Synthetic Rubber Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2022 - 2027

Report Code: CMR 48561 Report Format: PDF + Excel

Synthetic Rubber Market Overview

Synthetic rubber market size is forecast to reach $81.2 billion by 2027 after growing at a CAGR of 7.6% during 2022-2027. Globally, synthetic rubber is used in a variety of industries across various parts and components. The increasing preference for synthetic rubber over natural rubber due to its superior abrasion resistance and heat resistance is the critical factor estimated to fuel the demand for synthetic rubber products over the forecast period. In addition, the rising usage for styrene butadiene rubber, neoprene, chloroprene, nitrile rubber, and others owing to its versatility and reliability in various applications has raised the industry growth. Also, the presence of large variants of synthetic rubber is driving the need for synthetic rubber in every core industry which is further inclining the growth of the market.

COVID – 19 Impact:

The Covid-19 pandemic situation negatively impacted the growth of the synthetic rubber industry in the year 2020. According to the International Rubber Study Group,  the global total rubber consumption fell by 1.0% in 2019, before plummeting in 2020 as a result of the COVID-19 pandemic. Slower global economic growth in part owing to the escalation of trade conflict between the United States and China, explains much of the 2019 slowdown. Also, the demand for synthetic rubber was particularly low in 2019, owing to unexpectedly slow growth in China and India's passenger car markets. Thus, this declined the demand for synthetic rubber products which dipped the development of the market.

Report Coverage

The report " Synthetic Rubber Market Report – Forecast (2022-2027)" by IndustryARC covers an in-depth analysis of the following segments of the synthetic rubber industry.

By Type: Acrylic Rubber (ACM), Butadiene Rubber (BR), Styrene Butadiene Rubber (SBR), Butyl Rubber (IIR), Ethylene Propylene Diene Monomer (EPDM), Fluoroelastomers (FKM)/ Viton, Isoprene Rubber (IR), Nitrile Rubber (NBR), Polychloroprene (CR)/ Neoprene, Polysulfide Rubber (PSR), Silicone Rubber (SiR), and Others

By Form: Powder, Granule, and Bale

By Application: Roofing, Geomembrane, Tires, Hoses & Gaskets, Cables, Belts, Seals, Adhesives, Anti-Vibration Mounts, and Others

By End-Use Industry: Transportation (Automotive, Aerospace, Marine, and Others), Building and Construction (Residential, Commercial, and Industrial), Medical (Catheters, Tubes, Breathing Bags, and Others), Textile & Apparel, Food & Beverage, and Others

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia and New Zealand, Taiwan, Indonesia, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa) 

Key Takeaways

  • The APAC region dominates the synthetic rubber market due to the rising growth and demand of the automotive sector. For instance, according to the China Association of Automobile Manufacturers car sales were 25.28 million units in 2020, 25.76 million units in 2019, and 28.04 million units in 2018. Automobile sales exceeded 2017-2018 levels in the second half of 2020.
  • An increase in demand for electric vehicles (EVs) is one of the primary factors driving the growth of the market. For instance, according to India's National Investment Promotion and Facilitation Agency electric vehicle demand is expected to rise even more in the near future. By 2026, automobile production is expected to reach $300 billion.
  • In the foreseeable future, the demand for synthetic rubber is expected to rise as a result of its applications in the medical industry for the production of extra flexibility, maximum strength, and greater protection products.  
  • Furthermore, strict regulations associated with synthetic rubber products such as butadiene rubber, styrene butadiene rubber, and others, due to its health major effects will hinder the growth of the market in the forecast period.

