As per MRFR Analysis, some of the prominent market factors and trends identified in the Global Synthetic Rubber Market include rapid urbanization, growing demand for durable rubber, and continuous growth of automotive & transportation sector.
— Synthetic Rubber Market Benefits from Rising Demand from Construction Sector.Vendors to Raise Funds for R&D, Boosting Synthetic Rubber Market.
Market Research Future (MRFR) predicts that the global synthetic rubber market could achieve a healthy growth rate during the forecast period (2016-2023).
Market Drivers and Top Challenges:
Synthetic rubber is recognized as a highly competitive but fragmented market that is choc-o-bloc with large, medium, and small vendors. To handle such a cutthroat environment, deep-pocketed companies are striving to raise spends on research and development in a bid to develop upgraded products. These companies also bank on an agile supply chain as well as proactive marketing and advertising. With the aim to expand their market reach, these companies attempt to foray into highly developed markets backed by carefully-considered strategies.
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Besides, surging cost of natural rubbers on account of their dwindling plantations around the world provides tailwinds to the global market. In light of the mounting demand from the construction and automobiles sector, manufacturers are bringing down the cost of synthetic rubbers. This strategy augments market demand across the globe.
A trend gaining traction within the market is growing acceptance of green tires. Almost 5-10 gallons of petroleum is used for manufacturing a single tire. Therefore, the trend of green tires is fast catching up in the market, owing to their rolling resistance, which is usually achieved with the use of special rubber formulations. Close to 86% of the tire's ecological effect depends on how it influences fuel consumption. Green tires lead to enhanced performance with respect to mileage, rolling resistance, noise emissions, and road grip. This could be a growth-inducing trend in the worldwide market.
The global synthetic rubber market has been segmented on the basis of type and end-use industry.
Depending on the type, the market is considered for styrene-butadiene, nitrile, and butadiene Rubber, ethylene propylene diene monomers, styrenic block copolymer, and others. Other types are IR, IIR, and CR.
The end-users in the market include construction, automotive & transportation, industrial, footwear, and others.
The geographical distribution of the synthetic rubber market has been considered for Europe, Latin America, Asia Pacific, Middle East & Africa, and North America.
With backing from expanding countries like India and China, Asia Pacific has secured the top position in the global synthetic rubber market. Malaysia is touted to be another significant consumer of rubber in response to the increasing sales of automobiles. The burgeoning construction sector, along with rising infrastructure, is expected to stimulate market growth. Also, soaring demand for green tires benefits the market as well.
North America could observe moderate growth in the synthetic rubber market owing to the resurgence of industrial sector. Also, massive investments to revitalize the industrial sector encourages market growth. The United States (U.S.) leads the market, with Canada following suit. These countries are projected to note substantial growth owing to continuous expansion of footwear industry.
Countries in Latin America, such as Brazil, Mexico, Peru, Colombia, Argentina, and Guatemala, are also estimated to have an average growth in the coming years. This could be on account of surging expenditure on passenger cars as well as commercial vehicles. Furthermore, mounting air traffic in developing countries like China, Brazil, Malaysia, Vietnam, and India has led to accelerated demand for tires, providing a boost to the market growth.
Interestingly, Middle East & Africa could note considerable growth during the appraisal period. The high adoption rate in diverse application in the region is expected to stimulate market growth in the subsequent years.
ExxonMobil (U.S.), Sumitomo Chemical Co., Ltd. (Japan), JSR Corporation (Japan), LANXESS (Germany), The Dow Chemical Company (U.S.), Versalis S.p.A. (Italy), Asahi Kasei Corporation (Japan), Kumho Petrochemical (South Korea), ZEON Corporation (Japan), LGChem (SouthKorea), are some of the top players in the worldwide synthetic rubber market.
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First Mats recently developed the CaterStep red nitrile anti-fatigue mat, which can be used in commercial kitchens. It is red, which could help users to differentiate between the nitrile mat and black natural rubber mats that are not generally compatible with oil.
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