April 26, 2022 05:20 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, April 26, 2022 (GLOBE NEWSWIRE) -- The synthetic rubber market size was pegged at USD 28.89 billion in 2021. The market is anticipated to rise from USD 29.86 billion in 2022 to USD 41.73 billion by 2029 at a 4.9% CAGR during the forecast period. Fortune Business Insights™ has elucidated these insights in its latest research report, titled, “Synthetic Rubber Market, 2022-2029.”
According to the study, artificial elastomer has gained an uptick following the need for high tensile strength, recyclability and resistance to abrasion and swelling. Growing investments in research & development activities and demand from construction, aerospace, and construction sectors will augur well for the business outlook. Industry players expect the ensuing period to provide promising growth opportunities with rising demand from the end-users.
Major Players Profiled in the Synthetic Rubber Market Report:
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Manufacturing Plant Shutdown Challenged Stakeholders to Expand their Footfall
A notable dip in the aviation sector and automotive industry did not bode well for leading companies gearing to expand their portfolios. The potential closure of manufacturing plants and postponement of projects challenged leading companies. Supply chain disruptions across the end-use sectors sent shock waves in the global landscape. That said, robust government policies could encourage major players to boost their portfolios. Economic revival and rise in automotive production could reshape the industry dynamics.
In terms of type, the synthetic rubber market is segmented into nitrile rubber, styrene butadiene rubber, butyl rubber, polybutadiene rubber, and others.
Based on application, the market is segregated into non-tire automotive, tire, footwear, industrial rubber goods, and others.
With respect to geography, the market is fragmented into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
The report offers a comprehensive perspective of the market size, share, volume, and revenue. It has also delved into SWOT analysis and Porters’ Five Force Analysis. The report has been prepared through qualitative and quantitative analysis to bolster the strategic approach. The primary interviews validate assumptions, findings and the prevailing business scenarios. The report also includes secondary resources, such as annual reports, press releases, white papers and journals.
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Notable Trends from Automotive Sector to Propel Industry Outlook
The synthetic rubber market share will witness an upward trajectory on the back of surging demand for anti-slip properties across tire applications, including door & window profiles, flooring, O-rings & gaskets, hoses and belts. The automotive sector is likely to exhibit traction for synthetic rubber following the need for abrasion and temperature resistance. It is worth noting that artificial rubber has gained an uptick owing to its suitability for applications in environments exposed to high temperatures, greases, chemicals and oxidizing compounds.
However, potential health issues, including shortness of breath, asthma and stroke, could challenge industry players vying to boost their portfolios.
Bullish Demand for Styrene-Butadiene Rubber to Augment the Market in Asia Pacific
Well-established players and new entrants are expected to explore opportunities across China, Australia, and India with the rising popularity of nitrile rubber and styrene-butadiene rubber. The rising infrastructural projects and the expansion of the footwear sector will augur well for the regional outlook. The Asia Pacific synthetic rubber market growth will be pronounced due to higher production of various grades of non-automotive products and tires.
The Europe synthetic rubber market outlook will be robust on the heels of rising footfall of nitrile rubber across industrial goods applications. Besides, strong footfall of hoses, belts and tires across Germany, the U.K., France and Italy will fare well for regional growth. Additionally, artificial rubber has gained considerable prominence across footwear and non-tire automotive applications.
Industry participants expect North America to provide promising growth opportunities following the penetration of electrical & electronic and tire across the U.S. and Canada. Advancements in the tire and the growth of industrial rubber goods will foster regional growth. It is worth noting that the aerospace and construction sectors will be the major recipients of the manmade rubber.
Stakeholders Invest in Organic and Inorganic Strategies to Expand Footfall
Major players are poised to infuse funds into mergers & acquisitions, technological advancements, product rollouts, and R&D activities. Besides, investments in innovations and product offerings will gain prominence to expand their geographical footprint.
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April 2020 - SIBUR’s Krasnoyarsk started its commercial manufacturing of synthetic nitrile butadiene rubber (NBR) latex with an annual capacity of 3.5 KT. The aim of the project is to develop a feedstock base for import substitution of diagnostic exam gloves through the localization of manufacturing in Russia. Hence, this development will help the company to set the stage for the development of the latex manufacturing industry.
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