New York
City, 24 January 2019: The Report Synthetic Rubber Market is the most
efficient product of the rubber industry as its counterpart, natural rubber
requires chemical enhancement for delivering high-performance. Synthetic rubber
consumption has grown on account of growing rubber demand in the different
automobile applications. The largest market in the application sector of the
synthetic rubber is driven by the replacement of motor vehicle tires. Moreover,
a pick up in the global manufacturing activity in the past five years has
spurred rubber demand in non-tire applications as well.
Different
types of synthetic rubbers are available in the market and are used as per the
application types. Some of these synthetic rubber products include styrene
butadiene rubber (SBR), polyisoprene (PS), ethylene-propylenediene rubber
(EPDM), polybutadiene rubber (BR), and few others. Styrene butadiene rubber is
the largest type of synthetic rubber consumed in different types of
applications on account of its excellent mechanical properties.
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Automotive
is one of the fastest growing application segments for the market. The
emergence of smart electric hybrid vehicles is continuously brimming with
technology and has witnessed rapid growth rate as it’s an energy-efficient
alternative. Such energy-efficient automotive have led to increased use of
rubber in the tire and non-tire applications of the consumer vehicles.
Heavy-duty vehicles have also witnessed large manufacturing, especially in the
emerging nations.
Growth in
the income level of consumers and improved standard of living is also a mega
trend that has led to increased manufacturing of vehicles and thus increased
consumption of synthetic rubber. Such trends indicate a long-term sustainable
growth in the demand for consumer durables globally. This in turn will lead to
increased demand in the overall consumption of good, and thus increased
utilization of synthetic rubber in the industrial sector.
The global
synthetic rubber market is is cyclic in nature with production fluctuations.
The demand for the rubber products fluctuates based on the trends in the
end-use market and movement of global rubber prices. Moreover, development in
the synthetic rubber industry has been based on well targeted R&D efforts
with research based on economic viability through end-use sectors.
Competitive Landscape and Key Vendors:
Asia Pacific
is the largest regional segment for the synthetic rubbers with China as the
major producer globally. Rubber market in Eastern Europe and Central &
South America are also anticipated to witness considerable growth during the
forecast period. North America and Western Europe are moderately mature markets
for synthetic rubber and are expected to witness stagnating growth rates.
The global
synthetic rubber industry is moderately fragmented and highly competitive along
with the high degree of integration across the manufacturing and distribution
stage. Some of the major synthetic rubber market players include Sinopec,
LANXESS, China National Petroleum Corporation (CNPC), Kumho Petrochemical,
Sibur, JSR Corporation, Trinseo, Eastman Chemical Corporation, Asahi Kasei
Chemical Corporation, and Ashland Inc.
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