Synthetic Rubber Market to be Worth $42.3 Billion by 2031

Synthetic Rubber Market Size, Share, Forecast, & Trends Analysis by Type (SBR, EPDM, BR, SBC, IIR, NBR, IR, CR), Application (Tires, Textiles & Apparel, Electronic, Packaging), Industry (Construction, Automotive, Industrial) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Synthetic Rubber Market Size, Share, Forecast, & Trends Analysis by Type (SBR, EPDM, BR, SBC, IIR, NBR, IR, CR), Application (Tires, Textiles & Apparel, Electronic, Packaging), Industry (Construction, Automotive, Industrial) - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the synthetic rubber market is projected to reach $42.3 billion by 2031, at a CAGR of 4.4% from 2024 to 2031. The growth of this market is driven by increasing construction activities and infrastructure development, increasing vehicle production and sales, and growth in industrial sectors, including manufacturing, machinery, and equipment. Additionally, the growing demand for eco-friendly synthetic rubber alternatives is expected to create market growth opportunities. However, issues related to waste disposal, pollution, and carbon emissions may restrain the growth of this market. However, stringent environmental regulations, quality standards, and compliance policies by governments pose a major challenge for the players operating in this market.

The global synthetic rubber market is segmented by type, application, and end-use industry. The study also evaluates end-user industry competitors and analyzes the market at the regional and country levels.

Based on type, the synthetic rubber market is broadly segmented into styrene butadiene rubber (SBR), polybutadiene rubber (BR), styrene block copolymer (SBC), ethylene propylene diene rubber (EPDM), butyl rubber (IIR), acrylonitrile-butadiene rubber (NBR), isoprene rubber (IR), chloroprene rubber (CR), and other types. In 2024, the styrene butadiene rubber (SBR) segment is expected to account for the largest share of above 29.0% of the synthetic rubber market. The large market share of this segment can be attributed to the increasing demand for tires, the growing use of SBR in tire manufacturing due to its high abrasion resistance and good aging properties, and the growing shift toward green tire technologies that incorporate higher proportions of bio-based and recycled materials including SBR.

However, the ethylene propylene diene rubber (EPDM) segment is projected to witness the highest growth rate during the forecast period of 2024–2031. This growth is driven by the increasing use of EPDM in construction applications, automotive seals, gaskets, weatherstripping, and hoses due to its high weather resistance and durability; growing focus on renewable energy sources as EPDM is used in seals & gaskets for renewable energy technologies.

Based on application, the synthetic rubber market is broadly segmented into tires, automotive (non-tire), footwear components, textiles & apparel, seals & gaskets, hoses & belts, electronic devices, lubrications, packaging, and other applications. In 2024, the tires segment is expected to account for the largest share of above 72.0% of the synthetic rubber market. The large market share of this segment is attributed to the expansion of the automotive industry, driven by increasing vehicle production and sales globally, increasing vehicle maintenance, rising demand for tires, and growing need for tire replacement due to wear and tear.

However, the electronic devices segment is projected to witness the highest growth rate during the forecast period of 2024–2031. This growth is driven by the rise in the consumer electronics market, the growing popularity of wearable devices such as smartwatches, fitness trackers, and earbuds, the expansion of telecommunication infrastructure, including the deployment of 5G networks and increased connectivity, and the increasing use of synthetic rubber in various electronic components, such as keypads, gaskets, vibration dampening materials, and seals.

Based on end-use industry, the synthetic rubber market is broadly segmented into construction, automotive, industrial manufacturing, footwear, aerospace, consumer electronics, and other end-use Industries. In 2024, the automotive segment is expected to account for the largest share of above 76.0% of the synthetic rubber market. The large market share of this segment can be attributed to the growth of the automotive industry, the increasing use of synthetic rubber in automotive applications, such as tires, seals, gaskets, automotive interiors, exteriors, and chassis systems, and increasing demand for high-performance synthetic rubber materials with enhanced properties.

However, the consumer electronics segment is projected to witness the highest growth rate during the forecast period of 2024–2031. This growth is driven by constant technological advancements in the consumer electronics industry, the growing popularity of wearable devices, the expansion of telecommunication infrastructure, the growing demand for water and dust-resistant devices, and the proliferation of IoT devices, including smart home appliances, connected wearables, and industrial sensors.

Based on geography, the global synthetic rubber market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of above 54.0% of the synthetic rubber market, followed by Europe, North America, Latin America, and the Middle East & Africa. The region is projected to register the highest CAGR of above 6.0% during the forecast period. The large market share of Asia-Pacific is mainly attributed to the increasing demand for synthetic rubber in various industries, including automotive, construction, manufacturing, and consumer goods, increasing urbanization and infrastructure development, increasing government initiatives and policies promoting industrial growth, and growing automotive and consumer electronics industry in countries including China, Japan, South Korea, and India.

Key Players:

The key players operating in the synthetic rubber market are China Petrochemical Corporation (a subsidiary of Sinopec Corp.) (China), ERIKS N.V.(Netherlands), The Dow Chemical Company (U.S), Exxon Mobil Corporation (U.S.), Kumho Petrochemical Co., Ltd. (KKPC) (South Korea), Zeon Corporation (Japan), Nizhnekamskneftekhim (Russian), Mitsui Chemicals, Inc. (Japan), JSR Corporation (Japan), SABIC (Saudi Arabia), Denka Company Limited (Japan), Asahi Kasei Corporation (Japan), Indian Synthetic Rubber Private Limited (India), Apcotex (India), Reliance Industries Limited (India), Trinseo PLC (U.S.), TSRC Corporation (Taiwan), Michelin Group (France), and LANXESS (Germany).

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Key questions answered in the report:

Which are the high-growth market segments based on type, application, end-use industry, and geography?
What was the historical market for the synthetic rubber market?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, opportunities, and challenges in the synthetic rubber market?
Who are the major players, and what shares do they hold in the synthetic rubber market?
What is the competitive landscape in the synthetic rubber market?
What are the recent developments in the synthetic rubber market?
What are the different strategies adopted by the major players in the synthetic rubber market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global synthetic rubber market, and how do they compete with the other players?

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