Synthetic Rubber Market Application and Segmentation by Leading Players - The Dow Chemical Company, Exxonmobil, versalis S.p.A., LANXESS, JSR Corporation

According to a new report by Market Research Future (MRFR), the global synthetic rubber market has been expected to witness a healthy CAGR during the forecast period (2016-2023) owing to the rapid urbanization. Properties such as oil resistance, water repellant, elasticity, and durability make synthetic rubber suitable for several end-use industries like automotive and transportation, construction, industrial, footwear, and others. Synthetic rubber is also used to make polymer concrete for hoses, gaskets, waterproofing, tiers, conveyor belt covers, tubes, and others.

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Competitive Analysis:

LANXESS
The Dow Chemical Company
versalis S.p.A.
Kumho Petrochemical
JSR Corporation
LGChem
Exxonmobil
Asahi Kasei Corporation
Sumitomo Chemical Co., Ltd.
ZEONCorporation

Industry Segments:

By type, the synthetic rubber market has been segmented into NBR, EPDM, SBR, BR, SBC, and others based on type. Other types comprise IIR, IR, and CR. Among these, SBR is extensively used in heavy truck tires and automobiles, owing to its heat and abrasion resistant properties. SBR is also resistant to water, possesses low-temperature flexibility, and heat aging properties. SBR has been projected to hold the largest market share among the other segments due to its extensive use in the manufacture of conveyor belt covers, gaskets, tubes, lining rubber, belts, seals, hoses, and others. Whereas, polybutadiene rubber (BR) is expected to witness a healthy growth owing to its extensive usage in end-use industries like footwear and building and construction.

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By end-use, the synthetic rubber market has been segmented into industrial, automotive and transportation, construction, footwear, and others. Among these, the segment for automotive and transportation accounts for the largest share followed by construction, owing to the growing purchasing power of consumer along with growing automotive production and sales. Besides, growing construction activities including commercial and residential are anticipated to spur the construction segment.

Geographical Analysis:

Asia Pacific is expected to be the largest market for Synthetic Rubber followed by Europe and North America on account of increasing demand from numerous end use industries such as building & construction and automobile & transportation among others. Emerging countries of Asia Pacific such as China, India, Thailand, Japan, and South Korea are the fastest growing market for synthetic rubber, and is predicted to grow with the same pace in the near future. In Asia Pacific, some of the driving factors for market growth are strong economic growth rate, competitive manufacturing costs, and availability of inexpensive raw material.

Europe Synthetic Rubber Market is estimated to witness a steady growth due to continuous growth of footwear industry.

North America is expected to witness a substantial growth during the assessment period on account of rising demand for Synthetic Rubber in construction industry.

The Middle East & African countries is estimated to witness strong market growth due to increasing building & construction activities. In Latin America market growth is majorly due to expansion of automotive sector.

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This release was published on openPR.