synthetic rubber industry is expanding rapidly because of the rising demand for long-lasting rubber, surging requirement for replacement tires and various other automotive components, and the increasing industrialization rate.
The growth rate of the synthetic rubber industry fell during the COVID-19 pandemic because of the disruptions in manufacturing operations, due to the lockdowns imposed in many countries.
Asia-Pacific (APAC) was the largest region in the market for synthetic rubber in 2020.
Solid and liquid are the main categories under the type segment of the market for synthetic rubber.
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