BANGALORE, India, Sept. 17, 2020
BANGALORE, India, Sept. 17, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Synthetic Rubber Market by Type (Styrene Butadiene Rubber (SBR), Polybutadiene Rubber (BR), Styrenic Block Copolymer (SBC), Ethylene Propylene Diene Monomer (EPDM), Butyl Rubber (IIR), Nitrile Butadiene Rubber (NBR)) by Application (Tire, Non-Tire Automotive), Footwear, Industrial), and Region breakdown with global forecast 2026", Published On Valuates Reports. The global Synthetic Rubber market size is projected to reach USD 32390 Million by 2026, from USD 26940 Million in 2020, at a CAGR of 3.1% during 2021-2026.
This study focuses on the Synthetic Rubber Market's volume and value at the global, regional, and company levels. This study, from a global perspective, reflects the overall Synthetic Rubber Market size by examining historical data and prospects.
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TRENDS INFLUENCING THE SYNTHETIC RUBBER MARKET SIZE
Due to the increasing demand for vehicles in developing countries, synthetic rubber in tire applications is increasing. This explosive growth of the automotive industry has been driving the synthetic rubber market size.
The expanded use of liquid synthetic rubber across a multitude of end-user industries, including building & construction, automotive, paint & coatings, and electronics, is expected to synthetic rubber market size.
Declining crude oil prices are also a key factor responsible for expanding the rubber-synthetic industry. Synthetic rubber is widely used in industrial goods, protection products such as boots, protective suits, gloves, diving suits, and sleeping bags, which boosts the synthetic rubber market size.
The rising use of various adhesives and sealants in the construction industry will further propel the synthetic rubber market size.
Growing demand in emerging markets for hydrogenated nitrile-butadiene rubber (HNBR) is also likely to fuel the synthetic rubber market size.
However, the stringent government rules concerning environmental issues could impede the expansion of the synthetic rubber industry.
SYNTHETIC RUBBER MARKET SHARE ANALYSIS
North America is expected to hold the largest synthetic rubber market share during the forecast period. In order to be closer to consumers, tire manufacturers are creating manufacturing units throughout the U.S. The outlook for the synthetic rubber market will be further influenced by such industry trends coupled with financial support from government initiatives.
Asia-Pacific is expected to witness the highest growth rate during the forecast period. The rapidly rising automotive and transportation industries are expected to propel the APAC tire industry's growth in countries such as China and India. The SBR is the synthetic rubber form used to make tires. SBR, with greater abrasion resistance and intrinsic hysteresis, is a cost-effective alternative to natural rubber.
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SYNTHETIC RUBBER MARKET SEGMENTATION
Segment by Type, the Synthetic Rubber market is segmented into
Segment by Application, the Synthetic Rubber market is segmented into
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The global Nitrile Butadiene Rubber (NBR) market size is projected to reach USD 1985.2 Million by 2026, from USD 1697.8 Million in 2020, at a CAGR of 2.6% during 2021-2026.
The increasing demand for polybutadiene rubber from the automotive industry drivers for the polybutadiene rubber market size.
In 2019, the global Ethylene Propylene Diene Monomer (EPDM) Rubber market size was USD 2987.1 Million and it is expected to reach USD 3533.1 Million by the end of 2026, with a CAGR of 2.4% during 2021-2026.
The global Styrenic Block Copolymers market size is projected to reach USD 7443.8 Million by 2026, from USD 5985.8 Million in 2020, at a CAGR of 3.7% during 2021-2026.
In 2019, the global Styrene Butadiene Rubber (SBR) market size was USD 10660 Million and it is expected to reach USD 15570 Million by the end of 2026, with a CAGR of 5.5% during 2021-2026.
In 2019, the global Butyl Rubber market size was USD 4827.2 Million and it is expected to reach USD 6636.5 Million by the end of 2026, with a CAGR of 4.6% during 2021-2026.
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