Advancements Propel Growth in the Synthetic Rubber and Fibers Market

The synthetic rubber and fibers market has demonstrated robust growth, surging from $309.02 billion in 2023 to $334.66 billion in 2024 at an impressive compound annual growth rate (CAGR) of 8.3%. Anticipated to maintain its momentum, the synthetic rubber and fibers market is projected to reach $448.5 billion by 2028, with a steady CAGR of 7.6%.

Driving Forces:
• Technological Advancements:
Continuous technological innovations are expected to be a key driver of market growth. Notably, industries reliant on technology, including the synthetic rubber and fibers sector, have benefitted from advancements. Technologies like Green Tires, with their positive impact on vehicle fuel consumption and performance, have gained traction during this period. Green tires, offering attributes such as wet grip, durability, and low rolling resistance, contribute to a 5-7% reduction in fuel consumption, showcasing the positive influence of technology on market growth.

• Automotive Industry Expansion:
The burgeoning growth of the automotive industry is set to propel the synthetic rubber and fibers market. These materials play a pivotal role in the automotive sector by providing durable and high-performance materials for tire manufacturing. This enhances vehicle safety, fuel efficiency, and extends the lifespan of automotive components, thereby reducing maintenance costs. The positive momentum is evident in the increased production of vehicles in the UK, where the automotive sector witnessed a 28.9% growth in July, as reported by the Society of Motor Manufacturers and Traders (SMMT).

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Market Leaders:
Major players shaping the synthetic rubber and fibers market landscape include Sinopec Limited, Mitsubishi Chemical Holdings Corp, Exxon Mobil, Lotte Chemical Corp, and others. These industry leaders contribute significantly to market dynamics and adapt to evolving industry trends.

Market Dynamics:
• Shift to Synthetic Rubber Amid Falling Crude Oil Prices:
• Falling crude oil prices have prompted manufacturers to increasingly favor synthetic rubber over natural rubber. Synthetic rubber prices witnessed a notable decline, with a 15% drop in Europe and a 5% reduction in the USA in the second quarter compared to the previous year. European manufacturers have shifted to using 60% synthetic rubber and 40% natural rubber for various rubber-related products.

• Eco-Friendly Initiatives for Sustainable Rubber:
Leading companies are focusing on eco-friendly initiatives by developing sustainable synthetic rubber materials. These materials are designed to reduce environmental impact and are produced from biomass-derived feedstock and plastic waste. For instance, Asahi Kasei Corporation introduced ISCC Plus-certified Tufdene-branded solution-polymerized styrene-butadiene rubber (SSBR) and Asadene butadiene rubber, offering manufacturers an opportunity to reduce CO2 emissions without compromising on quality.

Regional Overview:
In 2023, Asia-Pacific emerged as the largest region in the synthetic rubber and fibers market, with Western Europe securing the second-largest position. The market report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Segmentation:
The synthetic rubber and fibers market covered in this report is segmented -
1) By Type: Synthetic Fibers, Styrene Butadiene Rubber (SBR), Polybutadiene (BR), Ethylene Propylene (EPDM), Other Synthetic Rubber and Fiber
2) By Application: Non-Tire Automotive, Footwear, Tire, Construction, Other Applications
3) By Distribution Channel: Offline, Online

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Synthetic Rubber And Fibers Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Synthetic Rubber And Fibers Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on synthetic rubber and fibers market size, synthetic rubber and fibers market drivers and trends, synthetic rubber and fibers market major players, synthetic rubber and fibers market competitors' revenues, synthetic rubber and fibers market positioning, and synthetic rubber and fibers market growth across geographies. The synthetic rubber and fibers market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the synthetic rubber and fibers market report and tap into segments with the highest growth potential.

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