Market Overview:
Synthetic Rubber is classified as elastic polymer from which
rubber is obtained and manufactured on the basis of petrochemical raw material.
It is mostly used with natural rubbers as a single polymer or in mixture and is
majorly produced synthetically by polymerization. It is predominantly used as
the main constituent of the tires used on automobiles, airplanes, and bicycles.
It finds a wide application scope in numerous end use industries such as
footwear, industrial, construction, automotive & transportation, and
others.
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Some of the important factors that positively influence the
growth of the Synthetic Rubber Market are increasing per capita disposable
income, rising demand for lightweight footwear, and growing construction
industry. Rapid urbanization combined with rising per capita disposable income
in various countries across the globe is estimated to drive the growth of the
market during the forecast period. Moreover, rising demand for durable as well
as oil resistant rubber and increasing investment in construction activities is
likely to propel the market growth over the estimated period, 2016 to 2023.
Competitive Analysis:
The major
players operating in the Synthetic Rubber Market are LANXESS (Germany), The Dow
Chemical Company (U.S.), Versalis S.p.A. (Italy), Kumho
Petrochemical (South Korea), JSR Corporation (Japan), LGChem (SouthKorea),
Exxonmobil (U.S.), Asahi Kasei Corporation (Japan), Sumitomo Chemical Co., Ltd.
(Japan), ZEONCorporation (Japan) among others.
Market Segmentation:
The Global Synthetic Rubber
Market is segmented into type, end use, and region. On the basis of
region, the market is segmented into SBR, NBR, BR, EPDM, SBC, others. Other
type include IR, IIR, and CR. Among them, SBR is the extensively used type of
Synthetic Rubber in large quantities in automobile and heavy vehicle truck
tires, on account of its abrasion resistant as well as heat resistant
qualities. Moreover, SBR possess low temperature flexibility, excellent water
resistance, and heat aging properties and can be utilized for bonded to a wide
range of materials. SBR accounted for the largest market share among other type
segment because of it usage in the manufacturing of tubes, gaskets, conveyor
belt covers, lining rubber, hoses, belts, tires, and seals. SBR is followed by
BR and SBC. Polybutadiene rubber (BR) is predicted to witness healthy growth
during the forecast period on account of its wide utilization in end use
industries such as building & construction as well as footwear. On the
basis of end use, the market is classified into construction, automotive &
transportation, industrial, footwear, and others. Among them, automotive &
transportation account for the largest end use segment followed by
construction. Increasing automotive production & sales along with increasing
purchasing power of consumer is predicted to fuel the segment. Moreover,
increasing construction activities including residential and commercial is
predicted to drive the construction segment with healthy CAGR.
Regional Analysis:
Asia Pacific is expected to be the largest market for Synthetic
Rubber followed by Europe and North America on account of increasing demand
from numerous end use industries such as building & construction and
automobile & transportation among others. Emerging
countries of Asia Pacific such as China, India, Thailand, Japan, and South
Korea are the fastest growing market for synthetic rubber, and is predicted to
grow with the same pace in the near future. In Asia Pacific, some of the
driving factors for market growth are strong economic growth rate, competitive
manufacturing costs, and availability of inexpensive raw material. Europe
Synthetic Rubber Market is estimated to witness a steady growth due to
continuous growth of footwear industry. North America is expected to witness a
substantial growth during the assessment period on account of rising demand for
Synthetic Rubber in construction industry. The Middle East & African
countries is estimated to witness strong market growth due to increasing
building & construction activities. In Latin America market growth is
majorly due to expansion of automotive sector.
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