Synthetic Rubber Market by Type (Styrene Butadiene Rubber, Ethylene Propylene diene Rubber, Butyl Rubber, Nitrile Rubber, and Others), Application (Tire and Tire Components, Non-tire Automobile Applications, Footwear, Industrial Goods, and Others): Global Market Size Estimates and Forecast (2022-2030)

The market crossed US$ 31.1 billion mark in 2022 and is expected to hit US$ 46.3 billion by 2030, recording a CAGR of 5.1% during the forecast period.

Demand from automotive industry to drive synthetic rubber market growth.

Synthetic rubber materials are extensively used in the manufacturing of abrasive and temperature resistive tire & tire components. Therefore, rising synthetic rubber’s demand in automobile industry is expected to drive the market growth. In addition, increasing anti-slip property-based rubber materials for the production of flooring mats and bicycle paddles is likely to favor the material’s demand globally. Furthermore, technological advancements in the development of abrasive resistance-property-based synthetic rubbers are anticipated to support in the future development of the synthetic rubber market.

Within the report, the market is segmented into type, application, and geography. By type, the market is further segmented into styrene butadiene rubber, ethylene propylene diene rubber, butyl rubber, nitril rubber, and others. On the basis of application, the market is bifurcated into tire and tire components, non-tire automobile applications, footwear, industrial goods, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Development of the sensor-based rubber tires to offer futuristic market growth opportunities

Synthetic rubber is an artificial polymer obtained from the synthesis of petroleum byproducts. Tire manufacturing companies focus on developing sensor technology-based tires to fulfil automotive industries demand for high performing tires, drives the synthetic rubber market growth. For instance, Bridgestone Corporation, a Japanese auto and truck part manufacturer started producing Smart Strain Sensor and IoT technology-based tires to reduce the tire pressure inflation level and improve the fuel performance of automotives. Besides, increasing manufacturing of synthetic tires due to their cost-effectiveness and higher durability properties over natural rubber-based tires is expected to support the product demand globally. Increasing youngsters’ demand of rubber-based sport shoes for improving their sports performance is likely to accelerate the synthetic rubber’s demand for the footwear application during the forecast period.

Rising usage in manufacturing various industrial and consumer goods to favor market growth.

Synthetic rubber is extensively used in the manufacturing of tire & tire components, non-tire automotive components, footwear, industrial goods, and others. Rising population’s demand for the smart and innovative automotive vehicles is expected to increase the synthetic rubber’s demand for the various manufacturing applications such as tire, diaphragms, engine mouths, gaskets, hoses, etc. synthetic rubber-based footwear are highly durable over the footwear of other material types. Hence, increasing population’s demand for the rubber made shoes and sandals is likely to increase the synthetic rubber market growth. Furthermore, increasing synthetic rubber’s usage in various other industries is also favoring the market growth worldwide.

Recent strategic developments in synthetic rubber market

The synthetic rubber market has undergone several significant developments, and a few of these have been mentioned below:

• In December 2021, LCY Chemical Corp., a Taipei, Taiwan-based chemicals and materials supplier acquired Bridgestone (Huizhou) Synthetic Rubber Co., a Chinese synthetic rubber manufacturing business to strengthen its presence in China.
• In May 2021, Synthos, a Poland-based chemical company acquired Trinseo’s synthetic rubber manufacturing business to expand its manufacturing and R&D facilities in Germany. 
• In February 2021, Bridgestone, Arlanxeo, and Solvay jointly launched TECHSYN, a technology platform that enhances the manufactured tires’ efficiencies and performances. The technology helps combine chemically optimized synthetic rubber with silica material to create tires of 30% wear efficiency and a strong rolling resistance.

The synthetic rubber market is driven by several players implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. LyondellBasell Industries Holdings B.V., Chevron Phillips Chemical Company, China Petroleum & Chemical Corporation, DuPont de Nemours, Inc., Eastman Chemical Company are among the prominent players operating in the market.

Target audience for the report:

• Synthetic rubber manufacturers and suppliers
• Tire manufacturing companies
• Tire suppliers and distributors
• Chemical industry-related associations, organizations, forums, and alliances
• Government bodies, such as regulating authorities and policy makers
• Venture capitalists, private equity firms, and start-up companies
• End users of synthetic rubber
• Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

• Type:
  • Styrene Butadiene Rubber
  • Ethylene Propylene diene Rubber
  • Butyl Rubber
  • Nitrile Rubber
  • Others
• Application:
  • Tire and Tire Component
  • Non-tire Automobile Application
  • Footwear
  • Industrial Goods
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies profiled

• LyondellBasell Industries Holdings B.V.
• Chevron Phillips Chemical Company
• China Petroleum & Chemical Corporation
• DuPont de Nemours, Inc.
• Eastman Chemical Company

Companies profiled

- LyondellBasell Industries Holdings B.V.
- Chevron Phillips Chemical Company
- China Petroleum & Chemical Corporation
- DuPont de Nemours, Inc.
- Eastman Chemical Company