Synthetic Rubber Market is Expected to Reach US$ 45,767.1 Mn by 2023

2024-11-04 11:44:58 News & Society

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Synthetic Rubber (SBR, BR, EPDM, NBR, and Others) Market for Tires, Industrial Goods, Footwear, and Other End-users - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.

Transparency Market Research (www.transparencymarketresearch.com) has released a new market report titled ?Synthetic Rubber Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023.? According to the report, the global synthetic rubber market was valued at US$ 29,121.2 Mn in 2014 and is anticipated to reach US$ 45,767.1 Mn by 2023, expanding at a CAGR of 5.1% from 2015 to 2023.

Synthetic rubbers are principally considered as an alternative to natural rubber. Strong emergence of synthetic rubbers in the global rubber market can be chiefly attributed to several interconnected factors. One of the major factors that compelled rubber consumers to shift from natural rubber to synthetic rubber is extremely instable prices of natural rubber. Prevalence of price volatility in the natural rubber market is primarily caused by issues such as inconsistent supply due to fluctuations in raw material obtainability, geographic constraints on rubber plantations, long transport distances, and rapidly rising demand for rubber across the globe. This changing dynamics of the global rubber market has resulted in growing demand for synthetic rubber. This, in turn, is helping industrial consumers of rubber to accomplish cost benefit and raised profit margins.

Browse the full Synthetic Rubber (SBR, BR, EPDM, NBR, and Others) Market Report @ :
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Styrene butadiene rubber (SBR) was the largest product segment of the synthetic rubber market, accounting for more than 30% share in 2014. SBR is a copolymer consisting of styrene and butadiene in the approximate proportion of 3:1 by weight. SBR offers better processability, heat aging, and abrasion resistance. SBR is primarily used in the manufacture of car tires, where these may be blended with natural rubber. Other applications of SBR include conveyor belts, gaskets, hoses, floor tiles, footwear, and adhesives. In terms of growth rate, nitrile butadiene rubber (NBR) is projected to be the fastest growing product segment of the synthetic rubber market during the forecast period. Growth of nitrile butadiene rubber (NBR) can be primarily ascribed to rising demand for NBR in automotive applications.

Tires was the largest end-user segment of the synthetic rubber market, accounting for more than 50% share in 2014. It is expected to be the fastest growing end-user segment, expanding at a CAGR of 4.3% from 2015 to 2023. Increasing demand for tires, especially green tires, primarily owing to excellent performance and tire labelling regulations is likely to drive the demand for synthetic rubber in the tires segment.

Browse the full Synthetic Rubber (SBR, BR, EPDM, NBR, and Others) Market Press Release @ :
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Key players operating in the synthetic rubber market include LANXESS AG, China Petroleum & Chemical Corporation (Sinopec Corporation), China National Petroleum Corporation (CNPC), KUMHO PETROCHEMICAL.

The report segments the global synthetic rubber market as:

Synthetic Rubber Market: Product Segment Analysis
? Styrene Butadiene Rubber (SBR)
? Polybutadiene (BR)
? Ethylene‐propylene (EPDM)
? Nitrile Butadiene Rubber (NBR)
? Others (IIR, CR, TPR, ABS, etc.)
Synthetic Rubber Market: End-user Segment Analysis
? Tires
? Industrial goods
? Footwear
? Others (adhesives, asphalt overlay, etc.)
Synthetic Rubber Market: Regional Analysis
? North America
o U.S.
o Rest of North America
? Europe
o France
o U.K.
o Spain
o Germany
o Italy
o Turkey
o Rest of Europe
? Asia Pacific
o China
o Japan
o ASEAN
o Rest of Asia Pacific
? Latin America
o Brazil
o Rest of Latin America
? Middle East & Africa (MEA)
o GCC
o South Africa
o Rest of MEA

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The report provides the estimated market size of synthetic rubber for 2015 and forecast for the next eight years. The global market size of synthetic rubber is provided in terms of both volume as well as revenue. Market volume is defined in kilo tons, while market revenue is in US$ Mn. Market numbers are estimated based on key product segments and end-user segments of synthetic rubber. Market size and forecast for each major product and end-user is provided in terms of global and regional markets.

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