Synthetic Rubber Market Trends, Business Strategies, Regional Outlook and Analysis Through 2030

Despite the COVID-19 pandemic, new vehicle registrations and sales during January–March 2021 reached 18,788,699 units, surpassing the 2020 number, as per Organisation Internationale des Constructeurs d'Automobiles (OICA). This has perhaps been due to the lifting of the lockdowns in most of the countries, resumption of manufacturing operations, and recovery in people’s financial health. Even before the pandemic, automotive sales increased steadily, especially between 2009 and 2019, due to a rise in people’s disposable income.

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As a result of the resumption of manufacturing and sales, P&S Intelligence expects the synthetic rubber market value to increase massively from $31.0 billion in 2020 during 2021–2030. This is because a large amount of the rubber produced goes into the production of automotive tires, the sales of which are surging with the rising demand for automobiles. Tires are among the most-essential components of a vehicle as they allow the latter to move on the road. With time, tires wear down, which creates the requirement for replacements.

However, tires are not the only application of rubber in automobiles; the material is also used for fluid transport systems, suspension systems, body sealing systems, vehicle anti-vibration systems, O rings, flat seals, fused components, engine seals, and air conditioner hoses. With vehicle production increasing around the world to cater to the growing demand for them, the requirement for synthetic rubber is only going to surge. The major auto sales boom is being witnessed in emerging economies, where automobiles have become a symbol of people’s socioeconomic status.

Apart from the automotive sector, synthetic rubber finds usage in footwear, adhesives and sealants, paints and coatings, and industries. In all such applications, synthetic rubber is replacing its natural counterpart because of its advantages including slower aging, chemical, oil, and grease resistance, and suitability in environments containing oxidizing agents and those that witness extreme temperatures. Moreover, individual types of synthetic rubber, such as styrene butadiene rubber (SBR), styrenic block copolymer (SBC), butadiene rubber (BR), ethylene propylene diene monomer (EPDM) rubber, nitrile rubber (NBR), and butyl rubber (IIR), have their own set of advantages.

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Among these, SBR witnesses the highest consumption because its abrasion resistance makes it an ideal choice for the healthcare, footwear, and building and construction industries. Due to the burgeoning population, all these sectors are witnessing rapid growth, which is driving the demand for all the raw materials used by them. Since raw material stocks for producing natural rubber are limited due to a constant reduction in the farming area, synthetic rubber is taking precedence.

Moreover, owing to all these reasons, the synthetic rubber market has been dominated by Asia-Pacific (APAC) till now. The region is home to the largest automotive and building and construction sectors, which has been creating a huge demand for rubber. Additionally, APAC is a haven for manufacturers, who are shifting their plants from Europe and North America to China, India, Vietnam, and other regional nations. Further, the growing healthcare sector here is propelling the demand for rubber products and, in turn, of rubber itself.

Thus, with widening applications, the consumption of synthetic rubber will keep increasing.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.