Synthetic Rubber Market | Key players operating in the market include Sinopec, DuPont, Dow Chemical Company, ExxonMobil, Trinseo

According to recent market research "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", 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. Tire is the major application segment for the synthetic rubber market. The recovery of the automotive sector across the world is driving the synthetic rubber market during the forecast period. Moreover, the development of eco-friendly technologies for the production of synthetic rubber and the growing demand for electric & hybrid vehicles are new opportunities in the synthetic rubber market.

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Tire is 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 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 the significant market for automobiles 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 for synthetic rubber during the forecast period.

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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.

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China Petroleum and Chemical Corporation, popularly known as Sinopec Corp, is an integrated energy and chemical company in China. The company deals with the production and supply of petroleum, natural gas, petrochemical, and chemical products. It offers a wide range of products & services in various businesses, including exploration & oil production, refining & sales, chemicals, and research & development. The company offers SBC elastomers under its chemical segment.

DuPont manufactures technology-based materials, ingredients, and solutions for several high-growth markets such as electronics, transportation, building & construction, health & wellness, food, and work safety. The company offers its products under five segments: Electronics & Imaging, Transportation & Industrial, Nutrition & Bioscience, Safety & Construction, and non-core. The company provides dedicated product lines for various industries such as automotive, building & construction, energy, and packaging. The company has a wide presence in over 70 countries and has production facilities in over 40 countries globally.

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