Synthetic Rubber Market is expected to cross the value of US$ 68.1 Bn by the end of 2031
Both fragmented and competitive, the global synthetic rubbers market is choc-o-bloc with large, medium, and small players. In order to beat competition in such a cutthroat environment, deep-pocketed players are seen increasing spends on research and development to launch better products.
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They are also banking heavily on an agile supply chain and proactive marketing and advertising. In order to grow, they are looking to foray into high growth markets in developing economies of the world through carefully-considered mergers and acquisitions.
All such initiatives by players are expected to have a positive impact on the global synthetic rubber market. Besides this, high cost of natural rubbers, owing to their depleting plantations across the world is another factor providing tailwinds to the global synthetic rubber market. Thus, to meet the rising demand from automobiles and construction sectors, cheaper synthetic rubbers have emerged as a viable alternative.
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Synthetic Rubber Market: Prominent Regions
At present, Asia Pacific accounts for the leading share of the global synthetic rubber market. It is likely to hold on to its leading share during the forecast period. The growth of the market is mainly powered by the fastest growing economies in the region: China and India. Malaysia is another major consumer of rubber in the region.
Burgeoning construction sector and increase in infrastructure projects are expected to have a positive impact on the market in Asia Pacific. The soaring demand for green tires is predicted to positively influence the market in the near term.
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Asia Pacific leads with respect to the production in the global synthetic rubber market. China-based petroleum and chemical company, Sinopec, is one of the world's largest synthetic rubber production facilities.
The synthetic rubber market in Middle East & Africa and North America is also predicted to expand at a steady pace over the next couple of years due to growing construction activities and car sales in these regions.
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Synthetic Rubber Market: Major Players
The global synthetic rubber market is consolidated with the presence of key players. Prominent players operating in the global synthetic rubber market include Asahi Kasei Corporation, The Dow Chemical Company, DuPont, LANXESS AG, Exxon Mobil Corporation, Dynasol Elastomers S.A., TSRC Corporation, Versalis S.p.A., Sumitomo Chemical Co., Ltd., KUMHO PETROCHEMICAL, China National Petroleum Corporation (CNPC), and China Petroleum & Chemical Corporation (Sinopec Corporation).
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