Global Synthetic Rubber Market

Global Synthetic Rubber Market was valued at US$ 30.41 Bn in 2019 and is expected to reach US$ 48.5Bn by 2026, at a CAGR of 6% during a forecast period.

The synthetic rubber demonstrates unique material characteristics, which make them suitable for different application. It offers several benefits like greater durability and longevity over natural rubbers, which has a wide preference in manufacturing operations.

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Global Synthetic Rubber Market Dynamics:

The synthetic rubbers deliverbenefits likesuperior resistance to ageing and weathering conditions, and solution in environments exposed to chemicals, oils and greases, oxidizing compounds, and other extreme conditions. Currently, it is mostly used because of its availability and ease of production in special circumstances. Rapid urbanization across the globe, demand for durable rubber, and technological developments inthe automotive & transportation sector are some of the prominent drivers behind the global synthetic rubber market growth.

On the other hand, stringent environmental regulations concerning health risk are expected to limit the global synthetic rubber market growth. The automotive industry growth is slowing and the shift brings massive economic threats. The downturn in global car manufacturing production is a key force behind the slump in global manufacturing and car sales. The market growth can be affected by factors like slower economic growth, disruptions in financial markets, economic downturns in the form of either contained or widespread recessionary conditions, inflation, elevated unemployment levels, sluggish or uneven recovery in the United States and other countries. The report covers a detailed analysis of the market dynamics like drivers, restraints, opportunities and challenges.

Global Synthetic Rubber Market Segment Analysis:

The automotive industry is one of the fastest-growing industries. Tire and tire components are expected to contribute XX% share in the global synthetic rubber market. The tire production has increased in 2019,the production rose to XX kilotons from XX kilotons in 2018. The synthetic rubber offers control, grip, wet traction, puncture resistance, steering response, directional stability, rolling resistance, and speed, which are expected to increase its demand.

Global Synthetic Rubber Market Regional Analysis:

Asia Pacific region is expected to grow at an XX% rate of CAGR during the forecast period. The high production of synthetic rubber in developing countries like China and India are contributing to the regional market growth. The region is expected to form integration of synthetic rubberin the near future as a result of the rapid expansion of the transportation sector. Tire production is currently the key factor that drives the production of rubber in India.

The demand for synthetic rubber is expected to grow at a rapid rate from China, India, Vietnam, Thailand, Singapore, South Korea, and Malaysia because of the high adoption rate of rubber by automobile manufacturers. The rapid expansion of the end-user industries, high automotive production, demand for industrial products in developing countries with disposable income, and growth in construction activities are some of the prominent factors, which are expected to drive the market growth during the forecast period.

Global Synthetic Rubber Market Regional Analysis

Global Synthetic Rubber Market Competitive Analysis:

Many key players are expected to focus on the deployment of innovative rubber technologies across the region. An increase in the adoption of advanced technologies in the production of vehicle safety solutions and infotainment systems are expected to the demand for synthetic in the transport sector during the forecast period (2020-2027). An increase in concerns for road safety and security and the company’s focus towards reducing the operational cost in the transport industry are expected to be a form potential driver to propel the synthetic rubber market growth across the region.

The objective of the report is to present a comprehensive analysis of the Global Synthetic Rubber Marketincluding all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Global Synthetic Rubber Market dynamics, structure by analyzing the market segments and projects the Global Synthetic Rubber Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Synthetic Rubber Market make the report investor’s guide.

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Global Synthetic Rubber Market, by Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Global Synthetic Rubber Market Key Players

• Chevron Phillips Chemical Company LLC
• China Petrochemical Corporation
• DuPont
• SABIC
• Saudi Arabian Oil Co.
• The Goodyear Tire & Rubber Company
• Trinseo
• TSRC
• Eastman Chemical Company
• Exxon Mobil Corporation
• Hexion
• INEOS
• Kumho Petrochemical
• LyondellBasell Industries Holdings BV
• Mitsubishi Chemical Corporation (MCC)
• NOVA Chemicals Corporate

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