Automotive Sector to Propel Synthetic Rubber Market
The Synthetic Rubber Market share will witness an upward trajectory on the back of surging demand for anti-slip properties across tire applications, including door & window profiles, flooring, O-rings & gaskets, hoses and belts. The automotive sector is probably going to exhibit traction for synthetic rubber following the need for abrasion and temperature resistance. it’s worth noting that artificial rubber has gained an uptick owing to its suitability for applications in environments exposed to high temperatures, greases, chemicals and oxidizing compounds.
However, potential health issues, including shortness of breath, asthma and stroke, could challenge industry players vying to spice up their portfolios.
The Synthetic Rubber Market size was pegged at USD 28.89 billion in 2021. The market is anticipated to rise from USD 29.86 billion in 2022 to USD 41.73 billion by 2029 at a 4.9% CAGR during the forecast period. Fortune Business Insights™ has elucidated these insights in its latest research report, titled, “Synthetic Rubber Market, 2022-2029.”
According to the study, artificial elastomer has gained an uptick following the necessity for high tensile strength, recyclability and resistance to abrasion and swelling. Growing investments in research & development activities and demand from construction, aerospace, and construction sectors will augur well for the business outlook. Industry players expect the following period to provide promising growth opportunities with rising demand from the end-users.
COVID-19 Impact
Manufacturing Plant Shutdown Challenged Stakeholders to Expand their Footfall
A notable dip within the aviation sector and automotive industry did not bode well for leading companies gearing to expand their portfolios. The potential closure of producing plants and postponement of projects challenged leading companies. Supply chain disruptions across the end-use sectors sent shock waves within the global landscape. That said, robust government policies could encourage major players to spice up their portfolios. Economic revival and rise in automotive production could reshape the industry dynamics.
Segments
In terms of type, the rubber market is segmented into nitrile rubber, styrene butadiene rubber, synthetic rubbe , polybutadiene rubber, et al. .
Based on application, the market is segregated into non-tire automotive, tire, footwear, industrial rubber goods, et al.
With reference to geography, the market is fragmented into Europe, North America, Asia Pacific, Latin America, and therefore the Middle East & Africa.
Report Coverage
The report offers a comprehensive perspective of the market size, share, volume, and revenue. it’s also delved into SWOT analysis and Porters’ Five Force Analysis. The report has been prepared through qualitative and quantitative chemical analysis to bolster the strategic approach. the first interviews validate assumptions, findings and therefore the prevailing business scenarios. The report also includes secondary resources, like annual reports, press releases, white papers and journals.
Bullish Demand for Styrene-Butadiene Rubber to reinforce the Market in Asia Pacific
Well-established players and new entrants are expected to explore opportunities across China, Australia, and India with the rising popularity of nitrile rubber and styrene-butadiene rubber. The rising infrastructural projects and therefore the expansion of the footwear sector will augur well for the regional outlook. The Asia Pacific rubber market growth will be pronounced due to higher production of various grades of non-automotive products and tires.
The Europe rubber market outlook will be robust on the heels of rising footfall of nitrile rubber across industrial goods applications. Besides, strong footfall of hoses, belts and tires across Germany, the U.K., France and Italy will fare well for regional growth. Additionally, artificial rubber has gained considerable prominence across footwear and non-tire automotive applications.
Industry participants expect North America to supply promising growth opportunities following the penetration of electrical & electronic and tire across the U.S. and Canada. Advancements within the tire and the growth of industrial rubber goods will foster regional growth. it’s worth noting that the aerospace and construction sectors will be the major recipients of the manmade rubber.
Stakeholders Invest in Organic and Inorganic Strategies to Expand Footfall
Major players are poised to infuse funds into mergers & acquisitions, technological advancements, product rollouts, and R&D activities. Besides, investments in innovations and merchandise offerings will gain prominence to expand their geographical footprint.
Major Players Profiled within the Report:
Indian rubber Private Limited (India) Apcotex Industries Limited (India) Reliance Industries Limited. (India) Trinseo (U.S.) LANXESS (Germany) Sinopec (China) Goodyear Tire and Rubber Company (U.S.) Kumho Petrochemical (South Korea) TSRC Corporation (Taiwan) Nizhnekamskneftekhim (Russia) JSR Corporation (Japan)
Key Industry Development
April 2020 – SIBUR’s Krasnoyarsk started its commercial manufacturing of synthetic nitrile butadiene rubber (NBR) latex with an annual capacity of three .5 KT. The aim of the project is to develop a feedstock base for import substitution of diagnostic exam gloves through the localization of producing in Russia. Hence, this development will help the corporate to set the stage for the development of the latex manufacturing industry.
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