Market Overview

The market for synthetic rubber is expected to grow at a CAGR of over 5% during the forecast period. One of the major factors driving the market studied is the surging demand for athletic footwear. However, oversupply due to consistent capacity additions is likely to restrain the market growth.

  • Increasing demand for hydrogenated nitrile-butadiene rubber (HNBR) in the emerging markets is also likely to boost the synthetic rubber market growth.
  • Development of bio-based feedstock for synthetic rubber is likely to act as an opportunity for the market growth in future.
  • Asia-Pacific has accounted for the highest market share and is likely to domnate the market during the forecast period.



Key Market Trends

Styrene Butadiene Rubber to Dominate the Market

  • Styrene butadiene rubber has the highest market share in the synthetic rubber market. This is owing to its good aging stability and high abrasion resistance, making it the material of choice for use in the tire manufacturing industry.
  • SBR was earlier marketed as Buna-S. It is made up of a combination of styrene and butadiene, in a 3:1 ratio, by weight. It can be produced through two processes, namely, emulsion polymerization and solution polymerization.
  • Around 50% of the car tires are made up of SBRs, present in a blend with natural rubber.
  • For low-end tires, the ratio of SBR to natural rubber is lower, in order to reduce the cost of production. Although this reduces the overall life of tires, it is a cost-effective option.
  • The high growth rate of the end-user industries in the Asia-Pacific (APAC), as well as the Middle East & African (MEA) regions, is expected to help SBR to account for the highest market share during the forecast epriod.



Asia-Pacific to Dominate the Market

  • Asia-Pacific has dominated the synthetic rubber market owing to the high demand from countries like India and China.
  • In the Asia-Pacific region, China accounts for a lion share of the region’s synthetic rubber market.
  • China had become the largest producer, consumer, and importer of synthetic rubber, in recent years, globally.
  • Being a developing country, rapid industrialization is taking place in China, which has, in turn, led to a huge demand for synthetic rubber in various end-user industries.
  • Besides the growth of the automotive and footwear industries, China has a massive and growing market for sex dolls. This is also a major driver for the synthetic rubber market.
  • The aforementioned factors are expected to boost the growth of the synthetic rubber market in the region, during the forecast period.



Competitive Landscape

The market studied is highly competitive and concentrated among the top players, with the top five players accounting for a major chunk of the market. Major recognized players of the market include ExxonMobil Chemical Company, Sinopec, Goodyear, Mitsubishi Chemical Holdings Corporation and Kumho Petrochemical Company, among others.
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