Synthetic Rubber And Fibers Global Market Report 2024 - By Growth, Size, Share And Industry Trends, Forecast To 2033

"The new report published by The Business Research Company, titled Synthetic Rubber And Fibers Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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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.

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.

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

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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.

Contents of the report:
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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