Global synthetic rubber market is expected to procure substantial growth between 2017 to 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Synthetic rubber is one of the most efficient products of the rubber industry, mostly as its counterpart (natural rubber) demands chemical enhancement for delivering high-performance products. According to the report, consumption of synthetic rubber has grown significantly in recent years owing to surging rubber demand across a plethora of automotive applications.
Increasing use in motor vehicle tires is largely driving industry growth. Moreover, a boom in global manufacturing industry in the past few years has accelerated rubber demand for non-tire applications, thus bolstering industry size.
Based on product type, synthetic rubbers market is divided into styrene butadiene rubber (SBR), polybutadiene rubber (BR), polyisoprene (PS), and ethylene-propylenediene (EPDM) rubber among others. Of these, styrene butadiene rubber is the largest product segment, as it is used in a wide range of applications owing to its superior mechanical properties.
As per the study, the automotive sector is one of the fastest growing application segments in synthetic rubbers market. Growing emergence of smart electric and hybrid vehicles, and continuous technological advancements have led to increased use of rubber in tire and non-tire applications. Moreover, heavy-duty vehicles have witnessed large scale production, especially across emerging economies.
Additionally, improved standard of living and rise in income level are further boosting the production of automotive vehicles, thereby accelerating synthetic rubber consumption. Trends such as these indicate a long-term growth in the demand for consumer durables worldwide, which will in turn lead to increased demand in overall consumption of goods, thereby expanding synthetic rubber market size in the industrial sector, cites the study.
However, growth in global synthetic rubber market can be subject to production fluctuations. The demand for the rubber products varies according to trends in end-use market and movements in global rubber prices. Although, growth in the synthetic rubber industry can be achieved with well targeted R&D efforts based on economic feasibility in end-use sectors.
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In terms of regional analysis, Asia Pacific holds the largest market share for synthetic rubbers, with China as a major global producer. Rubber market in Central & South America and Eastern Europe are anticipated to accrue considerable growth over the forecast period. Moreover, moderately mature markets of North America and Western Europe are expected to witness stagnating growth in the coming years, cites the report.
The global synthetic rubber industry is a highly competitive sector with high degree of integration across the manufacturing and distribution stages. Some key players in the industry include China National Petroleum Corporation (CNPC), Sinopec, LANXESS, Kumho Petrochemical, Sibur, Trinseo, JSR Corporation, Eastman Chemical Corp., Asahi Kasei Chemical Corp., and Ashland Inc. The company profiles of these industry partakers are mentioned in the report alongside their product benchmarking, business overview, financials, and recent developments.