Synthetic Rubber Market Size & Share, By Form Type (Solid, Liquid), Type (Acrylic Rubber, Butadiene Rubber, Styrene Butadiene Rubber, Butyl Rubber, Ethylene Propylene Diene Monomer, Fluoroelastomers (FKM)/ Viton, Isoprene Rubber, Nitrile Rubber, Polychloroprene (CR)/ Neoprene, Polysulfide Rubber, Silicone Rubber, Others), End Use Industry) Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Synthetic Rubber Market exceeded USD 37.24 Billion in 2023 and is predicted to cross USD 60.81 Billion by end of the year 2032, growing at over 5.6% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 37.24 Billion
• CAGR (2024-2032): 5.6%
• Forecast Year Value (2032): USD 60.81 Billion
• Historical Data Period: 2019-2023
• Largest Region: Asia Pacific
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The increasing demand for synthetic rubber in the automotive industry due to its superior qualities such as durability, resistance to heat and chemicals, and improved performance is a major growth driver for the synthetic rubber market. Additionally, the growth of the construction industry worldwide is also contributing to the demand for synthetic rubber in various applications such as roofing materials, sealants, and adhesives. Furthermore, the growing popularity of synthetic rubber in the healthcare sector for the production of medical gloves, tubes, and other medical devices is fueling market growth.

Report Scope

Report Coverage	Details
Segments Covered	Form Type, End Use Industry
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Asahi Kasei, The Dow Chemical Company, DuPont, LANXESS AG, Exxon Mobil, Dynasol Elastomers S.A., TSRC, Versalis S.p.A., Sumitomo Chemical, KUMHO PETROCHEMICAL, China National Petroleum

Industry Restraints:

The strict regulations related to the manufacturing and disposal of synthetic rubber products are considered a major restraint for the market. The environmental concerns associated with the production of synthetic rubber, including carbon emissions and waste disposal, are leading to increased scrutiny and regulations, which may hinder market growth. Moreover, the fluctuating prices of raw materials used in the production of synthetic rubber, such as butadiene and styrene, can also pose a challenge for market players in terms of cost management and profitability.

Regional Forecast:

North America: The North America region, consisting of the U.S. and Canada, dominates the synthetic rubber market due to the strong presence of automotive and industrial sectors. The growing demand for synthetic rubber in tire manufacturing and other industrial applications has propelled the market growth in this region.

Asia Pacific: In Asia Pacific, particularly in countries like China, Japan, and South Korea, the synthetic rubber market is witnessing significant growth. The expansion of manufacturing activities, especially in the automotive and construction sectors, has led to a surge in the demand for synthetic rubber in this region.

Europe: Europe, including the United Kingdom, Germany, and France, is another key region in the synthetic rubber market. The presence of major automotive manufacturers and the focus on sustainable and eco-friendly products have boosted the demand for synthetic rubber in Europe. The region also has a well-established infrastructure for synthetic rubber production and research, further driving market growth.

Segmentation Analysis:

In terms of segmentation, the global Synthetic Rubber market is analyzed on the basis of Form Type, End Use Industry.

Solid Form Type:

The solid form type segment of the synthetic rubber market is expected to witness steady growth due to its widespread usage in various end-use industries such as automotive, construction, and industrial. Solid synthetic rubber offers properties such as high abrasion resistance, durability, and flexibility, making it a preferred choice among manufacturers.

Liquid Form Type:

The liquid form type segment of the synthetic rubber market size is anticipated to show significant growth attributed to its easy processing and application in various industries. Liquid synthetic rubber is extensively used in adhesives, sealants, and coatings due to its excellent bonding properties and chemical resistance.

Acrylic Rubber:

The acrylic rubber segment is projected to experience growth owing to its increasing demand in automotive applications for improving fuel efficiency and reducing emissions. Acrylic rubber offers properties such as heat resistance, oil resistance, and weather resistance, making it suitable for harsh operating conditions.

