Synthetic Rubber Market - Unstable Prices of Natural Rubber Incites Growth By 2023

The global synthetic rubber market displays a high degree of competition and going forward the scenario is expected to remain the same, says a new report by Transparency Market Research (TMR). Several companies in the rubber market are switching from natural rubber to synthetic rubber due to the high prices of the former to attain sustainable growth. According to the report, emerging economies are the focus of top companies in the synthetic rubber market. A TMR analyst fids out “China displays a strong demand for synthetic rubber as tire factories are stocking up to cater to the demand for tire replacement in the near future.

The global synthetic rubber market stood at US$29,121.2 mn in 2014 and is expected to reach US$45,767.1 mn by 2023. This will translate into a CAGR of 5.1% between 2015 and 2023.

Booming Automotive Industry in Asia Pacific Propels Growth

Styrene butadiene rubber stood as the leading product segment accounting for more than 30% of the market in 2014. Styrene butadiene rubber (SBR) is a copolymer of styrene and is approximately present in 3:1 proportion by weight. SBR offers several advantages in terms of better processability, abrasion resistance, and heat aging. SBR is predominantly used in the manufacture of car tires in combination with natural rubber. Conveyor belts, hoses, footwear, gaskets, and adhesives are other applications of SBR.

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However, nitrile butadiene rubber is expected to the fastest growing product segment in this market over the forecast horizon. The growth of nitrile butadiene rubber product segment is attributed to its rising demand in automotive applications.

The global synthetic rubber market is divided by end use into tires, footwear, industrial goods, adhesives, and asphalt overlay. In 2014, tires stood as the leading end-use segment with a share of more than 50% in the overall market. Tires is expected to display the fastest growth rate among other end-use segments at a CAGR of 4.3% between 2015 and 2023.

Amongst all regional segments, Asia Pacific is currently the leading market for synthetic rubber. The region is expected to display a progressive growth and retain its lead position until the end of the forecast period. The flourishing automotive industry in the region is one of the leading end-use industries for synthetic rubber. Moreover, economic growth in China, India, and ASEAN region leading to substantial rise in consumption of synthetic rubber is also anticipated to pump up the growth of this market in the near future. With the increasing popularity of green tires, the synthetic rubber market in Asia Pacific is expected to receive further boost.

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The Middle East and Africa regional market is expected to display moderate growth over the forecast period. The rapid growth of the construction industry in the region has been indirectly benefitting the synthetic rubber market. North America is expected to exhibit steady growth post recovery from the economic slowdown of 2007. Moreover, significant growth in the automotive and construction sectors are expected to contribute to the growth of North America synthetic rubber market.

Increasing Vehicle Production Spurs Demand

The increasing demand for synthetic rubber from the automotive industry is the major factor boosting the growth of synthetic rubber market. The increasing number of cars and commercial vehicles across the world is anticipated to accelerate the market’s growth over the forecast period.

However, substitution of synthetic rubber with natural rubber is expected to challenge the market’s growth.

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