Pune, India, November 29, 2021 (GLOBE NEWSWIRE) – According to Fortune Business Insights ™, the global synthetic rubber market the size is expected to gain momentum due to the increasing inclination of people from natural rubber to artificial rubber. The report further states that the global market size was US $ 30,396.8 million in 2019. It is expected to reach US $ 36,761.9 million by 2027, with a CAGR of 3.2% during of the forecast period. Nowadays, several companies are constantly striving to introduce innovative synthetic rubbers to meet the high demand. In March 2019, for example, Trinseo unveiled SPRINTANTM 918S, a new grade of styrene-butadiene rubber (S-SBR) solution at Tire Technology Expo, Germany.
The following companies are present in the synthetic rubber market:
- LANXESS (Germany)
- Sinopec (China)
- Goodyear Tire and Rubber Company (United States)
- Indian Synthetic Rubber Private Limited (India)
- Reliance Industries Limited. (India)
- Trinseo (United States)
- Kumho Petrochemical (South Korea)
- TSRC Corporation (Taiwan)
- Nizhnekamskneftekhim (Russia)
- Apcotex Industries Limited (India)
- JSR Corporation (Japan)
- Other key players
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The report aims to analyze the market taking into account the contributions, outlook and growth trends. It presents detailed profiles of each key player operating in the market to analyze their core competencies in each segment. At the same time, he makes sure to help our clients better understand competitive developments, namely joint ventures, acquisitions, new product developments, agreements and expansion of production facilities.
Conductors and constraints-
High abrasion and temperature resistance properties to promote growth
Synthetic rubber is in high demand from the automotive industry around the world. It has excellent temperature resistance and abrasion properties which make it best suited for many car manufacturers. The Malaysian Rubber Council (MRC), for example, said the use of this rubber jumped to 15,792 million tonnes in 2020 from 15,280 million tonnes in 2019. However, the manufacturing process for this type of rubber can be harmful to the environment. This factor could hamper the growth of the synthetic rubber market in the coming years.
Industrial Rubber Products Segment Generated 6.2% Share in 2019
Our analysts have divided the report by type, application, and geography. By type, it is segmented into butyl rubber, polybutadiene rubber, nitrile rubber, styrene-butadiene rubber, and others. On the basis of the application, it is fragmented into shoes, industrial rubber products, tires, automobiles without tires and others. Among these, the industrial rubber products segment gained 6.2% in terms of synthetic rubber market share in 2019. This growth is attributable to the increasing demand for synthetic rubber for the manufacture of wire and cable, gloves, industrial mats and conveyor belts.
Asia-Pacific will remain at the forefront fueled by rapid infrastructure development
By geography, Asia-Pacific delivered $ 15,711.2 million in revenue in 2019. Growing infrastructure development and steady product advancements are expected to propel growth in this region. In Europe, the expansion of the automotive industry will accelerate the demand for synthetic rubber, thus becoming the second in terms of turnover. North America is expected to show rapid growth fueled by the thriving electrical and electronics industry.
Browse the detailed summary of the research report with the table of contents:
Objective and scope of the report:
- An overview of the market based on geographic scope, segmentation, and financial performance of major players is presented in the report.
- The report presents the estimated market size by the end of the forecast period. Moreover, the historical and current size of the market is also discussed in the report.
- Based on various indicators, the year-over-year growth (%) and the compound annual growth rate (CAGR) for the given forecast period are offered.
- The report presents the current industry trends and the future scope of the market in North America, Asia-Pacific, Europe, Latin America, and Europe.
- The various parameters accelerating the growth of the market are incorporated into the research report.
- The report analyzes the growth rate, market size, and market valuation during the forecast period.
Major players focus on collaboration and product development strategies to increase competition
The synthetic rubbers market has a large number of reputable manufacturers. Most of them focus on launching unique products to gain high consumer bases. A few others are participating in the collaboration strategy to co-develop eco-responsible solutions.
Below is one of the latest developments in the industry:
- October 2020: Trinseo has partnered with Tire Recycling Solutions, a recycling technology provider, to conduct research and development. The two companies will use each other’s technological expertise to help tire manufacturers around the world develop sustainable tire formulations. They aim to reduce the environmental footprint.
Main Table of Contents:
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Key ideas
- Main emerging trends – for the main countries
- Key developments: capacity extensions, acquisitions, partnerships, etc.
- Latest technological advances
- Overview of the regulatory scenario
- Porters Five Forces Analysis
- Qualitative analyzes on the impact of COVID-19 on the global synthetic rubber market
- Supply chain analysis and challenges due to Covid-19
- Measures taken by government / companies to overcome this impact
- Potential challenges and opportunities due to the COVID-19 epidemic
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Rubber market size & Outlook 2020-2027 | Rubber Industry Expected To Be Worth 51.21 Billion During Forecast Period, According To Fortune Business Insights ™
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