Synthetic Rubber Market – Global Industry Analysis and Forecast (2024-2030)

The Synthetic Rubber Market size was valued at US$ 20.65 Bn. in 2023 and the total revenue is expected to grow at a CAGR of 4.0% from 2024 to 2030, reaching nearly US$ 27.17 Bn.
Synthetic Rubber Market Overview:
Global Synthetic Rubber Market is expected to reach US$ 27.17 Bn. by 2030. Synthetic rubber refers to any artificial elastomer. They are polymers made from petroleum waste. The segments of the Synthetic Rubber market are examined in this report (Type, Application, and Region). This report provides in-depth analysis of the leading market players and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It offers a comprehensive examination of today's rapid advancements in all industry sectors. The major data analysis for the historical period from 2018 to 2023 is shown using facts and numbers, visuals, and presentations. This report looks at the market drivers, restraints, opportunities, and challenges for Synthetic Rubbers. The investment recommendations in this MMR report are based on a careful assessment of the current competitive landscape in the Synthetic Rubber market.To know about the Research Methodology :- Request Free Sample Report
Synthetic Rubber Market Dynamics:
Concerns about deteriorating environmental circumstances have raised demand for environmentally friendly products such as green tyres. Tire producers are focusing on developing green and high-performance tyres as a result of rigorous rules in Europe and North America, such as Euro VI and CAFE.

According to the European Tire Labelling Regulation of 2012, data on tyre fuel efficiency, wet grip, and external rolling resistance must be displayed on the label. This rule has aided in raising customer awareness of the importance of using environmentally friendly high-performance tyres. OEMs responded by launching fuel-efficient, low-rolling-resistance tyres that focused on tyre performance and fuel efficiency. Tier 1 producers use environmentally friendly rubber. For example, LANXESS manufactures neodymium rubber, which reduces rolling resistance and so improves fuel economy. The company also sells items that are utilised in the production of green tyres. As a result, the market players benefit from the need for high-performance and environmentally friendly tyres. These are the key factors that are expected to drive the growth of the global Synthetic Rubbers market during the forecast period.

Synthetic rubber production has been restricted due to strict environmental laws. Rubber processing, tyre manufacturing facilities, and sealant production have all been identified as substantial sources of hazardous air pollutants (HAP) emissions by the Environmental Protection Agency (EPA). For example, during the manufacturing process of butadiene rubber (BR), a form of synthetic rubber, hazardous compounds such as carbon dioxide, carbon monoxide, and other poisonous fumes and vapours are produced.

The synthetic rubber industry is governed by a number of laws; for example, butadiene was designated as a dangerous material under the Canadian Environmental Protection Act of 1999. (CEPA 1999). Regulations like these are expected to hinder the global synthetic rubber market growth during the forecast period.

One of the key problems that the synthetic rubber market faces is the price volatility of raw materials. The synthetic rubber market is extremely competitive, and even minor shifts in supply and demand are reflected in prices. The cost structure of synthetic rubber products is determined by the price and availability of raw ingredients. Because the feedstock for synthetic rubber is crude oil, every increase in crude oil prices raises the cost of production and diminishes the profit margins of synthetic rubber manufacturers. In the synthetic rubber market, price is a key deciding factor for many end users.
Segment Analysis:
Based on the Type, the market is segmented into Styrene-butadiene rubber (SBR), Polybutadiene Rubber (BR), Styrene block copolymer (SBC), Ethylene-propylene-diene rubber (EPDM), Butyl rubber (IIR), and Acrylonitrile-butadiene rubber (NBR). Styrene-butadiene rubber (SBR) segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2024-2030. Rubber made of styrene-butadiene has a number of advantages. Because of its identical properties and lower cost, it is frequently used as a straight replacement for natural rubber. Rubber made of styrene-butadiene has great abrasion resistance and crack endurance. It also holds up well over time, has a strong compression set, and is water resistant.

SBR's favourable strength, abrasion, wear, and bonding capabilities, as well as its affordability, are due to the addition of the chemical molecule styrene (a derivative of benzene). Natural rubber has better heat-aging qualities and abrasion resistance than styrene-butadiene rubber.