Butadiene Rubber:

The butadiene rubber segment is expected to witness substantial growth due to its high elasticity, tear resistance, and abrasion resistance properties. Butadiene rubber finds applications in tire manufacturing, conveyor belts, industrial hoses, and footwear industries.

Styrene Butadiene Rubber:

The styrene butadiene rubber segment is poised for significant growth driven by its increasing demand in the automotive industry for manufacturing tires with improved performance and fuel efficiency. Styrene butadiene rubber offers properties such as good wear resistance, traction, and low rolling resistance.

Butyl Rubber:

The butyl rubber segment is likely to show steady growth attributed to its excellent impermeability to gases, high heat resistance, and aging properties. Butyl rubber is widely used in the manufacturing of tire inner tubes, pharmaceutical stoppers, and automotive sealants.

Ethylene Propylene Diene Monomer:

The ethylene propylene diene monomer segment is expected to witness growth due to its superior weather resistance, heat resistance, and electrical insulation properties. Ethylene propylene diene monomer is extensively used in automotive sealing systems, roofing membranes, and cable insulation applications.

Fluoroelastomers (FKM)/ Viton:

The fluoroelastomers (FKM)/ Viton segment is projected to experience significant growth driven by its excellent chemical resistance, high-temperature resistance, and durability. Fluoroelastomers find applications in aerospace, automotive, and oil & gas industries for sealing and gasket applications.

Isoprene Rubber:

The isoprene rubber segment is anticipated to show growth owing to its high resilience, tensile strength, and tear resistance properties. Isoprene rubber is used in tire manufacturing, footwear, and industrial applications due to its excellent mechanical properties.

Nitrile Rubber:

The nitrile rubber segment is likely to witness steady growth attributed to its excellent oil and solvent resistance, abrasion resistance, and flexibility properties. Nitrile rubber is widely used in the automotive, oil & gas, and industrial sectors for sealing and gasket applications.

Polychloroprene (CR)/ Neoprene:

The polychloroprene (CR)/ neoprene segment is poised for significant growth driven by its excellent weather resistance, flame retardancy, and oil resistance properties. Neoprene is used in applications requiring durability, flexibility, and resistance to harsh environmental conditions.

Polysulfide Rubber:

The polysulfide rubber segment is expected to witness growth due to its excellent chemical resistance, fuel resistance, and low-temperature flexibility properties. Polysulfide rubber finds applications in aerospace, construction, and marine industries for sealing and bonding applications.

Silicone Rubber:

The silicone rubber segment is projected to experience significant growth attributed to its excellent heat resistance, electrical insulation, and biocompatibility properties. Silicone rubber is used in various industries such as healthcare, electronics, and automotive for manufacturing seals, gaskets, and O-rings.

Others:

The others segment of the synthetic rubber market comprises various types such as chlorinated polyethylene (CPE), epichlorohydrin rubber (ECO), and polyurethane rubber, among others. These specialty rubbers offer unique properties suitable for specific applications in industries such as construction, medical, and consumer goods.

Competitive Landscape:

The competitive landscape of the Synthetic Rubber Market is characterized by a mix of global and regional players, with companies vying for market share across diverse applications such as automotive, industrial, and consumer goods. The market is driven by the growing demand for environmentally friendly and high-performance materials, compelling companies to innovate and expand their product offerings. Key trends include strategic partnerships, mergers and acquisitions, and investments in research and development to enhance production processes and develop sustainable alternatives. The competitive environment is further intensified by fluctuations in raw material prices and stringent environmental regulations, influencing market dynamics and prompting companies to adopt more sustainable practices.

Top Market Players

- Michelin

- Bridgestone

- Goodyear Tire & Rubber Company

- Continental AG

- Sumitomo Rubber Industries

- Lanxess

- Takeda Chemical Industries Ltd.

- Schwalbe

- Sinopec Limited

- Asahi Kasei Corporation