Figure: Asia-PAcific Synthetic Rubber Market Revenue, 2021-2027 (US$ Billion)

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Synthetic Rubber Market Segment Analysis – By Type

Ethylene propylene diene monomer (EPDM) held the largest share in the synthetic rubber market and is expected to continue its dominance over the period 2022-2027. EPDM is the most common and useful synthetic rubber type and is used for a variety of applications such as in window and door seals, radiator and heater hoses, O-rings and gaskets, accumulator bladders, diaphragms, wire and cable connectors and insulators, and others. This rubber is extremely heat and oxidation resistant. It can be used indefinitely at temperatures up to 150 degrees. It also has excellent water and moisture resistance. Additionally, EPDM is a roofing material that is used to repair leaks. A pre-measured bottle catalyst is used with liquid EPDM to create a very unique chemical cross link, resulting in a significantly strong bond. As a result of the aforementioned factors the demand for EPDM is increasing,  which is further estimated to increase the growth of the synthetic rubber market throughout the projection period.

Synthetic Rubber Market Segment Analysis – By End-Use Industry

The transportation sector dominated the synthetic rubber market in 2021 and is projected to grow at a CAGR of 8% during 2022-2027. The transportation industry is the largest consumer of synthetic rubber, which is used in the manufacturing of tires. Owing to the toughness, elasticity, and flexibility, synthetic rubber is best suited for producing products that are used in transportation. Increasing investments in the automotive, aerospace, marine, and others, is also estimated to drive the demand for synthetic rubber. In March 2021, through the Aerospace Technology Institute (ATI) Program, UK Business Minister Paul Scully announced a nearly £90 million (US$ 101.4 million) investment in five aerospace projects. Additionally, according to Invest India in the last four years, 118 maritime projects totaling $7.7 billion dollars have been approved. Thus, the rising investments in the transportation sector is further anticipated to drive the market growth.

Synthetic Rubber Market Segment Analysis – By Geography

The Asia-Pacific region dominated the synthetic rubber market with a share of 42% in terms of value in the year 2021. The market in the region is witnessing expansion with increasing investments in several end-use sectors. Also, companies here are offered with lucrative opportunities to increase their production capacity and, in turn, to stimulate market growth. According to the International Rubber Study Group, in 2020 the consumption of synthetic rubber in Asia-Pacific stood 8,500 '000 mt. With 60% of global consumption, Asia Pacific dominates the synthetic rubber industry. Asia Pacific is expected to continue to be the driving force behind global synthetic rubber demand growth, owing to the increasing demand for automobile and tire industries in China, India, and Thailand.

Synthetic Rubber Market Drivers

Rising Shift Towards Eco-Friendly Tires will Drive the Growth of the Market.

Concerns about deteriorating environmental conditions have increased demand for environmentally friendly products such as eco-friendly tires. Tire manufacturers are focusing on developing green and high-performance tyres as a result of stringent regulations in Europe and North America, such as Euro VI and CAFE.  Increasing initiatives by several manufacturer for the development of eco-friendly tires has also driven the demand for synthetic rubber in recent years. For instance, in February 2021, Bridgestone, a global leader in sustainable mobility and advanced solutions, ARLANXEO, a world-leading synthetic rubber producer, and Solvay, a global leader in Highly Dispersible Silica (HDS), both for innovation and manufacturing, announced the launch of TECHSYN, a new, co-developed tyre technology platform that enables tyres to deliver unrivalled strength and environmental performance. Furthermore, in August 2021, Kumho Petrochemical announced that it will use environmentally friendly biosilica extracted from rice bran in its high-performance synthetic rubbers, including S-SBR. When compared to previous silica-based production methods, it claims that this will reduce carbon dioxide emissions by up to 70%. Thus, such initiatives will surge the synthetic rubber products market growth in the upcoming years.

Surging Growth of the Aerospace Sector

Aerospace sector is one of the major end-use industry which is driving the demand for synthetic rubber market. Rubber is particularly important in the aerospace industry, which includes aviation and space flight. Silicone, a type of synthetic rubber, has been used in adhesives, seals, and heat shields. The refinement and development of various types of synthetic rubber has raised the growth of the industry. Thermal insulation, window and door seals, LED lighting and gaskets, vibration dampening, O-rings, and other parts and components all require synthetic rubber. Rising growth of the aerospace sector is anticipated to uplift the demand for synthetic rubber in the upcoming years. For instance, according to Invest India, the Indian civil aviation market will be worth US$900 million in 2021 and will grow to US$4.33 billion by 2025, with a CAGR of about 14%.

