Top Companies in Synthetic Rubber Market by Size, Share, Historical and Future Data & CAGR
The synthetic Rubber Market is projected to reach USD 56.1 Billion by 2028 at a CAGR of 6.10% over the forecast period.
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Market Overview
The Global Synthetic Rubber Market is valued at USD 39.30 Billion in 2021 and is projected to reach USD 56.1 Billion by 2028 at a CAGR of 6.10% over the forecast period. The automobile industry has seen substantial growth worldwide, encouraging growth. Due to its great abrasion resistance and excellent aging stability, Synthetic Rubber is frequently used in automotive parts like tires, doors, window profiles, belts, and gaskets. Accordingly, the market is growing due to the increased use of styrene-butadiene rubber (SBR) in tire manufacture due to its resistance to alcohol, silicone oil, grease, water, and weak acids. The industry is also being stimulated by several product breakthroughs, such as introducing chemically optimized Synthetic Rubber with custom-made silica that offers improved wear efficacy and rolling resistance while lowering fuel consumption and carbon dioxide emissions.
Positive market expansion is attributed to the rising demand for dimensionally stable and elastically malleable technical products, including roller covers, roof sheeting, conveyor belts, and molded parts. In addition, it is projected that the widespread use of electric vehicles (E.V.s) and the advent of bio-based feedstock for synthetic rubber will further propel the market.
However, the product's hazardous effects prevent its use in various applications. The soot of carbon particles is created during the vulcanization of Synthetic Rubber. It contributes to several environmental issues, such as the acidity of lakes and rivers and smog. Additionally, breathing in soot can cause various major health problems, including bronchitis, asthma, cancer, heart attacks, strokes, respiratory problems, shortness of breath, and early death. These are a few things that might prevent product adoption and slow market expansion.
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Amidst Exponential Growth in Synthetic Rubber Adoption, What Trends Should We Look Forward to?
- The market will expand due to the rising preference for Synthetic Rubber over natural rubber. Its adaptability for usage in locations exposed to chemicals, grease, lubricants, high temperatures, oxidizing agents, and other severe circumstances is credited with causing the demand. Many of these rubber varieties are also flame-resistant.
- The market will develop due to the rising demand from the automotive industry for Synthetic Rubber. Artificial rubber is favored in the automobile sector because of qualities like abrasion and temperature resistance.
- Consumers benefit from the durability, high chemical resistance, and protection from adverse weather conditions that Synthetic Rubber offers when used in footwear. The growing demand from emerging nations is driving up demand on the global market for Synthetic Rubber used in footwear.
- One of the most lucrative potentials for growth in value and volume during the forecast period is the use of Synthetic Rubber in non-tire automotive applications. Its use in car suspension systems, which make up a sizeable portion of other applications like engine mounts and under-the-hood parts like gaskets, valves, hoses, belts, etc., is primarily responsible for the strong demand for this.
The Synthetic Rubber market is dominated by globally established players such as Asahi Kasei Corporation, The Dow Chemical Company, DuPont, LANXESS AG, Exxon Mobil Corporation, Dynasol Elastomers S.A., TSRC Corporation, Versalis S.P.A., Sumitomo Chemical Co. Ltd., KUMHO PETROCHEMICAL, China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec Corporation). These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Synthetic Rubber market.
Let's Look at the Top 5 Companies That are Taking the Synthetic Rubber Market by Storm.
The Synthetic Rubber market is expected to grow from USD 39.30billion in 2021 to USD 56.1billion in 2028as a result of driving factors like rising demand from the rubber industry as a result of the expansion of the use of hydrogenated nitrile butadiene rubber. The production of Synthetic Rubber for the tire industry is also expected to increase. Due to its cost-effectiveness and other durable qualities.
- Asahi Kasei Corporation
Asahi Kaseiaim to standardize and further each of the three companies' business domains (primarily the processing and sales of fiber, chemical products, plastic products, and construction materials), as well as to actively promote new business areas like the production of Synthetic Rubber. This will improve our operations as a trading company.
- Dow Chemical Company
The Chemical Company is a division of Dow Inc. and is a worldwide chemical company with headquarters in Midland, Michigan, in the United States. One of the top three chemical producers in the world is the business. Plastics, chemicals, Synthetic Rubber and agricultural products are all produced by Dow.
- DuPont
Every day, the scientists, engineers, visionaries, and partners of DuPont work to transform ideas into solutions for the actual world that will enable humanity to flourish. Over 25 years have passed since DuPont and ERIKS partnered. High-tech rubber compounds like VitonandKalrezhave been provided and marketed by ERIKS and DuPont Performance Elastomers together.
- Sumitomo Chemical Co. Ltd.
Sumitomo Chemical was founded in 1913 to produce sulfur dioxide-based fertilizers. Additionally, it runs businesses in five industries: Essential Chemicals & Plastics, Energy & Functional Materials, IT-related Chemicals, Health & Crop Sciences, Synthetic Rubbers, and Pharmaceuticals. These businesses offer goods worldwide that support numerous industries and improve people's daily lives.
- China National Petroleum Corporation (CNPC)
The PetroChina Company Limited Petrochemical Research Institute (hereafter referred to as PRI) was established in June 2006 on the foundation of the company's old center for petrochemical and refining technology research. It is the only research organization in China National Petroleum Corporation's downstream that is directly affiliated. The primary areas of focus for PRI include the development of synthetic resin, Synthetic Rubber, and other innovative products, as well as researching and developing methods and catalysts in petrochemical engineering and oil refining.
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