Tire-Related Industries Continue to Spur Demand, Asia-Pacific at the Forefront of Growth

Synthetic Rubber Market

Dublin, May 16, 2024 (GLOBE NEWSWIRE) — The “Synthetic Rubber – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.

Global Synthetic Rubber Market to Reach $24.6 Billion by 2030

The global market for Synthetic Rubber estimated at US$19.2 Billion in the year 2023, is projected to reach a revised size of US$24.6 Billion by 2030, growing at a CAGR of 3.6% over the analysis period 2023-2030.

The consumption of synthetic rubber is currently analyzed alongside future projections, with styrene-butadiene rubber (SBR) emerging as a major product type.Synthetic rubber remains indispensable to automobile tires, with the tire industry representing a crucial sector for its application. With stable growth expected in world auto production, the outlook for the synthetic rubber market appears positive.

Styrene-Butadiene Rubber, one of the segments analyzed in the report, is expected to record a 3.4% CAGR and reach US$8.8 Billion by the end of the analysis period. Growth in the Polybutadiene Rubber segment is estimated at 3.4% CAGR for the next 7-year period.

The U.S. Market is Estimated at $5.2 Billion, While China is Forecast to Grow at 6% CAGR

The demand for synthetic rubber continues to be primarily driven by tire-related industries, particularly in the Asia-Pacific region. Pricing dynamics are influenced by factors such as the availability of butadiene, a major feedstock for synthetic rubber production. The global key competitors’ percentage market share in 2024 sheds light on the competitive landscape, with players categorized by their market presence.

The Synthetic Rubber market in the U.S. is estimated at US$5.2 Billion in the year 2023. China, the world’s second largest economy, is forecast to reach a projected market size of US$5 Billion by the year 2030 trailing a CAGR of 6% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 3% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.2 Billion by the year 2030.

Key Attributes:

MARKET OVERVIEW

• Influencer Market Insights

• World Market Trajectories

• Global Economic Update

• Rubber Industry – A Prelude

• Recent Market Activity

• Synthetic Rubber Market: A Review

• Synthetic Rubber Consumption: Current and Future Analysis

• SBR: A Major Type of Synthetic Rubber Product

• Tire-Related Industries Continue to Spur Demand for Synthetic Rubber

• Asia-Pacific at the Forefront of Growth in Synthetic Rubber Market

• Pricing Scenario

• Butadiene (BD): Major Feedstock for Synthetic Rubber

• Synthetic Rubber – Global Key Competitors Percentage Market Share in 2024 (E)

• Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)

Story continues

MARKET TRENDS & DRIVERS

• Synthetic Rubber Indispensable to Automobile Tires

• Tires: The Most Important Part of the Automobile

• World Auto Production to Exhibit Stable Gains: Positive Outlook for Synthetic Rubber Market

• Increasing Average Vehicle Life Drives Replacement Tires Demand

• Innovation in Green Tire Construction Vital for Sustainable Growth of Tires Market

• High-Performance Tires to Drive Growth

• Growing Role of Nanotechnology Offers Benefits to Cover Entire Life-Cycle of Tires

• Wide Price Differential Leads to Interchangeability of Synthetic and Natural Rubber

• Tight Supply of Synthetic Rubber (SR), Higher Prices Squeeze Manufacturer Profit Margins

• Increasing Footwear Sales Augur Well for Synthetic Rubber Market

• Review of Select Product Segments

• Styrene-Butadiene Elastomers (SBR)

• Ethylene-Propylene Rubber (EPR)

• Nitrile Butadiene Rubber (NBR)

• Chloroprene Rubber

• Polybutadiene Rubber

• Butyl Rubber

• Rubber Alternatives Threaten Demand

• Thermoplastic Elastomers: An Alternative to Synthetic and Natural Rubber

• R&D – Critical for Competitiveness of Synthetic Rubber Producers

FOCUS ON SELECT PLAYERS (Total 52 Featured)

• Asahi Kasei Chemicals Corp. (Japan)

• Chongqing Changshou Chemical Co., Ltd. (China)

• Denka Co., Ltd. (Japan)

• Dow Chemical Company (USA)

• Dynasol Elastomers (Mexico)

• ExxonMobil Chemical Company (USA)

• Firestone Polymers LLC (USA)

• Goodyear Tire & Rubber Company (USA)

• JSR Corporation (Japan)

• Korea Kumho Petrochemical Company (Korea)

• Lanxess AG (Germany)

• ARLANXEO (Netherlands)

• LG Chem Ltd. (Korea)

• Lion Elastomers (USA)

• Shanxi Synthetic Rubber Group Co., Ltd. (China)

• Showa Denko K.K (Japan)

• SIBUR Holding JSC (Russia)

• SINOPEC Qilu Petrochemical Co. Ltd. (China)

• Sumitomo Chemical Company Ltd (Japan)

• Synthos S.A. (Poland)

• TSRC Corporation (Taiwan)

• Tosoh Corporation (Japan)

• UBE Industries Ltd. (Japan)

• Versalis S.p.A. (Italy)

• Zeon Corporation (Japan)

• Zeon Chemicals LP (USA)

For more information about this report visit https://www.researchandmarkets.com/r/ugs3m9

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