Synthetic rubber is produced by polymerization of monomers along with combination of intricate chemical compounds. As compared to natural rubber, synthetic rubber offers more superior resistances to heat, as they are versatile to be operated at low and high temperature, respective to flexibility. In addition, they provide better resistant to oil and grease compounds. There are some newly developed synthetic rubbers that are fire proof. Majority of the synthetic rubber is produced by using raw materials such as petroleum, crude oil, coal, and others.
Synthetic rubber is classified under various segments based on the materials used as styrene butadiene rubber (SBR), polybutadiene (BR), ethylenepropylene (EPDM), nitrile BUTADIENE RUBBER (NBR), acrylonitrile butadiene styrene (ABS), and others. Of which, styrene butadiene rubber (SBR) type has the largest demand in the synthetic rubber market globally. Further, based on the end-user application, the global market is segmented as tires, industrial goods, footwear, adhesives, and others.
Rising demand of vehicles is anticipated to boost the growth of automobile industry resulting in extreme demand for synthetic rubber parts, which in turn helps in augmenting the growth of the synthetic rubber market. Huge demand of footwear around the world is also driving the synthetic rubber industry. However, cost-effective manufacturing along with reliability and quality output has forced manufacturers to meet the demand and to dominate the competitors in the market. Latest product developments, mergers, acquisitions, and joint ventures are some of the key strategies adopted by the global market players in order to boost the growth of synthetic rubber market. Declining rates of crude oil is also a major factor responsible for growth of the synthetic rubber industry. Synthetic rubber has wide application in industrial products, safety products such as boots, protective suits, and gloves along with diving suits, sleep sacks, which in turn augments the synthetic rubber market. On the other hand, strict rules issued by the government regarding environmental concerns may hinder the growth of the synthetic rubber market.
Asia Pacific leads the synthetic rubber market globally mainly due to rising automotive industry and is also projected to maintain the position in the near future. North America is expected to grow at a steady pace owing to unstable economy. However, the Middle East is anticipated to witness a rapid growth in the market.
Some of the major players dominating the global synthetic rubber market are Asahi Kasei Corporation, China National Petroleum Corporation (CNPC), TSRC Corporation, China Petroleum & Chemical Corporation, and Sinopec Corporation. Other key players influencing the global market are LANXESS AG, DuPont, ExxonMobil Corporation, The Dow Chemical Company, Sumitomo Chemical Co. Ltd., and Versalis S.p.A.
Global Synthetic Rubber Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa