Synthetic Rubber and Fibers Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Demand, Forecast, Mergers and Acquisitions

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Synthetic Rubber And Fibers Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $448.5 billion In 2028 At A CAGR Of 7.6% :
The synthetic rubber and fibers market size has grown strongly in recent years. It will grow from $309.02 billion in 2023 to $334.66 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to automotive industry growth, consumer goods manufacturing, infrastructure development, industrialization, the demand for synthetic rubber in applications such as roofing and seals, industrialization.

The synthetic rubber and fibers market size is expected to see strong growth in the next few years. It will grow to $448.5 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to sustainable materials, advanced manufacturing, the growing adoption of electric vehicles (evs), circular economy, health and wellness trends`. Major trends in the forecast period include high-performance tire materials, smart and functional textiles, biodegradable polymers, non-pneumatic tires, customized and specialty polymers.

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Synthetic Rubber And Fibers Market Major Segments
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 Fibers
2) By Application: Non-Tire Automotive, Footwear, Tire, Construction, Other Applications
3) By Distribution Channel: Offline, Online

Key Driver - Technological Advancements Fuel Synthetic Rubber And Fibers Market Growth
Technology is expected to be a continued driver of market growth during this period. Industries that involve technology, such as this one, benefited from this trend during this period. For example, technologies such as Green Tires, where 20-30% of a vehicle's fuel consumption is related to tire performance, took off during this period. Green tires offer wet grip, durability, and low rolling resistance, reducing fuel consumption by 5-7%. Thus, technological advances that enabled improved performance and reduced fuel consumption contributed to the market growth.

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Prominent Trend - Synthetic Rubber Surges Ahead As Crude Oil Prices Drop
Many manufacturers have started to use more synthetic than natural rubber because falling crude oil prices have led to lower prices. Synthetic rubber prices dropped 15% in Europe and 5% in the USA in the second quarter compared to a year earlier. The synthetic rubber supply was consistent and more affordable than natural rubber during the studied period. According to estimates, European manufacturers now use 60% synthetic rubber and 40% natural rubber for manufacturing products associated with rubber. For instance, according to a report by the Rubber World, the global synthetic rubber market is expected to reach 21.2 million metric tons by 2024.

Synthetic Rubber And Fibers Market Players
Major companies operating in the synthetic rubber and fibers market include Sinopec Limited Mitsubishi Chemical Holdings Corp, Exxon Mobil, Lotte Chemical Corp, Odebrecht Engenharia E Construcao Sa, Teijin Ltd, Asahi Kasei Corporation, SK Innovation Co, GS caltex corporation, Lenzing AG, Kumho Petrochemical, LANXESS, Lucky Goldstar Chemical Limited, Dow, JSR Corporation, Reliance Industries Limited, Sabic, Versalis S.p.A., Trinseo, Zeon Corporation, Nizhnekamskneftekhim, The Goodyear Tire and Rubber Company, Mitsui Chemical Inc., Denka Company Ltd., Sumitomo Chemical Co., Ltd., Formosa Plastics Corporation, China National Chemical Corporation, AdvanSource Biomaterials Corporation, Alpek S.A.B. de C.V., Arkema S.A., Birla Carbon, Cabot Corporation, China Petrochemical Corporation (Sinopec Group), Covestro LLC.

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the synthetic rubber and fibers market in 2023. Western Europe was the second-largest region in the synthetic rubber and fibers market. The regions covered in the synthetic rubber and fibers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Synthetic Rubber And Fibers Market Report Structure
3. Synthetic Rubber And Fibers Market Trends And Strategies
4. Synthetic Rubber And Fibers Market - Macro Economic Scenario
5. Synthetic Rubber And Fibers Market Size And Growth
…..
27. Synthetic Rubber And Fibers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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