According to a new report by Market Research Future (MRFR), the Global Synthetic Rubber Market has been expected to witness a healthy CAGR during the forecast period (2016-2023) owing to the rapid urbanization. Properties such as oil resistance, water repellant, elasticity, and durability make Synthetic Rubber suitable for several end-use industries like automotive and transportation, construction, industrial, footwear, and others. Synthetic Rubber is also used to make polymer concrete for hoses, gaskets, waterproofing, tiers, conveyor belt covers, tubes, and others.
Yokohama Rubber Co. has claimed to have developed the world’s first technology which is capable of producing isoprene from biomass efficiently. This breakthrough was achieved in joint research with Zeon Corp. and Japanese research institute Riken.
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Future Drivers and Restraints Affecting the Market Growth
Synthetic Rubber is mainly derived from petroleum byproducts and is a type of elastic polymer. The market is predicted to showcase a healthy CAGR over the forecast period owing to the growing demand for durable rubber, rapid urbanization, and growth in transportation and automation sector. With the increasing population, there has been an increase in the per capita disposable income which is predicted to drive the market during the forecast period.
Constant industrialization coupled with the growing middle-class population has resulted in the expansion of the footwear sector which is anticipated to fuel the market growth over the assessment period. Besides, increasing sales and automotive production globally have also resulted in the demand for durable tires which is predicted to spur the market growth. Moreover, with rapid urbanization, there has been an increase in the construction activities both in the developed as well as the developing countries which are expected to propel the market growth. Increasing racing car tournaments and other sports events coupled with R&D on the premium quality tire and rubber production is also anticipated to spur the market growth over the review period.
Meanwhile, with the growing substitution of Synthetic Rubber by natural rubber and volatility in crude oil prices are anticipated to act as a hindrance to the growth of the market globally in the years to come. Besides, the oversupply of Synthetic Rubber due to consistent capacity addition might restrain the growth of the market over the review period.
Global Synthetic Rubber Market Segmentation
The Global Synthetic Rubber Market has been segmented on the basis of End-Use Industry, Type and Region.
By Type, the Synthetic Rubber Market has been segmented into NBR, EPDM, SBR, BR, SBC, and others based on type. Other types comprise IIR, IR, and CR. Among these, SBR is extensively used in heavy truck tires and automobiles, owing to its heat and abrasion resistant properties. SBR is also resistant to water, possesses low-temperature flexibility, and heat aging properties. SBR has been projected to hold the largest market share among the other segments due to its extensive use in the manufacture of conveyor belt covers, gaskets, tubes, lining rubber, belts, seals, hoses, and others. Whereas, polybutadiene rubber (BR) is expected to witness a healthy growth owing to its extensive usage in end-use industries like footwear and building and construction.
By End-Use, the Synthetic Rubber Market has been segmented into industrial, automotive and transportation, construction, footwear, and others. Among these, the segment for automotive and transportation accounts for the largest share followed by construction, owing to the growing purchasing power of consumer along with growing automotive production and sales. Besides, growing construction activities including commercial and residential are anticipated to spur the construction segment.
Asia Pacific to Hold the Largest Market Share
The Global Synthetic Rubber Market has been spanned across regions such as North America, Asia Pacific, the Middle East & Africa, Europe, and Latin America. Among these regions, Asia Pacific is predicted to hold the largest market share owing to the increasing demand from end-use industries such as automobile and transportation, and building and construction. Countries such as Thailand, China, South Korea, India, and Japan are the fastest growing markets for synthetic rubber in this region. Besides, economic growth rate, availability of inexpensive raw materials, and competitive manufacturing costs are some of the major factors propelling the market in Asia Pacific.
The market for Synthetic Rubber in Europe is estimated to witness steady growth owing to the continuous growth in the footwear industry. North America is also expected to witness a substantial growth rate during the review period due to the increasing demand for Synthetic Rubber in the construction industry. Moreover, the Middle East and African region are also estimated to showcase a strong growth rate owing to the increased construction and building activities in this region. The growth in Latin America is mainly due to expansion in the automobile sector.
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