The global synthetic rubber market size is estimated to be USD 19.1 billion in 2021 and is projected to reach USD 23.2 billion by 2026, at a CAGR of 4.0% between 2021 and 2026. The recovery of the automotive sector across the world is driving the synthetic rubber market during the forecast period. Moreover, the development of eco-friendly technologies for the production of synthetic rubber and the growing demand for electric & hybrid vehicles are new opportunities in the synthetic rubber market.
Conventional automobile production is affected by declining sales since 2019. Changing consumer choices towards EVs, changing normative scenarios, a shift to car rentals and ridesharing, declining per-capita spending, and recession in many countries. Moreover, due to the COVID-19 pandemic and its subsequent suspension of manufacturing processes, the demand for motor vehicles declined in 2020.
To know about the assumptions considered for the study download the pdf brochure
According to OICA, automobile production declined by 5.2% in 2019, which additionally decreased in 2020 owing to the COVID-19 pandemic. Global automobile production dropped in 2020 by 15.8% compared to 2019.
The Asia Pacific region represents more than 50% of the world’s automobile manufacturing. China, Japan, India, and South Asian countries have been largely involved in automobile production. Technological advances and innovation in the automotive industry will further strengthen the synthetic rubber market in such countries. The automotive industry in the region is expected to recover by 2022 with a steady improvement in the Chinese automotive industry.
Thus, the increasing penetration of EVs and the recovery of the automotive industry worldwide drive the demand for synthetic rubber during the forecast period.
APAC is estimated to be the fastest-growing market for synthetic rubber.
APAC accounted for the largest share in terms of volume and value of the synthetic rubber market in 2020, followed by Europe and North America. The use of synthetic rubber is expected to witness the highest growth in the APAC region during the forecast period. The market in this region is driven by the recovery of the automotive sector in China and Southeast Asian countries. Global automobile manufacturers are investing in APAC countries to establish their production plants to enhance their market presence in the region. China is the significant market for automobiles and the largest consumer of synthetic rubber in the world. The focus towards the development of New Energy Vehicles (NEVs) to reduce carbon footprint will drive the automotive application in China which will further enhance the demand for synthetic rubber during the forecast period.
Sinopec (China), DuPont (U.S), The Dow Chemical Company (U.S), ExxonMobil (U.S), Kumho Petrochemical Company Ltd (South Korea), Trinseo (U.S), Zeon Corporation (Japan), Nizhnekamskneftekhim (Russia), The Goodyear Tire and Rubber Company (U.S), SIBUR (Russia), Mitsui Chemical Inc. (Japan), LG Chemical (South Korea), LANXESS (Germany), JSR Corporation (Japan), SABIC (Saudi Arabia), Denka Company Ltd. (Japan), and Asahi Kasei Corporation (Japan).
Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=761
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/synthetic-rubber-market-761.html