The global synthetic rubber market is experiencing growth, according to P&S Intelligence. This growth can be credited to the growing replacement of automotive tires, the rising requirement for long-lasting rubber, the growing manufacturing capacity of rubber builders and capital expenditure by them, and the rising automotive sector.
Additionally, numerous government steps for financial development, growing personal income, and constant industrialization efforts are driving industry development.
In recent years, the styrene-butadiene rubber (SBR) category, had the largest share in the synthetic rubber industry, and the category is also projected to experience substantial development in the future as well, on the basis of product type.
This can be credited to the cost-efficiency of SBR and its strong abrasion resistance, which brands it extremely useful in sectors like footwear, building and construction, and healthcare.
In the past few years, the tire category led the synthetic rubber market, and the category is projected to be dominant in the future as well. This can be credited to the growing requirement for replacement tires due to the growing sales of two-wheeled and four-wheeled vehicles among the rising populace.
In recent years, in terms of both value and volume, the APAC region dominated the synthetic rubber market, credited to the growing demand for synthetic rubber in the tire and construction sector.
Furthermore, automobile manufacturers are spending in APAC nations to create their production plants, to improve their market existence in the region. The robust emphasis on the growth of new-energy vehicles, to decrease the carbon footprint, is boosting auto manufacturing in China, which will further advance the demand for synthetic rubber during
the forecast period in the region.
Companies in the industry of synthetic rubber are concentrating on joint ventures and purchases to grow progressive items and increase their reach. For example, in 2021, Goodyear Tire and Rubber Company acquired Cooper Tire and Rubber Company.
The deal, esteemed at USD 2.5 billion, would join the two manufacturers in order to fortify
their existence, worldwide. Likewise, in 2019, Sibur Holding PAO and Sinopec Corp. arrived into a joint venture to make nitrile rubber in Russia, to fulfill the local demand.
Hence, the growing replacement of automotive tires, the rising requirement for long-lasting rubber, the growing manufacturing capacity of rubber builders and capital expenditure by them, and the rising automotive sector are the major factors contributing to the growth of the synthetic rubber market.
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