Synthetic Rubber Market Set to Soar Past USD 41.73 Billion by 2030

The global Synthetic Rubber market size is expected to reach USD 41.73 billion by 2030 and exhibit a CAGR of 4.9% in the forecast period (2023−2030), according to Skyquest's latest research report. The growing automotive industry demand, increasing demand for durable and high-performance materials, rising construction and infrastructure activities, expansion of the footwear industry, increasing demand for synthetic rubber in industrial applications, rising disposable income and consumer spending, shift towards eco-friendly and sustainable materials, are fueling the Market's growth.

Westford USA, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Synthetic Rubber market, increasing adoption of bio-based and sustainable synthetic rubber, growing demand for specialty synthetic rubbers, advancements in synthetic rubber technology and manufacturing processes, rising focus on energy efficiency and reduced carbon footprint, increasing use of synthetic rubber in medical and healthcare applications, growing demand for synthetic rubber in the electronics industry, the emergence of new synthetic rubber grades with enhanced properties, expanding applications in the aerospace and defense sectors are the market trends promoting the growth.

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Synthetic rubber is a type of rubber that is made from petroleum products. It is a versatile material that can be used in a wide variety of applications, including tires, hoses, seals, and adhesives. Synthetic rubber is often used as a substitute for natural rubber, as it is more durable and resistant to chemicals.

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Prominent Players in Synthetic Rubber Market

Arkema

BASF

Dow

ExxonMobil

Lanxess

Mitsui Chemicals

Nippon Synthetic Chemical

PetroChina

SABIC

Solvay

Sumitomo Chemical

Tianjin Chemical

Toray Industries

Vulcabond

Westlake Chemical

Yantai Dagu

Zhejiang Xinhua Chemical

Zhejiang Wanhua

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Styrene Butadiene Rubber (SBR) Type Demand to Grow Substantially in the Forecast Period

Styrene Butadiene Rubber (SBR) type dominated the global market owing to its high versatility. It is also more cost-effective compared to other synthetic rubber types. Its efficient and economical production process makes it an attractive option for industries looking for affordable rubber materials without compromising on quality.

Tire Manufacturing is the Leading Application Segment

In terms of application, the tire manufacturing segment is the leading segment due to the growth of the automotive industry. In addition, the tire industry constantly focuses on improving tire performance, durability, fuel efficiency, and safety. Technological advancements in tire manufacturing, including developing high-performance tires, fuel-efficient tires, and specialty tires, drive the demand for synthetic rubber with specific properties and characteristics.

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Asia-Pacific is the leading Market Due to Industrialization.

Region-wise, Asia-Pacific is one of the largest growing markets with a huge emphasis on industrialisation and infrastructure development. The region has a large and rapidly growing population, accompanied by urbanization trends. This leads to increased demand for transportation, housing, and consumer goods, all of which require synthetic rubber in their production.

A recent report thoroughly analyzes the major players operating within the Synthetic Rubber market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Synthetic Rubber.

Key Developments in Synthetic Rubber Market

In February 2023, Lanxess acquired Hexpol Rubber for €2.4 billion. This acquisition expands Lanxess' product portfolio and geographic reach in the synthetic rubber market.

In March 2023, Sumitomo Chemical acquired Zeon Corporation's synthetic rubber business for $1.5 billion. This acquisition strengthens Sumitomo Chemical's position in the global synthetic rubber market.

Key Questions Answered in Synthetic Rubber Market Report

What specific growth drivers are projected to impact the market during the forecast period?

Can you list the top companies in the market and explain how they have achieved their positions of influence?

In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?

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