Synthetic Rubber Market Growth is Driven by Expansion of Product Portfolio and Innovations [2017-2022]

Synthetic Rubber Market is estimated to be USD 28.88 Billion in 2017 and is projected to reach USD 37.82 Billion by 2022, registering a CAGR of 5.5% between 2017 and 2022. Rising use of synthetic rubbers in the tire and non-tire automotive applications, growing trend of using synthetic rubbers in automotive to reduce the weight of vehicles for fuel efficiency, and increasing demand from Asia Pacific are the major factors expected to drive the global synthetic rubber market.

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Tire - Fastest-growing application segment

The consumption of synthetic rubber in the tire application is growing due to the rising demand for automobiles in developing countries. The exponential growth of the automotive industry in China has supported the growth of the country’s tire industry. The rapidly growing automotive and transportation industries in countries like China and India are expected to propel the growth of the tire industry in APAC. The synthetic rubber type used to manufacture tires is the SBR. SBR is a cost-effective alternative to natural rubber, with better abrasion resistance and inherent hysteresis.

LANXESS (Germany), Sinopec (China), The Goodyear Tire and Rubber Company (US), Kumho Petrochemical (South Korea), TSRC Corporation (Taiwan), Nizhnekamskneftekhim (Russia), JSR Corporation (Japan), LG Chem (South Korea), Versalis S.p.A. (Italy), and ZEON Corporation (Japan) are key companies operating in Synthetic Rubber Market.

Growth Drivers:

• Increasing Demand from the Tire Industry

• Growing Demand in APAC

• Growing Demand for High-Performance and Eco-Friendly Tires

Asia Pacific - Largest Market 

Asia Pacific is estimated to be the largest market for synthetic rubber in 2017 and is also projected to register the highest CAGR during the forecast period. China is expected to account for the largest share of the Asia Pacific synthetic rubber market till 2022 and is also expected to be the fastest-growing market for synthetic rubber.