Synthetic rubber is any artificial elastomer produced in factories using various catalysts in the process. Synthetic rubber is usually derived from additional polymers of polyene monomers and, unless the synthetic rubber is disclosed as a polysulfide rubber, laminates containing such a layer will be classified with different polymers. Synthetic rubber is artificially prepared by humans and has wide applications in daily life and industry. Our modern society is massively dependent on the use of synthetic rubber. Products made from synthetic rubber are widely used everywhere, such as, at work, at home, different modes of transportation, including bikes, cars, trains, and aircraft, etc. Likewise, the industrial sector uses rubber to make gaskets, hoses, and belts. The benefits of using synthetic rubber in modern industries stem from its excellent weathering qualities. Synthetic rubber is resistant to oxygen, solvents, oils, and certain other chemicals. Also, synthetic rubber doesn’t lose its flexibility when exposed to a wide range of temperatures.
The global synthetic rubber market size was valued at USD 18.1 million in 2019 and projected to reach USD 23.2 million by 2027, growing at a CAGR of 5.0% during the forecast period, 2020-2027. The significant factors are the growing demand for synthetic rubber as a cost-effective alternative to natural rubber. The growing demand from the automotive industry and increasing research & development activities will spur the global synthetic rubber industry in the future periods. Furthermore, the growing concern about the worsening environmental conditions has raised the demand for eco-friendly products such as green tire is expected to witness remarkable growth of synthetic rubber. The increasing demand for hydrogenated nitrile-butadiene rubber in the emerging markets is expected to propel the demand for synthetic rubber over the coming years.
Moreover, the upsurge in demand for synthetic rubber in the footwear industry for making footwear ranging from casual to athletic footwear, including protective and safety footwear, fuels the demand for the synthetic rubber market. The growing demand for high-performance and eco-friendly tires will bolster the global synthetic rubber market share growth. In addition, the rapid industrialization, growing transportation & appliance industry, and increasing adoption in the paint industry are driving the development of the synthetic rubber market across the globe.
Synthetic rubber is used in electric vehicles due to its high-performance feature compared to traditional metals and other materials. The increasing adoption of electric vehicles is designed to drive the market during the forecasted period of 2020-2027 at a significant rate. Consumers are becoming more severe and aware of the environment and the choice of purchasing vehicles. The rising concern regarding emission relief with the increasing innovation in technology is positively impacting the synthetic rubber market. Furthermore, the changing regulatory scenario and government policies to support EVs boost the growth of the synthetic rubber market. Many countries have introduced various policies to encourage electric vehicle adoption and strict regulations on the use of inferior substitutes. Thus, the impressive rise in electric vehicles is predicted to accelerate the global synthetic rubber market.
For instance, In 2019, the sales of electric cars topped 2.12 million globally. As technological progress in the electrification of two/three-wheelers, buses, and trucks advances and the market grows, electric vehicles are expanding significantly. Moreover, the sale of EVs in Europe in 2020 is increased by 138%, mainly driven by incentives offered under green recovery funds. In addition, The Tesla Model 3 was the world’s most popular plug-in electric vehicle, with worldwide unit sales of roughly 365,240 in 2020. That year, Tesla’s Model 3 and Model Y deliveries increased by almost 90% year-on-year, and these two models accounted for 60% of Tesla’s sales volume in 2020. Hence, with the recovery of the automotive industry and increasing penetration of EVs worldwide, the demand for rubber tires and synthetic rubber is expected to increase during the forecast period.
Based on the type, the global synthetic rubber market is segregated into styrene-butadiene rubber, polybutadiene rubber, styrene block copolymer, ethylene-propylene-diene rubber, butyl rubber, and acrylonitrile-butadiene rubber. The styrene-butadiene rubber segment is estimated to witness the highest growth over the analysis timeframe. It is owing to its cost-effectivity, good aging stability, and high abrasion resistance, making it the material of choice for use in the tire manufacturing industry over natural rubber. It is used across various applications, including shoe soles and heels, hoses, gaskets, drive couplings, automotive parts, and mechanical rubber goods.
The polybutadiene rubber will grow significantly due to extreme adoption in the tire industry. In addition, the rising utilization of polybutadiene in golf ball cores due to its outstanding resilience, low cost, availability, and excellent elastic properties.
Based on the application, the global synthetic rubber market is classified into the tire, non-tire automotive, footwear, industrial goods, consumer goods, textile, and others. The tire segment is witness to be the highest revenue share for synthetic rubber during the forecast period. Synthetic rubber offers many extraordinary features to tires, such as control, safety, grip, and comfort. Besides, it gives the tire various other features, such as rolling resistance, puncture resistance, wet traction, directional stability, steering response, speed, and run-flat capability, high fuel efficiency, and weather resistance, to function in challenging conditions.
The non-tire automotive segment will witness a lucrative growth rate in the estimated period due to the rising consumption to manufacture automotive mats, cables, and wires.
The global synthetic rubber market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa by geography. APAC is estimated to project considerable growth over 2020-2026. It is due to the growing automotive sector, key players’ presence in the region, and increasing focus on developing new energy vehicles to reduce carbon footprint.
Europe will capture a prominent share of the synthetic rubber market by 2027. Due to the rapid growth in the electrics & electronics industry, growing use of butyl rubber in the footwear industry, and growing product demand for tires & hoses.
Companies such as Mitsubishi Chemical Corporation, China Petrochemical Corporation, The Goodyear Tire & Rubber Company, Kumho Petrochemical, Exxon Mobil Corporation, Sinopec, DuPont, The Dow Chemical, Trinseo, Zeon Corporation, Nizhnekamskneftekhim, SIBUR, LG Chemical, LANXESS, JSR Corporation, SABIC, Denka Company Ltd, and Asahi Kasei Corporation are the key players in the global synthetic rubber market.