Dublin, June 11, 2021 (GLOBE NEWSWIRE) -- The "Synthetic Rubber Market by Type (SBR, BR, SBC, EPDM, IIR, NBR) Application (Tire, Automotive (Non-tire), Footwear, Industrial Goods, Consumer Goods, Textile), Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global synthetic rubber market size is estimated to be USD 19.1 billion in 2021 and is projected to reach USD 23.2 billion by 2026, at a CAGR of 4.0% between 2021 and 2026. The recovery of the automotive sector across the world is driving the synthetic rubber market during the forecast period.
Synthetic rubber is manufactured by the polymerization of monomers. Typically, styrene and butadiene are polymerized to produce Styrene-Butadiene Rubber (SBR) and Polybutadiene Rubber (BR). Subsequent developments have introduced other monomers such as ethylene and propylene, which are used in the production of EPDM. The synthetic rubber market is driven by the demand from the tire industry. Tires and non-tire automotive applications are the largest segments of the market. The only restraints faced by the synthetic rubber industry are the health hazards associated with it and the environmental regulations imposed on its manufacturing.
"Tires: the largest application of synthetic rubber market."
Tires are the largest application in the synthetic rubber market. Synthetic rubber offers various extraordinary features to tires, such as safety, control, grip, and comfort. Likewise, it provides the tire with various other features, such as directional stability, rolling resistance, wet traction, puncture resistance, steering response, speed and run-flat capability, impact resistance, high fuel efficiency, and weather resistance, to function in challenging conditions. The impact of COVID-19 on the global tire business is detrimental. Some manufacturing units were shut down because of the impact of COVID-19 on the companies. The demand for synthetic rubber slumped significantly in 2020 due to supply chain disruption and reduced demand from end-use industries.
"APAC is estimated to be the fastest-growing market for synthetic rubber market."
APAC accounted for the largest share in terms of volume and value of the synthetic rubber market in 2020, followed by Europe and North America. The use of synthetic rubber is expected to witness the highest growth in the APAC region during the forecast period. The market in this region is driven by the recovery of the automotive sector in China and Southeast Asian countries. Global automobile manufacturers are investing in APAC countries to establish their production plants to enhance their market presence in the region. China is a significant market for automobile and the largest consumer of synthetic rubber in the world. The focus towards the development of New Energy Vehicles (NEVs) to reduce carbon footprint will drive the automotive application in China which will further enhance the demand of synthetic rubber during the forecast period.
"Synthetic rubber market declined in 2020."
The synthetic rubber market in 2020 declined by 11.2%, in terms of volume, compared to 2019 due to the COVID-19 pandemic. The automotive industry is a significant consumer of synthetic rubber. The effect of COVID-19 on the automotive industry led to declining car sales and the layoff of employees. The production was halted due to disruption in the supply chain. With the declining production of automobiles, the demand for synthetic rubber also decreased.
Extensive primary interviews were conducted to determine and verify the market size for several segments and sub segments and information gathered through secondary research.
The break-up of primary interviews is given below:
Notes: Others include sales, marketing, and product managers.
Tier 1: >USD 1 Billion; Tier 2: USD 500 million-1 Billion; and Tier 3: <USD 500 million
This research report categorizes the synthetic rubber market on the basis of type, application and region. The report includes detailed information regarding the major factors influencing the growth of the synthetic rubber market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into business overviews, products & services, key strategies, expansions, new product developments, agreements, and recent developments associated with the market.
Reasons to Buy the Report
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the synthetic rubber market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, new product developments, and joint ventures.
4. The report includes the COVID-19 impact on the synthetic rubber market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Synthetic Rubber Market, by Type
7 Synthetic Rubber Market, by Application
8 Synthetic Rubber Market, by Region
9 Competitive Landscape
10 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/i69w92
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