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The synthetic rubber market size is valued to increase USD 14.22 billion, at a CAGR of 5.96% from 2023 to 2028. Increasing demand for tires from rising sales of electric vehicles will drive the synthetic rubber market.
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The synthetic rubber industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The solid segment is estimated to witness significant growth during the forecast period.
Synthetic rubber, a type of polymer material, is gaining significant traction in various industries due to its properties that mimic natural rubber but are derived from chemical processes. This material is solid in form and is extensively used in applications such as tires, clutches, engine bearings, conveyor belts, industrial goods, and drinking water seals. The automotive, construction, electronics, manufacturing, and consumer goods sectors are major contributors to the growing demand for solid synthetic rubber. The rubber compounding process plays a crucial role in producing synthetic rubber with desired properties. Material selection criteria, such as stress-strain behavior, cure characteristics, and chemical resistance, are carefully considered during the production process.
The molecular weight and molecular modeling are essential factors in determining the final product's properties. Oil resistance testing and styrene-butadiene rubber are integral components of the market. Rheological properties, tire rubber formulation, and UV degradation are other essential aspects that influence the market's dynamics. polybutadiene rubber, abrasion resistance testing, rubber elasticity theory, neoprene rubber properties, weather resistance, viscosity measurement, chloroprene polymerization, fatigue life assessment, polymer characterization, plasticity determination, and rubber processing additives are all critical elements that contribute to the continuous evolution of the market. The market for solid synthetic rubber is expected to grow substantially, with a projected increase of 15% in the next year and a further anticipated expansion of 18% within the next five years.
The increasing demand for durable and flexible materials, especially in the automotive and construction industries, is driving this growth. Additionally, advancements in molecular modeling and the development of new rubber compounds, such as nitrile rubber and butyl rubber, are further fueling market expansion. In conclusion, the market is a dynamic and evolving industry that plays a crucial role in various sectors. Its properties, such as durability, flexibility, and resistance to environmental factors, make it an indispensable component in numerous applications. The ongoing research and development efforts in this field, including advancements in molecular modeling and the production of new rubber compounds, are expected to drive the market's growth in the coming years.
The Solid segment was valued at USD 18.61 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 50% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The APAC region dominates The market due to significant contributions from the automotive industry in countries like South Korea, Japan, China, and India. With automobile manufacturers investing in these economies and establishing production plants, particularly in India and China, the regional the market is experiencing growth. For instance, Tesla, a leading automobile company, expanded its operations in China in April 2023, including the construction of the Gigafactory Shanghai. This expansion underscores the increasing demand for synthetic rubber in the automotive sector, driving market growth during the forecast period.
According to recent reports, the APAC region accounted for approximately 45% of the market revenue in 2023. Furthermore, the market is projected to witness a steady increase in demand from the packaging industry, particularly in food and beverage applications, further fueling market expansion.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market encompasses a diverse range of rubber types, including styrene butadiene rubber (SBR), polybutadiene rubber (PBR), butyl rubber, nitrile rubber, ethylene propylene rubber (EPR), chloroprene polymer, and more. SBR, with its superior applications in tire manufacturing, holds a significant market share. In contrast, PBR, known for its high resilience and resistance to heat, exhibits a comparatively smaller market footprint. Manufacturing processes for these rubbers involve intricate chemical reactions, such as butyl rubber degradation mechanisms and nitrile rubber chemical resistance studies, and rubber compounding with various ingredients. Understanding vulcanization kinetics modeling and tire rubber reinforcement studies is crucial for optimizing the production process and enhancing the final product's properties.
Rubber elasticity and crosslinking, as well as rheological properties characterization, play essential roles in determining the rubber's performance. Dynamic mechanical analysis (DMA) rubber testing is employed to understand the rubber's mechanical behavior under different temperatures and frequencies. Rubber processing additives significantly influence the final product's properties. For instance, polymer molecular weight distribution analysis and crosslink density measurement techniques aid in ensuring consistent product quality. Rubber tensile strength testing methods and abrasion resistance testing standards are vital for assessing the rubber's durability and longevity. Moreover, fatigue life prediction models are crucial for understanding the rubber's performance under cyclic loading conditions.
The market's competitive landscape is characterized by a diverse range of players, with a few dominating the high-end instrument market. For instance, more than 60% of research and development efforts focus on improving rubber compounding and processing techniques to enhance the final product's performance. This competition drives innovation and technological advancements in the synthetic rubber industry.
The synthetic rubber market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the synthetic rubber market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape of Synthetic Rubber Industry
Companies are implementing various strategies, such as strategic alliances, synthetic rubber market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Apcotex Industries Limited - The company specializes in the production and distribution of synthetic rubbers, including Butadiene rubber and Solution polymerization styrene butadiene rubber, marketed under the brands Diene and Tufdene. These high-performance rubber solutions cater to various industries, demonstrating the company's commitment to innovation and quality.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Synthetic Rubber Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.96% |
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Market growth 2024-2028 |
USD 14.22 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.54 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, and Rest of World (ROW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What is the expected growth of the Synthetic Rubber Market between 2024 and 2028?
USD 14.22 billion, at a CAGR of 5.96%
What segmentation does the market report cover?
The report segmented by Type (Solid, Liquid, Styrene Butadiene Rubber (SBR), Polybutadiene Rubber (BR), Ethylene Propylene Diene Monomer (EPDM), Nitrile Rubber (NBR), and Butyl Rubber (IIR)), Application (Tyre, Automotive component, Footwear, Industrial goods, and Others), Geography (APAC, Europe, North America, South America, and Middle East and Africa), and End-use Industry (Automotive, Construction, Consumer Goods, Industrial Manufacturing, and Aerospace)
Which regions are analyzed in the report?
APAC, Europe, North America, South America, and Middle East and Africa
What are the key growth drivers and market challenges?
Increasing demand for tires from rising sales of electric vehicles, Replacement of rubber by polyurethanes in some applications
Who are the major players in the Synthetic Rubber Market?
Key Companies Apcotex Industries Limited, Arlanxeo, Asahi Kasei Corporation, Bridgestone Corporation, China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec), Continental AG, Denka Company Ltd., Dow Inc., ExxonMobil Corporation, Goodyear Tire and Rubber Company, Hankook Tire & Technology Co. Ltd., JSR Corporation, Kumho Petrochemical Co. Ltd., Lanxess AG, LG Chem Ltd., Michelin Group, Sumitomo Chemical Co. Ltd., TSRC Corporation, and Zeon Corporation
We can help! Our analysts can customize this synthetic rubber market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Market Segmentation by End-use Industry
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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