Synthetic Rubber Market is to grow at a 4.0 % CAGR, with the United States leading the market through 2030

Synthetic Rubber Market to Hit USD 27.17 Bn by 2030

Synthetic Rubber Market was USD 20.65 Bn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 4.0 % from 2024 to 2030, reaching USD 27.17 Bn by 2030. Elastomers with increased compression set, chemical resistance, and heat resistance are becoming more and more necessary. Synthetic rubber is needed for industrial and construction uses in ongoing infrastructure projects across the world. The Asia-Pacific region's fast urbanization and industrialization, especially in China and India, is driving up demand for synthetic rubber. By 2032, the synthetic rubber industry in the US is expected to grow to a value of around $6.52 billion.

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Synthetic Rubber Market Segmentation

By Form Type: Solid synthetic rubbers, such as SBR, are preferred due to their superior aging stability and abrasion resistance. In 2021, the market for liquid synthetic rubber was estimated to be worth USD 3.87 billion. From 2020 to 2025, it is expected to increase at a CAGR of 4.6%.

By Application: The market is divided into the following segments: textile, consumer goods, industrial goods, footwear, tires, and automotive (non-tire). Synthetic rubber tires offer several special features, such as comfort, grip, safety, and control. The use of synthetic rubber in the automobile industry is significant; estimates suggest that by 2030, it will hold around 48% of the market.

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Synthetic Rubber Market Regional Analysis

APAC had over 53.15% of the world market for synthetic rubber in 2023. Japan, South Korea, Thailand, Indonesia, China, and India are among the top manufacturers and users of synthetic rubber. China is the world's largest producer of tires, with 898.1 million produced in 2023. Sinopec, Kumho Petrochemical Company Ltd, and Zeon Corporation are the leading key players in APAC.

North American synthetic rubber market was estimated to be worth USD 20.65 billion in 2023 with a CAGR of 4.0% from 2024 to 2030. The demand for synthetic rubber in construction-related applications was influenced by the construction sector, which contributed almost 4.3% of the US GDP in 2023. ExxonMobil, and The Dow Chemical Company are the major key players of the market.

The European market for synthetic rubber was estimated to be worth USD 20.65 billion in 2023. In 2023, Germany will hold the top spot in the European synthetic rubber market with 869.85 million kilograms, followed by Italy (607.01 million kilograms) and France (554.36 million kilograms).

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Synthetic Rubber Market Competitive Landscape

Kumho Petrochemical: In April 2021, along with Kumho P&B Chemicals, Kumho Petrochemical acquired a 48.8% share in Kumhoresort Co., Ltd for 120 billion. In July 2022, Kumho Petrochemical successfully acquired the remaining 50% of JSR Corporation's interest in Kumho Polychem Co., Ltd. for 150 billion.

Saudi Arabian Oil Co. In June 2024, for €7.4 billion, Aramco acquired a 10% ownership investment in Horse Powertrain Limited, a joint venture between the Renault Group and Geely. In July 2024, Aramco acquired a 50% share in Air Products Qudra's subsidiary Blue Hydrogen Industrial Gases Company.

TSRC: In December 2021, For TWD 1.4 billion, Ormosa Petrochemical Corporation purchased a 4.9% share in TSRC Corporation. For US$168 million, TSRC purchased Dexco Polymers, a producer of styrenic block copolymers (SBCs), from ExxonMobil Chemical Company and The Dow Chemical Company.

Conclusion

Technological advancements and sustainable development initiatives in the petrochemical sector are also anticipated to contribute to the steady growth of North America and Europe.

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