Apr 28, 2022 SOURCE: BusinessWire

Global Synthetic Rubber Market Analysis Report 2022: Market Reached a Value of $30.64 Billion in 2021 and is Projected to Reach a Value of $38.51 Billion by 2027 - ResearchAndMarkets.com

The "Synthetic Rubber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global synthetic rubber market reached a value of US$ 30.64 billion in 2021. Looking forward, the market is projected to reach a value of US$ 38.51 billion by 2027, exhibiting a CAGR of 3.70% during 2022-2027.

Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use industries. These insights are included in the report as a major market contributor.

Synthetic rubber is a man-made rubber, or an artificial elastomer, produced from various petroleum-based monomers. It is synthesized from raw materials, such as oil, coal, natural gas and acetylene. Ethylene propylene diene, polyisoprene, polybutadiene, styrene-butadiene and isobutylene isoprene are some of the commonly used synthetic rubbers.

It is widely used in belts, hoses, seals, floor coverings, tires, footwear and conveyor belts. As compared to natural rubber, synthetic rubber exhibits better elasticity, toughness, flexibility at low temperatures, adhesiveness, resistance to water, heat, alkalis, acids, abrasion, grease and oil. It also provides high resilience, good tensile strength, durability, and tear resistance.

Synthetic Rubber Market Trends

The significant expansion in the automotive industry across the globe is creating a positive outlook for the market growth. Synthetic rubber is widely used in vehicle components, such as tires, doors, window profiles, belts and gaskets, owing to its good ageing stability and high abrasion resistance.

In line with this, the widespread utilization of styrene-butadiene rubber (SBR) for the manufacturing of tires due to its resistance with alcohol, silicone oil, grease, water and weak acids is favoring the market growth. Moreover, various product innovations, such as the introduction of chemically optimized synthetic rubber with tailor-made silica that provides enhanced wear efficacy and rolling resistance, while reducing fuel consumption and carbon dioxide emissions, are providing an impetus to the market growth.

Additionally, the increasing product demand in dimensionally stable and elastically malleable technical products, such as roller coverings, roof sheeting, conveyor belts and molded parts, is positively impacting the market growth. Apart from this, the widespread adoption of electric vehicles (EVs) and the introduction of bio-based feedstock for synthetic rubber are anticipated to drive the market further.

Key Questions Answered in This Report

How has the global synthetic rubber market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global synthetic rubber market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the form?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global synthetic rubber market and who are the key players?
What is the degree of competition in the industry?

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players being