Synthetic Rubber Market Challenges

Volatility in Raw Material Prices

One of the major challenges that the synthetic rubber market faces is the price volatility of raw materials. Prices reflect even minor shifts in supply and demand in the synthetic rubber market, which is extremely competitive. Synthetic rubber manufacturers use price and availability of raw materials to determine the cost structure of their products. Because synthetic rubber is made from petroleum byproducts, changes in crude oil prices have a direct impact on synthetic rubber prices. In the global synthetic rubber market, price is a major deciding factor for many end users. As per the International Rubber Study Group, due to the insufficient supply of feedstock BD and strong downstream demand from the passenger car tire sector, styrene butadiene rubber (SBR) Asia prices rose in 2021 from their 2020 average of 1.21 UScent/kg, reaching a four-year high in August.

Synthetic Rubber Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the market. Synthetic Rubber top 10 companies include:

  1. Sinopec
  2. ExxonMobil Corporation
  3. The Dow Chemical Company
  4. Zeon Corporation
  5. Synthos Group
  6. JSR Corporation
  7. LANXESS AG
  8. SABIC 
  9. Denka Company Ltd. 
  10. Asahi Kasei Corporation and others.  

Recent Developments

  • In May 2021 – Synthos Group the world's largest synthetic rubber manufacturer, completed the acquisition of a plant from Trinseo in Schkopau, Germany. The transaction is worth USD 460 million in total. Synthos announced a sustainable development strategy in conjunction with the acquisition, which includes a goal of reducing greenhouse gas emissions by 28% by 2030. 

Relevant Reports:

