Synthetic Rubber Market worth US$ 45,767.1 Mn by 2023
Rubber manufacturers holding stakes in the synthetic rubber market have been benefitting from the industrial demands to bridge the gap arising due to insufficient availability of natural rubber. Players are increasingly leveraging the cost-effectiveness and customizable properties of synthetic rubber to gain a foothold in the market. Most importantly, chemical companies have been able to tap new avenues in the rubber industry by leveraging chemical processes that enhance the properties of the elastomer.
Players Focusing on Product Innovation Aim at Enhancing Properties
Product innovation forms as one of the key strategies to consolidate positions in the synthetic rubber market. To this end, they are spending copiously on research with the objective of improving the characteristics of tensile strength, flame retardant, abrasion resistance and aging resistance. This has helped top players meet rising demands from key end-use industries such as automotive, notably in making tires. A case in point is the use of nitrile butadiene rubber (NBR) in automotive applications. Interestingly, the overall demands for NBR from various other industries are likely to challenge the dominant share held by styrene butadiene rubber (SBR). The latter has stayed ahead of the pack due to the widespread applications in general-purpose applications, such as in automobiles and tires of commercial vehicles.
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Some of the top players striving to consolidate their shares in the global synthetic rubber market are Sumitomo Chemical Co., DuPont de Nemours, Inc., DuPont, and Asahi Kasei Corporation.
Over the years, non-tire applications have contributed to the sizable consumption of the synthetic rubber market. The global market is projected to clock a CAGR of 5.1% from 2015 to 2023. By the period-end, the opportunities are expected to be worth US$45,767.1 million.
The synthetic rubber market has evolved increasingly from the demands that are arising from the global deficit of natural rubber in numerous applications, notably including industrial goods, footwear, asphalt overlay, and adhesives. The major demand by far has come from the tires industry. Tellingly, large strides that had been made by the automobile industry in past few years have helped the synthetic rubber market to expand considerably.
Rising Prices Make Difficult for Manufacturers to Substitute Natural Rubber
Compelling business proposition for the demands for synthetic rubber is centered on the flexibility of properties possible with the artificial elastomer than with natural one. This freedom that the chemical companies has been leveraging has spurred a wide cross-section of applications of synthetic rubber in industries.
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A prominent share of the overall demands in the synthetic rubber market comes from its use in making inexpensive construction materials with various characteristics. Hence, a large impetus has come from emerging economies that in recent years have seen a proliferation in infrastructure development. Thus, consumption in the Asia Pacific synthetic rubber market is rising at a rapid pace.
However, since synthetic rubber is a crude oil derivative, its cost of production depends on several factors, making demands uncertain. In recent years, emerging markets have seen surge in prices of synthetic rubber, thereby dampening the market. Nevertheless, new avenues for players will come from the use of environmentally friendly ways of producing products.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Synthetic Rubber (Product – Styrene Butadiene Rubber (SBR), Polybutadiene (BR), Ethylene Propylene Diene Terpolymer (EPDM), Nitrile Butadiene Rubber (NBR), IIR, CR, TPR and ABS; End User – Tires, Industrial Goods, and Footwear ) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023.”
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