Synthetic Rubber Market Forecast at $42.3 Billion by 2031

Rajul123

posted on 2 months ago — updated on 1 second ago

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The Synthetic Rubber Market is set to achieve $42.3 billion by 2031, growing steadily at a CAGR of 4.4% from 2024 to 2031.

Meticulous Research®—a renowned global market research firm—has published a detailed report titled, ‘Synthetic Rubber Market Size, Share, Forecast, & Trends Analysis by Type (SBR, EPDM, BR, SBC, IIR, NBR, IR, CR), Application (Tires, Textiles & Apparel, Electronic, Packaging), Industry (Construction, Automotive, Industrial) - Global Forecast to 2031.’

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The report reveals that the synthetic rubber market is projected to reach $42.3 billion by 2031, with a CAGR of 4.4% from 2024 to 2031. This growth is attributed to increased construction and infrastructure development, higher vehicle production, and expansion in industrial sectors. The rising demand for eco-friendly synthetic rubber alternatives is anticipated to provide additional market opportunities. However, challenges such as waste management, pollution, carbon emissions, and stringent regulatory standards may hinder growth.

The market is segmented by type, application, and end-use industry, with an extensive analysis provided for regional and country-level trends.

Market Segmentation

Type: The synthetic rubber market includes styrene butadiene rubber (SBR), polybutadiene rubber (BR), styrene block copolymer (SBC), ethylene propylene diene rubber (EPDM), butyl rubber (IIR), acrylonitrile-butadiene rubber (NBR), isoprene rubber (IR), chloroprene rubber (CR), and other types. SBR is expected to dominate with over 29.0% of the market share in 2024, due to its widespread use in tire manufacturing and the shift towards green technologies incorporating more bio-based and recycled materials.

The EPDM segment is projected to experience the highest growth rate, supported by its durability and weather resistance, making it suitable for construction, automotive seals, and renewable energy applications.

Application: The market is segmented into tires, automotive (non-tire), footwear components, textiles & apparel, seals & gaskets, hoses & belts, electronic devices, lubricants, packaging, and other applications. The tires segment is forecasted to hold over 72.0% of the market share in 2024, driven by the growth in the automotive industry and tire replacement needs.

Conversely, the electronic devices segment is expected to grow at the highest rate, driven by advancements in consumer electronics, wearable technology, and increased use of synthetic rubber in electronic components.

End-Use Industry: The market is divided into construction, automotive, industrial manufacturing, footwear, aerospace, consumer electronics, and other industries. The automotive sector is anticipated to hold more than 76.0% of the market share in 2024, supported by the high use of synthetic rubber in various automotive components.

The consumer electronics segment is projected to experience rapid growth due to technological advancements and increasing demand for wearable devices and IoT products.

Geography: The global market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to account for over 54.0% of the market share in 2024 and record the highest CAGR of over 6.0% during the forecast period, driven by industrial demand, urbanization, and government policies supporting growth in countries such as China, Japan, South Korea, and India.

Key Players:

The key players operating in the synthetic rubber market are China Petrochemical Corporation (a subsidiary of Sinopec Corp.) (China), ERIKS N.V.(Netherlands), The Dow Chemical Company (U.S), Exxon Mobil Corporation (U.S.), Kumho Petrochemical Co., Ltd. (KKPC) (South Korea), Zeon Corporation (Japan), Nizhnekamskneftekhim (Russian), Mitsui Chemicals, Inc. (Japan), JSR Corporation (Japan), SABIC (Saudi Arabia), Denka Company Limited (Japan), Asahi Kasei Corporation (Japan), Indian Synthetic Rubber Private Limited (India), Apcotex (India), Reliance Industries Limited (India), Trinseo PLC (U.S.), TSRC Corporation (Taiwan), Michelin Group (France), and LANXESS (Germany).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/synthetic-rubber-market-5848

Key questions answered in the report:

Which are the high-growth market segments based on type, application, end-use industry, and geography?
What was the historical market for the synthetic rubber market?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, opportunities, and challenges in the synthetic rubber market?
Who are the major players, and what shares do they hold in the synthetic rubber market?
What is the competitive landscape in the synthetic rubber market?
What are the recent developments in the synthetic rubber market?
What are the different strategies adopted by the major players in the synthetic rubber market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global synthetic rubber market, and how do they compete with the other players?