Report Code: CMR 0149

Report Code: CMR 0356

Report Code: CMR 0265

For more Chemicals and Materials Market reports, please click here

1. Synthetic Rubber Market- Market Overview
    1.1 Definitions and Scope
2. Synthetic Rubber Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Form
    2.3 Key Trends by Application
    2.4 Key Trends by End-Use Industry
    2.5 Key Trends by Geography
3. Synthetic Rubber Market– Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Synthetic Rubber Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Synthetic Rubber Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Synthetic Rubber Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Synthetic Rubber Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Synthetic Rubber Market – By Type (Market Size -US$ Million/Billion)
    8.1 Acrylic Rubber (ACM)
    8.2 Butadiene Rubber (BR)
    8.3 Styrene Butadiene Rubber (SBR)
    8.4 Butyl Rubber (IIR)
    8.5 Ethylene Propylene Diene Monomer (EPDM)
    8.6 Fluoroelastomers (FKM)/ Viton
    8.7 Isoprene Rubber (IR)
    8.8 Nitrile Rubber (NBR)
    8.9 Polychloroprene (CR)/ Neoprene
    8.10 Polysulfide Rubber (PSR)
    8.11 Silicone Rubber (SiR)
    8.12 Others
9. Synthetic Rubber Market – By Form (Market Size -US$ Million/Billion)
    9.1 Powder
    9.2 Granule
    9.3 Bale
10. Synthetic Rubber Market – By Application (Market Size -US$ Million/Billion)
    10.1 Roofing
    10.2 Geomembrane
    10.3 Tires
    10.4 Hoses & Gaskets
    10.5 Cables
    10.6 Belts
    10.7 Seals
    10.8 Adhesives
    10.9 Anti-Vibration Mounts
    10.10 Others
11. Synthetic Rubber Market – By End-Use Industry (Market Size -US$ Million/Billion)
    11.1 Transportation
        11.1.1 Automotive
            11.1.1.1 Passenger Cars
            11.1.1.2 Light Commercial Vehicles
            11.1.1.3 Heavy Commercial Vehicles
        11.1.2 Marine
            11.1.2.1 Cargo
            11.1.2.2 Supply Vessel
            11.1.2.3 Others
        11.1.3 Aerospace
            11.1.3.1 Commercial
            11.1.3.2 Military
            11.1.3.3 Others
        11.1.4 Others
    11.2 Building and Construction
        11.2.1 Residential
        11.2.2 Commercial
        11.2.3 Industrial
    11.3 Medical
        11.3.1 Catheters
        11.3.2 Tubes
        11.3.3 Breathing Bags
        11.3.4 Others
    11.4 Textile & Apparel
    11.5 Food & Beverage
    11.6 Others
12. Synthetic Rubber Market -By Geography (Market Size -US$ Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zealand
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Synthetic Rubber Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Synthetic Rubber Market – Industry/Segment Competition Landscape Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level – Major companies
    14.3 Market Share by Key Region – Major companies
    14.4 Market Share by Key Country – Major companies
    14.5 Market Share by Key Application – Major companies
    14.6 Market Share by Key Product Type/Product category – Major companies
15. Synthetic Rubber Market – Key Company List by Country Premium Premium
16. Synthetic Rubber Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global MARKET SEGMENTATION Market 2019-2024 ($M)
2.Global COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
2.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Global Industry Research
3.Global MARKET SEGMENTATION Market 2019-2024 (Volume/Units)
4.Global COMPETITIVE LANDSCAPE Market 2019-2024 (Volume/Units)
4.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America MARKET SEGMENTATION Market 2019-2024 ($M)
6.North America COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
6.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
7.South America MARKET SEGMENTATION Market 2019-2024 ($M)
8.South America COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
8.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
9.Europe MARKET SEGMENTATION Market 2019-2024 ($M)
10.Europe COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
10.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
11.APAC MARKET SEGMENTATION Market 2019-2024 ($M)
12.APAC COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
12.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
13.MENA MARKET SEGMENTATION Market 2019-2024 ($M)
14.MENA COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
14.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Synthetic Rubber Market Revenue, 2019-2024 ($M)
2.Canada Synthetic Rubber Market Revenue, 2019-2024 ($M)
3.Mexico Synthetic Rubber Market Revenue, 2019-2024 ($M)
4.Brazil Synthetic Rubber Market Revenue, 2019-2024 ($M)
5.Argentina Synthetic Rubber Market Revenue, 2019-2024 ($M)
6.Peru Synthetic Rubber Market Revenue, 2019-2024 ($M)
7.Colombia Synthetic Rubber Market Revenue, 2019-2024 ($M)
8.Chile Synthetic Rubber Market Revenue, 2019-2024 ($M)
9.Rest of South America Synthetic Rubber Market Revenue, 2019-2024 ($M)
10.UK Synthetic Rubber Market Revenue, 2019-2024 ($M)
11.Germany Synthetic Rubber Market Revenue, 2019-2024 ($M)
12.France Synthetic Rubber Market Revenue, 2019-2024 ($M)
13.Italy Synthetic Rubber Market Revenue, 2019-2024 ($M)
14.Spain Synthetic Rubber Market Revenue, 2019-2024 ($M)
15.Rest of Europe Synthetic Rubber Market Revenue, 2019-2024 ($M)
16.China Synthetic Rubber Market Revenue, 2019-2024 ($M)
17.India Synthetic Rubber Market Revenue, 2019-2024 ($M)
18.Japan Synthetic Rubber Market Revenue, 2019-2024 ($M)
19.South Korea Synthetic Rubber Market Revenue, 2019-2024 ($M)
20.South Africa Synthetic Rubber Market Revenue, 2019-2024 ($M)
21.North America Synthetic Rubber By Application
22.South America Synthetic Rubber By Application
23.Europe Synthetic Rubber By Application
24.APAC Synthetic Rubber By Application
25.MENA Synthetic Rubber By Application