Synthetic Rubber Market Overview
The synthetic rubber market is projected to register a CAGR of more than 4.5% during the forecast period (2021-2026). The increasing demand due to rising electric vehicles’ production and surging demand for athletic footwear are the major factors to stimulate the market demand. The development of bio-based feedstock for synthetic rubber is likely to act as an opportunity for market growth in the future. The most prevalent synthetic rubber is styrene-butadiene rubbers (SBR), derived from the copolymerization of styrene and 1,3-butadiene. The tire and tire components segment has the highest market share in the synthetic rubber market. Styrene-butadiene rubber is mostly used in the tire industry owing to its good aging stability and high abrasion resistance, making it the material of choice for use in the tire manufacturing industry.
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Synthetic Rubber Market – Geographical Overview
The Asia-Pacific region to dominate the synthetic rubber market
China is one of the largest producers and consumers of rubber in the world. Two advanced synthetic rubber projects were approved in China in October 2020. Petrochemical Research Institute of CNPC and Shandong Yulong Petrochemical Co. Ltd. formally signed the “Technical License Contract for TBIR and Integrated Rubber. “ TBIR is a copolymer rubber of butadiene and isoprene. In India, over 65% of the rubber produced is used for manufacturing automotive (50%) and bicycle tires and tubes (15%), 12% for footwear, 6% for belts and hoses, and 17% for other products. Moreover, there are almost 66 tire-producing plants in the country and about 41 tire-producing companies with a turnover of around USD 8.5 billion and exports of about USD 1.28 billion.
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Key Highlights of the Synthetic Rubber Market
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List of Key Players in the Synthetic Rubber Market
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Mordor Intelligence has segmented the global synthetic rubber market on the basis of type, application, and geography:
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