Pune, India – The Global Synthetic Rubber Market is projected to grow at a CAGR of 4.6% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 29.31 Billion in 2022 and is expected to reach USD 42.03 Billion by the end of the forecast period.
Elastomers, sometimes referred to as synthetic rubbers, have grown to form a sizeable portion of the worldwide polymer market thanks to their distinctive chemical, mechanical, and physical characteristics as long-chain polymers. These adaptable materials are made from a variety of monomers, including isoprene (2-methyl-1,3-butadiene), 1,3-butadiene, chloroprene (2-chloro-1,3-butadiene), and isobutylene (methyl propene), with a small amount of isoprene added for cross-linking. This process produces materials with remarkable strength, abrasion resistance, dimensional stability, and chemical stability.
The market for synthetic rubber is expanding dramatically, largely due to the expanding demand from the automobile sector. The need for synthetic rubber is also being boosted by the growing use of electric automobiles. since of its outstanding abrasion and temperature resistance, synthetic rubber is the material of choice in the automobile industry. It is perfect for car pedals and interior floor mats since it has superior anti-slip capabilities. Additionally, the increased demand for cars around the world is likely to sustain significant product consumption due to the extensive usage of rubber products in motorcycles and other vehicles.
Because of the rapidly expanding automotive sector and continued R&D efforts, the synthetic rubber market has bright future potential over the forecast period. The COVID-19 pandemic presented obstacles, which had a negative impact on end-user industries like tyre, footwear and other industrial producers. Nevertheless, the market showed resilience and recovered to pre-pandemic levels in 2022. A key factor in this recovery was increased production and the restart of end-user industries. The market is anticipated to continue growing steadily over the forecast period as a result.
Competitive Environment and Major Players: The synthetic rubber industry is highly competitive, with a number of major firms fighting for supremacy. Leading businesses in this sector that are promoting innovation and expansion include Asahi Kasei Corporation, The Dow Chemical Company, DuPont, LANXESS AG, Exxon Mobil Corporation, Dynasol Elastomers S.A., TSRC Corporation, Versalis S.p.A., Sumitomo Chemical Co., Ltd., KUMHO PETROCHEMICAL, China National Petroleum Corporation (CNPC), and China Petroleum & Chemical Corporation (Sinopec Corporation) and Others.