The global synthetic rubber market reached a value of US$ 30.64 billion in 2021. Looking forward, the market is projected to reach a value of US$ 38.51 billion by 2027, exhibiting a CAGR of 3.70% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use industries. These insights are included in the report as a major market contributor.
Synthetic rubber is a man-made rubber, or an artificial elastomer, produced from various petroleum-based monomers. It is synthesized from raw materials, such as oil, coal, natural gas and acetylene. Ethylene propylene diene, polyisoprene, polybutadiene, styrene-butadiene and isobutylene isoprene are some of the commonly used synthetic rubbers.
It is widely used in belts, hoses, seals, floor coverings, tires, footwear and conveyor belts. As compared to natural rubber, synthetic rubber exhibits better elasticity, toughness, flexibility at low temperatures, adhesiveness, resistance to water, heat, alkalis, acids, abrasion, grease and oil. It also provides high resilience, good tensile strength, durability, and tear resistance.
Synthetic Rubber Market Trends
The significant expansion in the automotive industry across the globe is creating a positive outlook for the market growth. Synthetic rubber is widely used in vehicle components, such as tires, doors, window profiles, belts and gaskets, owing to its good ageing stability and high abrasion resistance.
In line with this, the widespread utilization of styrene-butadiene rubber (SBR) for the manufacturing of tires due to its resistance with alcohol, silicone oil, grease, water and weak acids is favoring the market growth. Moreover, various product innovations, such as the introduction of chemically optimized synthetic rubber with tailor-made silica that provides enhanced wear efficacy and rolling resistance, while reducing fuel consumption and carbon dioxide emissions, are providing an impetus to the market growth.
Additionally, the increasing product demand in dimensionally stable and elastically malleable technical products, such as roller coverings, roof sheeting, conveyor belts and molded parts, is positively impacting the market growth. Apart from this, the widespread adoption of electric vehicles (EVs) and the introduction of bio-based feedstock for synthetic rubber are anticipated to drive the market further. - businesswire.com-