According to a research report titled ‘Synthetic Rubber Market Share, Size, Trends, Industry Analysis Report By Product Type, By Application By Regions, Segments & Forecast, 2019 – 2026’, available with Market Study Report, global synthetic rubber market valuation is expected to reach USD 46.7 billion by the year 2026.
 

According to the report, synthetic rubber is the most sought-after product in the industry. A substantial rise in manufacturing activity during the past five years has boosted the product demand. Another factor responsible for global synthetic rubber market expansion is the continuous research & development which determines economic feasibility of end products.
 

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Moreover, escalating demand for automobile applications is facilitating market growth. Rapid emergence of hybrid and electric vehicles has upheld the industry momentum for both tire, and non-tire applications. Adoption of heavy duty automobiles in developing countries is acting as a precursor for global synthetic rubber market remuneration.
 

Growth in the automobile and tire industry reflects increased disposable income levels of consumers. An overall boost in the consumption of end products symbolizes increased usage of synthetic rubber in the manufacturing sector.
 

However, the demand for synthetic rubber is cyclic in nature. It moves in accordance with demand for end-products and global price levels.
 

By application ambit, global synthetic rubber market is categorized into tire & tire components, non-tire automobile applications, industrial goods, footwear, and a few others. Tire & tire components segment is slated to gain substantial traction in the coming years, owing to necessary periodic replacement in motor vehicles.
 

Moving on to product type, the industry is arrayed into styrene butadiene rubber (SBR), ethylene propylene diene monomer (EPDM), isoprene rubber (IR), and polybutadiene rubber (PBR). The report cites that styrene butadiene rubber (SBR) is segment is poised to grow significantly through 2026, owing to its unmatched mechanical properties.
 

On the regional front, Asia Pacific synthetic rubber industry is expected to record the highest growth rate over 2019-2026, with China as a major contributor. While South America and Eastern Europe are also projected to showcase remarkable growth during the forecast period. On the other hand, regions like North America and Western Europe will see diminishing returns. Mexico, Brazil, Argentina, Saudi Arabia, South Africa and UAE are lucrative avenues for industry players.
 

Key players in the worldwide synthetic rubber industry are Sinopec (China Petroleum & Chemical Corporation), Eastman Chemical Company, China National Petroleum Corporation (CNPC), Kumho Petrochemical Co. Ltd., SIBUR, JSR Corporation., Asahi Kasei Corporation, Lanxess AG, and Ashland Global Specialty Chemicals Inc.