Synthetic Rubber Market is the most efficient product of the rubber industry as its counterpart, natural rubber requires chemical enhancement for delivering high-performance. Synthetic rubber consumption has grown on account of growing rubber demand in the different automobile applications. The largest market in the application sector of the synthetic rubber is driven by the replacement of motor vehicle tires. Moreover, a pick up in the global manufacturing activity in the past five years has spurred rubber demand in non-tire applications as well.
Different types of synthetic rubbers are available in the market and are used as per the application types. Some of these synthetic rubber products include styrene butadiene rubber (SBR), polyisoprene (PS), ethylene-propylenediene rubber (EPDM), polybutadiene rubber (BR), and few others. Styrene butadiene rubber is the largest type of synthetic rubber consumed in different types of applications on account of its excellent mechanical properties.
Automotive is one of the fastest growing application segments for the market. The emergence of smart electric hybrid vehicles is continuously brimming with technology and has witnessed rapid growth rate as it’s an energy-efficient alternative. Such energy-efficient automotive have led to increased use of rubber in the tire and non-tire applications of the consumer vehicles. Heavy-duty vehicles have also witnessed large manufacturing, especially in the emerging nations.
Growth in the income level of consumers and improved standard of living is also a mega trend that has led to increased manufacturing of vehicles and thus increased consumption of synthetic rubber. Such trends indicate a long-term sustainable growth in the demand for consumer durables globally. This in turn will lead to increased demand in the overall consumption of good, and thus increased utilization of synthetic rubber in the industrial sector.
The global synthetic rubber market is is cyclic in nature with production fluctuations. The demand for the rubber products fluctuates based on the trends in the end-use market and movement of global rubber prices. Moreover, development in the synthetic rubber industry has been based on well targeted R&D efforts with research based on economic viability through end-use sectors.
Asia Pacific is the largest regional segment for the synthetic rubbers with China as the major producer globally. Rubber market in Eastern Europe and Central & South America are also anticipated to witness considerable growth during the forecast period. North America and Western Europe are moderately mature markets for synthetic rubber and are expected to witness stagnating growth rates.
The global synthetic rubber industry is moderately fragmented and highly competitive along with the high degree of integration across the manufacturing and distribution stage. Some of the major synthetic rubber market players include Sinopec, LANXESS, China National Petroleum Corporation (CNPC), Kumho Petrochemical, Sibur, JSR Corporation, Trinseo, Eastman Chemical Corporation, Asahi Kasei Chemical Corporation, and Ashland Inc.
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