Based on the Application, the market is segmented into Tire, Automotive (Non-tire), Footwear, Industrial Goods, Consumer Goods, Textile, and Others. Tire segment is expected to hold the largest market share of xx% by 2030. Tires made of synthetic rubber have a number of unique characteristics, including safety, control, grip, and comfort. It also gives directional stability, rolling resistance, wet traction, puncture resistance, steering response, speed and run-flat capabilities, impact resistance, high fuel efficiency, and weather resistance to the tyre, allowing it to perform under difficult situations. COVID-19 has a negative influence on the global tyre industry. Because of the impact of COVID-19 on the companies, certain manufacturing units have been shut down. Due to supply chain disruptions and lower demand from end-use industries, synthetic rubber demand fell sharply in 2020.
Regional Insights:
Asia Pacific region is expected to dominate the Synthetic Rubber Market during the forecast period 2024-2030. The Asia Pacific region is expected to hold the largest market share of xx% by 2030. Due to significant demand from India and China, Asia-Pacific leads the synthetic rubber market. China manufactures the most tires in the world, with 898.1 million rubber tires produced in 2023. During the forecast period, this number is expected to rise even further. With a production share of roughly 32.49 percent in 2023, China's car manufacturing industry will be the world's largest. The industry grew by almost 8% from 16,976,248 units in the first nine months of 2023 to 18,242,588 units in the first nine months of 2023.

After China, India is the second-largest producer and user of rubber in the Asia-Pacific region. Despite being one of the world's largest rubber producers, the country imports a significant amount of rubber to meet local demand.



The objective of the report is to present a comprehensive analysis of the Global Synthetic Rubber Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Synthetic Rubber Market dynamic and structure by analyzing the market segments and projecting the Global Synthetic Rubber Market size. Clear representation of competitive analysis of key players by Distribution Channel, price, financial position, product portfolio, growth strategies, and regional presence in the Synthetic Rubber Market make the report investor’s guide.
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Synthetic Rubber Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 20.65 Bn.


Forecast Period 2024 to 2030 CAGR:
4%
Market Size in 2030:
US $ 27.17 Bn.


 Segments Covered:
by Type
Styrene-butadiene rubber (SBR)
Polybutadiene Rubber (BR)
Styrene block copolymer (SBC)
Ethylene-propylene-diene rubber (EPDM)
Butyl rubber (IIR)
Acrylonitrile-butadiene rubber (NBR)


by Form Type
Solid
Liquid


by Application
Tire
Automotive (Non-tire)
Footwear
Industrial Goods
Consumer Goods
Textile
Others


by End User
Transportation
Building & Construction
Medical
Textile & Apparel
Food & Beverage
Other



Synthetic Rubber Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players are:
1.Chevron Phillips Chemical Company LLC
2.China Petrochemical Corporation
3.Du Pont
4.SABIC
5.Saudi Arabian Oil Co.
6.The Goodyear Tire & Rubber Company
7.Trinseo
8.TSRC
9.Eastman Chemical Company
10.Exxon Mobil Corporation
11.Hexion
12.INEOS
13.Kumho Petrochemical
14.LyondellBasell Industries Holdings BV
15.Mitsubishi Chemical Corporation (MCC)
16.NOVA Chemicals Corporate

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Synthetic Rubber Market?
Ans. Asia Pacific is expected to hold the highest share in the Synthetic Rubber Market.

2] Who are the top key players in the Synthetic Rubber Market?
Ans. Chevron Phillips Chemical Company LLC, China Petrochemical Corporation, DuPont, SABIC, and Saudi Arabian Oil Co. are the top key players in the Synthetic Rubber Market.

3] Which segment is expected to holdthe largest market share in the Synthetic Rubber Market by 2030?
Ans. Tire segment is expected to hold the largest market share in the Synthetic Rubber Market by 2030.

4] What is the market size of the Synthetic Rubber Market by 2030?
Ans. The market size of the Synthetic Rubber Market is expected to reach US $ 27.17 Bn. by 2030.

5] What was the market size of the Synthetic Rubber Market in 2023?
Ans. The market size of the Synthetic Rubber Market was worth US $20.65 Bn. in 2023.