Synthetic Rubber Market worth $23.2 billion by 2026

Synthetic Rubber Market, Synthetic Rubber Industry, Synthetic Rubber Market share, Synthetic Rubber Market application, Synthetic Rubber Market size

The report “Synthetic Rubber Market by Type (SBR, BR, SBC, EPDM, IIR, NBR) Application (Tire, Automotive (Non-tire), Footwear, Industrial Goods, Consumer Goods, Textile), Region (North America, Europe, APAC, South America, MEA) – Global Forecast to 2026” The global synthetic rubber market size is estimated to be USD 19.1 billion in 2021 and is projected to reach USD 23.2 billion by 2026, at a CAGR of 4.0% between 2021 and 2026.  Tire is the major application segment for the synthetic rubber market. The recovery of the automotive sector across the world is driving the synthetic rubber market during the forecast period. Moreover, the development of eco-friendly technologies for the production of synthetic rubber and the growing demand for electric & hybrid vehicles are new opportunities in the synthetic rubber market.

Synthetic rubber is manufactured by the polymerization of monomers. Typically, styrene and butadiene are polymerized to produce Styrene-Butadiene Rubber (SBR) and Polybutadiene Rubber (BR). Subsequent developments have introduced other monomers such as ethylene and propylene, which are used in the production of EPDM. The synthetic rubber market is driven by the demand from the tire industry. Tires and non-tire automotive applications are the largest segments of the market. The only restraints faced by the synthetic rubber industry are the health hazards associated with it and the environmental regulations imposed on its manufacturing.

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The synthetic rubber market is segmented on the basis of type as styrene-butadiene rubber (SBR), polybutadiene Rubber (BR), styrene block copolymer (SBC), ethylene-propylene-diene rubber (EPDM), butyl rubber (IIR), acrylonitrile-butadiene rubber (NBR). Styrene-Butadiene Rubber (SBR) is the highest volume synthetic rubber for general purposes. SBR is formed by the polymerization of styrene and monomers of butadiene.

The end use application of synthetic rubber are tire, automotive (non-tire), footwear, industrial goods, consumer goods, and textile. In tire application, SBR type is widely used; other types of synthetic rubber are also used depending on the type of tire being manufactured. SBR is a cost-effective alternative for natural rubber, with better abrasion resistance and inherent hysteresis.

The major industry players are adopted acquisitions, expansions, joint venture, and new product development as growth strategies in the last four years. The leading players in the market are Sinopec (China), DuPont (U.S), The Dow Chemical Company (U.S), ExxonMobil (U.S), Kumho Petrochemical Company Ltd (South Korea), Trinseo (U.S), Zeon Corporation (Japan), Nizhnekamskneftekhim (Russia), The Goodyear Tire and Rubber Company (U.S), SIBUR (Russia), Mitsui Chemical Inc. (Japan), LG Chemical (South Korea), LANXESS (Germany), JSR Corporation (Japan), SABIC (Saudi Arabia), Denka Company Ltd. (Japan), and Asahi Kasei Corporation (Japan).

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DuPont manufactures technology-based materials, ingredients, and solutions for several high-growth markets such as electronics, transportation, building & construction, health & wellness, food, and work safety. The company offers its products under five segments: Electronics & Imaging, Transportation & Industrial, Nutrition & Bioscience, Safety & Construction, and non-core. The company provides dedicated product lines for various industries such as automotive, building & construction, energy, and packaging. The company has a wide presence in over 70 countries and has production facilities in over 40 countries globally.

SABIC supplies products through its business unit: Petrochemicals and Specialties, Agri-Nutrients, and Metals. Mono-ethylene glycol, MTBE, polycarbonate, polyetherimide, granular urea, methanol, polyethylene, polypropylene, polybutylene terephthalate, and engineering plastics, among other products, are offered through its business segments. The company manufactures two types of synthetic rubbers with the trade name SABIC EPDM and SABIC BR. The company has its presence in the US, Europe, and Asia. The company has eight manufacturing plants in North America, 13 in Europe, 3 in Asia, and 1 in South America.

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