Synthetic Rubber And Fibers Industry to See Robust Expansion, Valued at $310.72 Billion by 2029

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What Is the Projected CAGR for the Synthetic Rubber And Fibers Market from 2024 to 2025?
The market for synthetic rubber and fibers has been gradually expanding over the years. Starting from $249.93 billion in 2024, it is projected to expand to $258.57 billion in 2025, indicating a compound annual growth rate (CAGR) of 3.5%. The historical growth of this market has been influenced by factors like the growth of the automotive industry, consumer goods manufacture, the progress in infrastructure, industrialization, as well as the need for synthetic rubber for various applications such as roofing and seals.

What are the Expected Market Size and CAGR for Synthetic Rubber And Fibers by 2029?
In the coming years, a stable expansion is predicted for the synthetic rubber and fibers market. Projected to reach a value of $310.72 billion in 2029, the market's compound annual growth rate (CAGR) is set at 4.7%. This upswing in the estimated period can be tied to factors such as sustainable materials, progressive manufacturing techniques, increasing use of electric vehicles (evs), a circular economy approach, as well as health and wellness trends. High-performance tire materials, intelligent and functional textiles, biodegradable polymers, non-pneumatic tires, customized and specialty polymers are the major trends expected to dominate the forecast period.

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Which Factors Are Driving the Global Synthetic Rubber And Fibers Market Expansion?
The growth of the market in this span is anticipated to be continually propelled by technology. Sectors involving technology, including this one, reaped advantages from this trend throughout this phase. Case in point, the rise of technologies such as Green Tires, which accounts for 20-30% of a vehicle's fuel consumption based on tire performance, occurred during this era. These eco-friendly tires provide a wet grip, durability, and minimal rolling resistance, consequently cutting fuel consumption by 5-7%. As a result, the market growth was facilitated by technological innovations that led to enhanced performance and lesser fuel consumption.

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Which Segment Currently Holds the Largest Share of the Synthetic Rubber And Fibers Market?
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

Which Major Trends Are Shaping the Future of the Synthetic Rubber And Fibers Industry?
Numerous producers have begun favoring synthetic rubber over natural rubber due to declining crude oil prices, which have resulted in reduced costs. Compared to a year ago, synthetic rubber prices in Europe fell by 15%, and in the USA, they dipped by 5% in the second quarter. Throughout the period under review, synthetic rubber was a more economical and stable supply than natural rubber. Current estimates suggest that European manufacturers now incorporate 60% of synthetic rubber and 40% of natural rubber in their rubber-related product fabrication. As per a Rubber World report, it is speculated that by 2024, the worldwide synthetic rubber market will hit 21.2 million metric tons.

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Which Key Players Dominate the Synthetic Rubber And Fibers Industry Globally?
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 Fastest-Growing Regions in the Synthetic Rubber And Fibers Market?
Asia-Pacific was the largest region in the synthetic rubber and fibers market in 2024. 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.

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