The synthetic rubber market is projected to grow at a rate of 4.6% in terms of value, from 2020 to reach USD 45.72 Billion by 2027 according to Reportsanddata.com. The growth of the market is attributed to the increasing end-use applications of synthetic rubber.
Synthetic rubber finds widespread usage as a commodity material, which substitutes natural rubber, for instance, in the production of pneumatic tires, which specifically uses E-SBR. Further uses include gaskets and shoe soles, among others. Synthetic rubber also finds usage in building & construction applications, as a binding and sealing agent as an alternate to PVA. In these applications, it provides reduced shrinkage, better durability, and increased flexibility, along with being resistant to emulsification in humid conditions. Moreover, synthetic rubber is utilized to tank damp surfaces or rooms, where it is painted onto the whole surface, forming a seamless, continuous, damp-proof liner, such as in basements.
Growing demand for synthetic rubber from the footwear industry is fuelling the market demand. The footwear industry using a wide variety of materials that are used to make footwear ranging from casual footwear to technical products, including protective and safety footwear. Synthetic rubber possesses several superior physical characteristics appropriate for producing shoe sole; specifically, abrasion resistance, durability, tensile resistance, slip resistance, tear strength resistance, oil resistance, and the capacity to be molded in different shades.
The market in the Asia Pacific region dominated the market in 2018. The market dominance of the APAC region is attributed to the rapid urbanization, rise in the level of disposable income, and growth of the end-use industries, particularly the automotive and footwear industry.
Companies reviewed in the report include DuPont, Eastman Chemical Company, INEOS, ExxonMobil Corporation, Chevron Phillips Chemical Company, Nova Chemicals Corporation, Mitsubishi Chemical Corporation, SABIC, Sinopec, and Goodyear, among others.