What's Driving the Synthetic Rubber And Fibers Market 2025-2034: Technological Advancements Fuel Synthetic Rubber And Fibers Market Growth

What Are the Projections for the Size and Growth Rate of the Synthetic Rubber And Fibers Market?
The market size for synthetic rubber and fibers has seen robust growth in the past few years. The market will expand from $341 billion in 2024, reaching $370.94 billion in 2025 with a compound annual growth rate (CAGR) of 8.8%. The previous growth can be linked to the rise of the automotive industry, consumer goods production, infrastructure advancements, industrialization, and the increased demand for synthetic rubber in areas such as roofing and seals due to industrialization.

In the coming years, robust growth is anticipated for the synthetic rubber and fibers market, with its size projected to reach $498.17 billion by 2029, registering a 7.7% compound annual growth rate (CAGR). The expected growth during the forecast period is credited to factors such as sustainable materials, advanced manufacturing techniques, increased use of electric vehicles (evs), circular economy, and trends towards health and wellness. Key trends during this period will be high-performance tire materials, intelligent and functional textiles, biodegradable polymers, non-pneumatic tires, and customized and specialty polymers.

What Are the Main Catalysts for Growth in the Synthetic Rubber And Fibers Market?
The projected growth of the market during this phase is anticipated to be continually driven by technology. Technologically focused sectors, like this one, enjoyed the benefits of this trend during this time. Innovative technologies, such as Green Tires, wherein a vehicle's fuel consumption is accounted for 20-30% by tire performance, gained traction within this period. By providing substantial wet grip, durability and low rolling resistance, green tires can reduce fuel consumption by 5-7%. Hence, advancements in technology that boosted performance and curtailed fuel consumption had a positive effect on market expansion.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=2116&type=smp

Which Businesses Are at the Forefront of Synthetic Rubber And Fibers Market Development?
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.

What Are the Latest Innovations in the Synthetic Rubber And Fibers Market?
A significant number of manufacturers are shifting to the use of synthetic rubber over its natural counterpart due to the decrease in crude oil prices causing reductions in price. There was a 15% decrease in synthetic rubber prices in Europe and a 5% reduction in the USA in the second quarter compared to last year. Throughout the considered timeframe, synthetic rubber was consistently available and more economical than natural rubber. Based on estimates, European manufacturers currently use synthetic rubber (60%) more than natural rubber (40%) in their rubber-associated product fabrication. For example, a study by Rubber World suggests that by 2024, the global synthetic rubber market could amount to 21.2 million metric tons.

How Is the Synthetic Rubber And Fibers Market Segmented?
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

Subsegments:
1) By Synthetic Fibers: Polyester, Nylon, Acrylics, Polyolefin
2) By Styrene Butadiene Rubber (SBR): High Styrene SBR, Low Styrene SBR
3) By Polybutadiene (BR): High Cis Polybutadiene, Low Cis Polybutadiene
4) By Ethylene Propylene (EPDM): EPDM For Automotive, EPDM For Industrial Applications
5) By Other Synthetic Rubber And Fibers: Butyl Rubber, Neoprene Rubber, Spandex, Aramid Fibers

Pre-Book Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/synthetic-rubber-and-fibers-global-market-report

Where Is the Synthetic Rubber And Fibers Market Growth Most Prominent?
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.

What Is Covered In The Synthetic Rubber And Fibers Global Market Report?

- Market Size Analysis: Analyze the Synthetic Rubber And Fibers Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Synthetic Rubber And Fibers Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Synthetic Rubber And Fibers Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Synthetic Rubber And Fibers Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=2116

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.