Synthetic Rubber Market worth $28.9 billion by 2027 | Key players Sinopec, DuPont, The Dow Chemical Company, ExxonMobil, SABIC

According to recent market research the "Synthetic Rubber Market by Type (SBR, BR, SBC, EPDM, IIR, NBR) Application (Tire, Automotive (Non-tire), Footwear, Industrial Goods, Consumer Goods, Textiles), and Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2027", Synthetic rubber market size is projected to reach USD 28.9 billion by 2027 from USD 23.0 billion in 2022 growing at a CAGR of 4.6%.

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

Tire segment is estimated to register highest CAGR during the forecast period.

Tire segment is the fastest growing end use application in the synthetic rubber market. The tire segment is estimated to remain the largest end-use segment of synthetic rubber during the forecast period, followed by automotive (non-tire) in terms of volume. The applications of synthetic rubber in the automotive industry will increase as the EV market gains traction. Synthetic rubber is used in the sidewalls and treads of tires. The increasing demand for tires offering a smoother and quieter ride with better fuel efficiency has compelled manufacturers to use better materials such as synthetic rubber and silane. Synthetic tires are widely used in military vehicles and heavy-duty vehicles.

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The global synthetic rubber market size is estimated to be USD 23.0 billion in 2022 and is projected to reach USD 28.9 billion by 2027, at a CAGR of 4.6% between 2022 and 2027. The tire segment is estimated to be the largest application of synthetic rubber during the forecast period, which was driven by the surge in penetration of electric vehicles

Synthetic rubber is an artificial elastomer that is derived from petroleum by products. It is primarily produced by polymerization of unsaturated hydrocarbons such as isoprene, butadiene, and others. Synthetic rubber is primarily used in tire industry followed by footwear, automotive (non-tires), consumer goods, and others. The properties for synthetic rubber include abrasion resistance, tensile strength, chemical resistance, electrical insulation, waterproofing and others. These properties make synthetic rubber a suitable replacement for metal, glass, and wood parts in various industrial applications.

The global synthetic rubber market is competitive with key player being ExxonMobil (U.S), The Dow Chemical Company (U.S), DuPont (U.S), Sinopec (China), Asahi Kasei Corporation (Japan), Denka Company Ltd. (Japan), SABIC (Saudi Arabia), Reliance Industries Limited (India), Tosoh corporation (Japan), Mitsui Chemical Inc. (Japan), The Goodyear Tire and Rubber Company (U.S), Nizhnekamskneftekhim (Russia), Zeon Corporation (Japan), Kumho Petrochemical Company Ltd (South Korea), among others.

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Exxon Mobil Corporation is engaged in the energy and chemical sectors. The company operates through three business segments: upstream, downstream, and chemical. The upstream segment produces crude oil and natural gas. The downstream segment manufactures and trades petroleum products. Under the chemical segment, the company offers petrochemical products and synthetic rubber, among other products. The business operations are divided into the following brands: ExxonMobil Chemical, Exxon, Mobil, Esso, and XTO. The company provides butyl rubber and EPDM rubber under ExxonMobil Chemical. These synthetic rubbers are used in automotive, building & construction, and other industrial applications. The companys manufacturing plants are present in North America, Europe, the Middle East, and Asia Pacific. The EPDM manufacturing plants are present in the US, France, and Saudi Arabia.

In 2019, Dow formed a separate identity and commenced its operations along with DuPont and Corteva. The newly restructured Dow has four segments: industrial intermediaries & infrastructure, performance material & coatings, packaging & specialty plastics, and corporate. The company mainly serves the automotive, consumer goods, wires & cables, and construction industries. Dow has over 109 manufacturing facilities in 31 countries across the globe. The strong global presence has allowed the company to develop strong value chains that have helped in its survival.

Asahi Kasei is a group of companies offering products under three categories: materials, homes, and healthcare. The materials category is further divided into basic materials, performance products, specialty solutions, and electronics. The company offers synthetic rubber through the performance products segment. The company has more than 211 subsidiaries across 20 countries. It provides different grades of synthetic rubber under its brands ASADENE, TUFDENE, and ASAPRENE. The company offers several grades of products to cater to the ever-changing demand from end-use industries.

The companies have initiated the following developments:
• In March 2022, SABIC entered into a joint venture with Kratona. In a joint venture with Kraton, the company delivered certified renewable butadiene from its Trucircle portfolio for use in Kraton's certified renewable styrene block copolymers.
• In March 2020, Asahi Kasei Company acquired Veloxis Pharmaceuticals Inc. (US). This acquisition will strengthen the presence of the company in the pharmaceutical sector.
• In March 2022, Sabic entered into a joint venture with Kraton. In a joint venture with Kraton, the company delivered certified renewable butadiene from its Trucircle portfolio for use in Kraton's certified renewable styrene block copolymers.

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