Synthetic rubber is produced by the
polymerization of petroleum-derived monomers. Most synthetic rubbers are made
up of two or more monomers and hence have the desired superior properties.
There are over 200 varieties of synthetic rubber available. The most consumed
forms of synthetic rubber include butadiene rubber (BR), acrylonitrile
butadiene rubber (NBR), styrene butadiene rubber (SBR) and ethylene propylene
diene monomer (EPDM). Synthetic rubber has been replacing natural rubber (NR)
in a variety of applications due to its inherent advantages in terms of its
stability and physical properties. Moreover, the supply of natural rubber is
weakening, which makes prices highly volatile. In light of this situation, it
is imperative that an alternate source to NR is developed and this comes about
in the form of natural rubber.
China is the world’s largest
producer and consumer of synthetic rubber owing to large production plants for
tire and other products. The U.S., Japan, Korea, and Germany follow China in
terms of consumption. Among the various applications, tire manufacturing is the
largest consumer of synthetic rubber. However, there has been increasing use of
synthetic rubber in footwear and construction. The geographical segmentation of
the market includes North America, Latin America, Europe, Asia-Pacific, and
MENA.
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The substantial growth in the market
is primarily due to the growth of the automotive industry and the growing
demand for tires. Moreover, the growing disposable income levels have further
boosted the demand for other applications like footwear and construction. Also,
natural rubber has created big crossover opportunities for the development of
the synthetic market. Being petroleum derived, synthetic rubber
experiences similar price volatility as its raw materials like naphtha,
ethylene and benzene. In addition to this, the environmental concerns about
crude oil and its derivative could hamper the development of the market.
China is expected to drive the
demand for synthetic rubber due to its vast product manufacturing facilities.
Furthermore, China has the world’s largest automotive industry and is expected
to maintain its position over the next six years. The demand for high
performance tires due to the labeling regulations in countries like Japan,
Korea, and EU has led to the growth in Solution-SBR (S-SBR) demand. S-SBR is
expected to gain a substantial market share over the next six years. Lanxess is
the world’s largest manufacturer of synthetic rubber and has over 30 production
sites across the world. Some other major players in the market include Dow
Chemicals, Sinopec, Versalis, Asahi Kasei, and Synthos S.A among others.
This research report analyzes this
market depending on its market segments, major geographies, and current market
trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive
analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of
current trends in the market, industry growth drivers, and restraints. It
provides market projections for the coming years. It includes analysis of
recent developments in technology, Porter’s five force model analysis and
detailed profiles of top industry players. The report also includes a review of
micro and macro factors essential for the existing market players and new
entrants along with detailed value chain analysis.
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