Synthetic Rubber Market size is expected to reach USD 47 Billion by the end of 2035, growing at a CAGR of 7% during the forecast period, i.e., 2023 -2035. In the year 2022, the industry size of the synthetic rubber was around USD 21 Billion. The growth of the market can be attributed to the surging production of synthetic rubber owing to its rapidly escalating demand worldwide as well as increasing utilization in the manufacturing of various industrial goods and consumer goods. It was found that, compared to the year 2000, only about 10.9 million metric tons of synthetic rubber was produced globally, whereas the amount produced in 2020 reached more than 14.4 million metric tons.
In addition to these, factors that are believed to fuel the growth of market include the increasing demand for these products from the automotive industry to produce tier owing to its unmatchable properties such as greater durability and longevity than natural rubber. These qualities are a result of the material's resistance to damage and degradation from chemicals, high and low temperatures, ozone, sunlight, and weathering. Additionally, the growing number of wheels as well as increasing sales of tires worldwide is predicted to present the potential for market expansion over the projected period. It was observed that the total sales of tires amounted to USD 64 billion worldwide in 2021, with a total of around 2.35 billion tires produced.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
7% |
|
Base Year Market Size (2022) |
USD 21 Billion |
|
Forecast Year Market Size (2035) |
USD 47 Billion |
|
Regional Scope |
|
Application {Automotive (Tire, Non-Tire), Footwear, Textile, Industrial Goods, Consumer Goods)}
The global synthetic rubber market is segmented and analyzed for demand and supply by application into automotive (tire and non-tire), footwear, textile, industrial goods, consumer goods, and others. Out of the given application of synthetic rubber, the automotive segment is estimated to gain the largest market share of about ~48% in the year 2035. The growth of the segment can be attributed to the expanding automotive industry with growing production of vehicles as well as the augmenting demand for tires, clutches, and engine bearings, besides the increasing investment to develop lightweight vehicles to improve fuel economy. It was found that around 79 million motor vehicles were produced worldwide in 2021, depicting a rise of 1.3% compared to 2020. Moreover, the surging demand for electric vehicles is further anticipated to boost market growth.
Type {Styrene Butadiene Rubber (SBR), Ethylene Propylene diene Rubber (EPDM), Polyisoprene Rubber (IR), Polybutadiene Rubber (BR), Isobutylene Isoprene Rubber (IIR)}
The global synthetic rubber market is also segmented and analyzed for demand and supply by type styrene butadiene rubber (SBR), ethylene propylene diene rubber (EPDM), polyisoprene rubber (IR), polybutadiene rubber (BR), isobutylene isoprene rubber (IIR), and others. Amongst these three segments, the styrene-butadiene rubber segment is expected to garner a significant share of around ~35% in the year 2035. The growth is backed by the widespread application of these types of synthetic rubber in automotive parts, gaskets, car tires, drive couplings, shoe soles and heels, and mechanical rubber goods. On the other hand, the EPDM segment is projected to witness a massive CAGR during the forecast period, owing to the growing demand for this product from the construction industry worldwide as it is used for roofing, sealants, garage door seals, pool liners, and many other applications in construction. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
|
By Type |
|
|
By Application |
|
APAC Market Statistics
The market share of synthetic rubber in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about ~38% by the end of 2035. The growth of the market can be attributed majorly to the rising industrial development in emerging nations such as China and India as well as the prospering rubber industry along with the growing end-use industries in the region. It is a known fact that China leading the world in the production of synthetic rubber. It was found that in 2020, China’s synthetic rubber production accounted for nearly 22% of global production that year. Moreover, the presence of giant tire manufacturers as well as prospering automotive industry in the region is further anticipated to boost the synthetic rubber market growth in the region.
North American Market Forecast
The North American synthetic rubber market is estimated to be the second largest, registering a share of about ~22% by the end of 2035. The growth of the market can be attributed majorly to the increasing GDP per capita of the general population as well as the rising infrastructural development in the region along with the growing volume of construction projects. According to research, the construction industry nearly accounts for 4.3% of the U.S. GDP in 2023. Moreover, as per estimations the construction industry of the U.S. creates around USD 1.8 trillion worth of structures each year. Moreover, the surging development in healthcare facilities as well as booming biomedical, biopharmaceuticals, and biotechnology in the region is further expected to boost the regional market growth.
Europe Market Forecast
Further, the synthetic rubber market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The market growth in the region is backed by the existence of some key market players in the region besides the presence of giant automotive and tire manufacturers who are the major consumer of synthetic rubber. According to data, there were almost 13 synthetic rubber-producing companies in Europe with a capacity amounting to ~2.8 million tons.
ARLANXEO a world-leading synthetic rubber company invested to strengthen its position as the world’s leading manufacturer of synthetic rubber. A hefty million amount will be invested to modernize its production sites in Triunfo, Brazil, and La Wantzenau, France.
Agilyx Corporation a wholly owned subsidiary of Agilyx AS and a pioneer in the advanced recycling of post-use plastics collaborated with Kumho Petrochemical Co., Ltd., a global leader in the manufacture of synthetic rubber, to explore the development and construction of a chemical recycling project in South Korea
Author Credits: Smruti Ranjan, Rajrani Baghel
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?