Tire-related industries continue to stimulate demand, with 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. ResearchAndMarkets.com Recruitment.

Global synthetic rubber market expected to reach $24.6 billion by 2030

The global market for synthetic rubber, estimated at USD 19.2 billion in 2023, is projected to reach an adjusted size of USD 24.6 billion by 2030, at a CAGR of 3.6% over the analysis period 2023-2030. grow in

The consumption of synthetic rubber is currently being analyzed with future forecasts, with styrene butadiene rubber (SBR) emerging as the dominant product type. Synthetic rubber remains essential in automobile tires, and the tire industry represents an important area of ​​its application. Global automobile production is expected to grow steadily, and the outlook for the synthetic rubber market looks bright.

Styrene butadiene rubber, one of the segments analyzed in the report, is expected to register a CAGR of 3.4% and reach USD 8.8 billion by the end of the analyzed period. The growth rate of the polybutadiene rubber segment is estimated at 3.4% CAGR over the next seven years.

The US market is estimated at $5.2 billion, while China is expected to grow at a CAGR of 6%

Demand for synthetic rubber continues to be primarily driven by tire-related industries, particularly in the Asia-Pacific region. Price trends are influenced by factors such as the availability of butadiene, a key raw material in synthetic rubber production. The market share percentage of the world's major competitors in 2024 categorizes the players by their market presence and reveals the competitive landscape.

The US synthetic rubber market is estimated at USD 5.2 billion in 2023. China, the world's second largest economy, is expected to reach a projected market size of USD 5 billion by 2030, trending at a CAGR of 6% over 2030. The analysis period is from 2023 to 2030. Other notable geographic markets include Japan and Canada, which are expected to grow by 1.9% and 3%, respectively, over the 2023-2030 period. Within Europe, Germany is expected to grow at a CAGR of approximately 2.4%. The Asia-Pacific market is expected to reach USD 3.2 billion by 2030, led by countries such as Australia, India, and South Korea.

Key attributes:

Market overview

• Insights into the influencer market

• Global market trajectory

• Latest information on the world economy

• Rubber Industry – Introduction

• Recent market activity

• Synthetic Rubber Market: Review

• Synthetic rubber consumption: current and future analysis

• SBR: Typical synthetic rubber products

• Demand for synthetic rubber in tire-related industries continues to grow

• Asia Pacific region at the forefront of synthetic rubber market growth

• Pricing scenario

• Butadiene (BD): Main raw material for synthetic rubber

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

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

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Market trends and drivers

• Synthetic rubber is essential for automobile tires

• Tires: the most important part of the car

• Global automobile production shows steady increase: bright outlook for synthetic rubber market

• Demand for replacement tires increases due to longer average vehicle lifespan

• Innovation in green tire manufacturing essential for sustainable growth of the tire market

• High-performance tires that drive growth

• Expanding role of nanotechnology brings benefits that cover the entire tire lifecycle

• Wide price differences create compatibility between synthetic and natural rubber

• Tight supply of synthetic rubber (SR) and rising prices squeeze manufacturers' profit margins

• Increase in sales of shoes for the synthetic rubber market

• Review of some product segments

• Styrene butadiene elastomer (SBR)

• Ethylene propylene rubber (EPR)

• Nitrile butadiene rubber (NBR)

• chloroprene rubber

• polybutadiene rubber

• butyl rubber

• Rubber substitutes threaten demand

• Thermoplastic elastomers: alternatives to synthetic and natural rubber

• Research and development – ​​critical to the competitiveness of synthetic rubber manufacturers

Focus on carefully selected players (52 players in total)

• Asahi Kasei Chemicals Corporation (Japan)

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

• Denka Co., Ltd. (Japan)

• Dow Chemical Company (USA)

• Dynasol elastomer (Mexico)

• ExxonMobil Chemical Company (USA)

• Firestone Polymers LLC (USA)

• Goodyear Tire & Rubber Company (USA)

• JSR Corporation (Japan)

• Korea Kumho Petrochemical Company (South Korea)

• LANXESS AG (Germany)

• Arlanseo (Netherlands)

• LG Chem Co., Ltd. (Korea)

• Lion Elastomer (USA)

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

• Showa Denko Co., Ltd. (Japan)

• SIBUR Holding JSC (Russia)

• SINOPEC Qilu Petrochemical Co. Ltd. (China)

• Sumitomo Chemical Co., Ltd. (Japan)

• Sintos SA (Poland)

• TSRC Corporation (Taiwan)

• Tosoh Corporation (Japan)

• Ube Industries Co., Ltd. (Japan)

• Versalis SpA (Italy)

• Nippon Zeon Co., Ltd. (Japan)

• Zeon Chemicals LP (USA)

For more information on this report, please visit https://www.researchandmarkets.com/r/ugs3m9.

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