Synthetic Rubber Market Size, Top Global Key Players Analysis till 2023- LANXESS, Versalis S.p.A., LGChem, Exxonmobil, ZEON Corporation

Market Overview:

Synthetic Rubber is a kind of elastic polymer mainly derived from petroleum byproducts. Synthetic Rubber possess various properties such as elasticity, oil resistant, durability, and excellent water repellant property which make them suitable for various end use industries such as construction, footwear, automotive & transportation, industrial, and others. Moreover, it is used for making polymer concrete for waterproofing, tires, hoses, conveyor belt covers, gaskets, tubes, and others.

As per our Analysis, some of the prominent market factors and trends identified in the Global Synthetic Rubber Market include rapid urbanization, growing demand for durable rubber, and continuous growth of automotive & transportation sector. Rising population along with the increasing per capita disposable income is estimated to drive the growth of the market during the assessment period (2016 to 2023).

Growing middle class population combined with constant industrialization has resulted in the expansion of footwear sector, which in turn, is expected to propel the growth of the market. Increasing automotive production and sales across the globe has resulted in the demand for durable tires which is likely to fuel the growth of the market. Moreover, increasing sports events such as racing car tournaments as well as increasing research & development on the production of high quality tires and rubber is predicted to drive the market growth over the forecast period. Furthermore, increasing construction activities in the developed and developing nation is expected to drive the growth of the market.

However, volatility in crude oil prices and increasing substitution of Synthetic Rubber by natural rubber are expected to hinder the market growth over the upcoming years.

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Major Key Players:
Some of the Top Key Players functioning in the Global Synthetic Rubber Market are:

• LANXESS (Germany),
• The Dow Chemical Company (U.S.),
• Versalis S.p.A. (Italy),
• Kumho Petrochemical (South Korea),
• JSR Corporation (Japan),
• LGChem (SouthKorea),
• Exxonmobil (U.S.),
• Asahi Kasei Corporation (Japan),
• Sumitomo Chemical Co., Ltd. (Japan),
• ZEON Corporation (Japan)

Market Segmentation:
The Global Synthetic Rubber Market is segregated into the Type, End User, and Region:

By Type:
• SBR,
• NBR,
• BR,
• EPDM,
• SBC
• IR,
• IIR,
• CR

By End User:
• Construction,
• Automotive & Transportation,
• Industrial
• Footwear

By Region:
• Asia Pacific,
• North America,
• Europe,
• Latin America,
• Middle East & Africa.

Regional Analysis:
Geographically, Synthetic Rubber Market is segmented across Five Regions in the world namely:

• Asia Pacific,
• North America,
• Europe,
• Latin America,
• Middle East & Africa.

Asia Pacific region is expected to grow with a highest CAGR during the review period, 2016 to 2023 due to stable economy and tremendous growth of automotive & transportation industry. Asia Pacific has emerged as the leading market region for Synthetic Rubber followed by Europe and North America.

North America is predicted to witness a moderate growth in synthetic rubber due to recovery of industrial sector combined with escalating investments to revitalize industrial sector. In North America, the U.S. is followed by Canada in the regional market growth and both countries are expected to see a significant growth on account of continuous expansion of footwear industry.

European countries such as Russia, Poland, France, Italy, Germany, and U.K have emerged as important consumer markets due to developed end use industries and heavy investment on Research & Development as well as innovation.

Latin American countries such as Mexico, Brazil, Colombia, Peru, Guatemala, and Argentina are also predicted to witness an average growth due to increasing expenditure on passenger cars and commercial vehicles. Moreover, increasing air traffic in the developing countries such as Brazil, China, India, Malaysia, and Vietnam has resulted in increased demand for tires and which in turn has given a new momentum for the market growth.

The Middle East & Africa regional market is predicted to witness a significant growth during the review period due to high adoption rate in various application and is predicted to positively influence industry growth during the assessment period.

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