Synthetic Rubber Market

Synthetic Rubber Market Size & Share set for accelerated growth by 2028

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Market Snapshot:

In 2020, the global market for synthetic rubber brought in about $31.0 billion. This is primarily related to the growing requirement for durable rubber, the rising production capacity of rubber manufacturers, their increased capital investment, and the expanding automobile sector. Additionally, the market is expanding due to several government programmes for economic growth, rising personal income, and ongoing industrialisation activities.

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Due to the imposition of stringent movement restrictions and lockdowns during the COVID-19 pandemic, the synthetic rubber industry saw a decrease in both volume and value. This caused a serious interruption in manufacturing facilities and supply lines. As a result, the market for synthetic rubber has been significantly impacted by the decline in output in the automotive and other industries caused by the scarcity of raw materials, primarily latex, as a result of the postponed trade activities.

Dynamics of the synthetic rubber market:

Concerns over the state of the environment have increased demand for environmentally friendly goods like green tyres. Due to strict regulations in Europe and North America, such as Euro VI and CAFE, tyre manufacturers are concentrating on creating environmentally friendly and high-performance tyres.

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Data on tyre fuel efficiency, wet grip, and external rolling resistance must be disclosed on the label in accordance with the European Tire Labelling Regulation of 2012. This regulation has helped to increase consumer awareness of the value of adopting high-performance, ecologically friendly tyres. OEMs responded by releasing low-rolling-resistance, fuel-efficient tyres that prioritised tyre performance and fuel economy. Rubber from Tier 1 producers is environmentally beneficial. Neodymium rubber, for instance, is produced by LANXESS and lowers rolling resistance, enhancing fuel efficiency. The business also offers products used in the manufacture of green tyres. As a result, the demand for high-performance and environmentally friendly tyres benefits market participants. These are the main variables that are anticipated to propel the global market for synthetic rubbers during the forecasted period of time.

Strict environmental regulations have limited the production of synthetic rubber. The Environmental Protection Agency has identified certain industries as significant producers of emissions of hazardous air pollutants (HAPs), including rubber processing, tyre manufacture, and sealant production (EPA). In the case of butadiene rubber (BR), a type of synthetic rubber, dangerous substances like carbon dioxide, carbon monoxide, and other harmful gases and vapours are created throughout the manufacturing process.

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Many rules govern the synthetic rubber business; for instance, the Canadian Environmental Protection Act of 1999 classified butadiene as a harmful substance. (CEPA 1999). During the forecast period, regulations like these are anticipated to restrain the growth of the worldwide synthetic rubber market.

The market for synthetic rubber is plagued by a number of issues, one of which is the fluctuating cost of raw materials. Due to the intense competition in the synthetic rubber industry, even little changes in supply and demand have an impact on prices. The cost and accessibility of raw materials affect how much synthetic rubber products cost. Crude oil is the raw material used to make synthetic rubber, therefore any rise in the price of crude oil drives up manufacturing costs and reduces the manufacturers’ profit margins. Price plays a significant role in many end users’ purchasing decisions in the synthetic rubber sector.

Synthetic Rubber Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
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Market Snapshot: In 2020, the global market for synthetic rubber brought in about $31.0 billion. This is primarily related to the growing requirement for durable rubber, the rising production capacity of rubber manufacturers, their increased capital investment, and the expanding automobile sector. Additionally, the market is expanding due to several government programmes for economic growth,…

Market Snapshot: In 2020, the global market for synthetic rubber brought in about $31.0 billion. This is primarily related to the growing requirement for durable rubber, the rising production capacity of rubber manufacturers, their increased capital investment, and the expanding automobile sector. Additionally, the market is expanding due to several government programmes for economic growth,…

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