Scienza e Tecnologia
Synthetic Rubber Market Size to Reach USD 24.90 Billion in 2028 | Increasing Use of Synthetic Rubber in Footwear and Rising Demand for Consumer Goods Are Some Key Factors Driving Industry Demand, says Emergen Research
Increasing use of synthetic rubber in footwear is a significant factor driving market revenue growth. Synthetic rubber footwear generally encompasses boots and shoes extensively used in various industries for safety purposes and others. These footwear are designed for use in highly corrosive and hazardous conditions, particularly in mining and chemical industries. Toe and heel of a shoes reinforced with synthetic rubber can endure wear caused due to day-to-day activities and protect the wearer. Also, synthetic rubber is used in bottom and shaft of industrial safety boots to decrease weight and enhance durability.
Characteristic limitations of synthetic rubber is a major factor hampering market revenue growth. Due to poorer resistance to heat, styrene butadiene rubber is used in decreasing proportions in automotive tires up to heavy-duty tires or tires requiring high performance materials. Also, heavy duty applications, including tires used in airplanes, are totally made of natural rubber. Synthetic rubber further has lower tensile strength and poor tear resistance.
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DuPont, SABIC, SIBUR International, Exxon Mobil Corporation, Asahi Kasei Corporation, LG Chem Ltd., Goodyear Tire & Rubber Company, Lanxess AG, Mitsui Chemicals Inc., and JSR Corporation.
The global synthetic rubber market size is expected to reach USD 24.90 Billion at a revenue CAGR of 3.8% in 2028, attributed to rising use of synthetic rubber in electric passenger vehicles. Increasing price of fossil fuel and supportive legislative regulation and policies for EV adoption is driving market revenue growth.
Coronavirus (SARS-CoV-2) pandemic has a significant influence on synthetic rubber market revenue growth, due to imposed lockdown measures and supply chain disruption that have severely impacted raw material procurement, along with supply of raw materials. Also, production halt in automotive & transportation sector, which are the leading application areas for synthetic rubber and decrease in production or shutdown in several other end-use industries has led to decrease in synthetic rubber demand.
Increasing per capita income, particularly in developing economies, rapid industrialization and urbanization, and increasing investment in research and development activities for production of synthetic rubber for use in specific and high-performance applications are some of the major trends observed in the synthetic rubber market. Also, rising demand for rubber with low Volatile Organic Compound (VOC) concentration is fueling market growth.
Market in Europe contributed significant revenue share to the global market in 2020, attributed to rapid growth of the automotive sector and increasing demand for rubber products in industrial and consumer goods in countries in the region. In addition, steady growth of the textiles and clothing industry, which is a key contributor to economic growth in countries in Europe , is fueling demand for synthetic rubber molded components used in production processes.
In February 2021 , SIBUR made an announcement about the completion of halobutyl rubber manufacturing facility in
India (Jamnagar). The output capacity of this production facility will be 60 kilotons annually.
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