The global synthetic rubber market size is expected to reach USD 36.15 billion by 2032, according to a new study by Polaris Market Research. The report “Synthetic Rubber Market Share, Size, Trends, Industry Analysis Report, By Product Type (SBR, IIR, EPDM, IR, NBR, & Others), By Application, By Industry Vertical, By Regions, Segments & Forecast, 2019 – 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Synthetic Rubber Market is expected to grow at a quickest rate over the forecast period owing to wider applications of Synthetic rubbers in tire and non-tire segments of automobile industry. Adoption of synthetic rubber from industry such as industrial goods, fmcg and medical sector in various applications coupled with rising prices of natural rubber are some of other factors behind the growth of the market in the coming years.
Synthetic rubbers are artificially produced materials that mimic natural rubber's desirable properties. Petrochemical feedstocks are the primary raw materials for manufacturing of synthetic rubber. The major development of synthetic rubber can be attributed to one factor during the World War II period when the United States was cut off from all of its sources of natural rubber. To meet the country's needs, the government built synthetic rubber plants and sold the plants to industries in the post-war period, which gave a kick-start to commercializing synthetic rubber.
The synthetic rubber are widely adopted in a variety of applications for some of its beneficial characteristics such as better abrasion resistance, superior elasticity, heat and aging resistance, flame retardant, and flexibility at low temperatures. Some of the most common varieties of synthetic rubber used by end-use industry butyl rubber (IIR), polybutadiene rubber, styrene-butadiene (SBR) rubber, chloroprene rubber, Ethylene propylene diene monomer rubber (EPDM) rubber, nitrile rubber.
For instance, as per the European Automobile Manufacturer's Association (ACEA), world vehicle production has increased by 1.3% from 2020 to 2021, with a value of 79.1 million motor vehicles. Moreover, global car and commercial vehicle production grew by 0.03% and 4% from 2020 to 2021. In addition, the aggregate value for cars and commercial vehicles production in 2021 was 80.14 million, which was 3% higher than the 2020 production number of 77.71 million per the International Organization of Motor Vehicle Manufacturers.
Various inhibiting factor for the Synthetic Rubber market can be attributed to the price fluctuation of Petrochemical feedstock (Crude Oil) raw materials in the last few years. Since crude oil prices largely depend on various factors, such as demand-supply and other geo-political relations between trading countries, it greatly affects the price structure and profit margins of synthetic rubber producers. In addition, the high manufacturing and rising transportation costs also impact the end-price of synthetic rubber products, further decreasing the demand from buyers end to some extent.
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The COVID-19 pandemic has negatively impacted the Synthetic Rubber market across all regions. Various countries' governments have imposed certain measures to control the virus to further spread among the people. The temporary shutdown of multiple shops and production units had led to the decrease in demand and supply of products constituting synthetic rubber. In the pandemic period, the consumer demand was remained insignificant as consumers preferred spending money on their health and essential goods. The declining demand for various end-use industries has lowered the synthetic rubber market during pandemic period.
Synthetic Rubber Market Report Highlights:
Polaris Market Research has segmented the Synthetic Rubber Computing Market report based on product type, application, industry vertical, and region:
Synthetic Rubber Computing Market, Product Type Outlook (Revenue - USD Billion, 2019 - 2032)
Synthetic Rubber Computing Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Synthetic Rubber Computing Market, Industry Vertical Outlook (Revenue - USD Billion, 2019- 2032)
Synthetic Rubber Computing Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)