Luton, Bedfordshire, United Kingdom, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Market of synthetic rubber is in the middle of transition due to the changes in some of the industrial sectors and demand. Thus, synthetic rubber which is produced through polymerization of the monomers is used owing to the fact that it has desirable characteristics such as high measure of hardness, moderate versatility and the degree of flexibility which can be designed to have the performance requirements of the intended application or use. It is easy to shape and form, and Its versatility makes it a favourite in manufacturing companies including automobile industries, construction industries, consumer products, and the health care sector.
Automotive industry is an interesting market for synthetic rubber since it is considered to be one of the key consumers of the product. Hence the need for synthetic rubber for various uses within this sector for instance in tires, seals, gaskets and hoses. The progress in the automobile manufacturing and the technological development in this sector has therefore resulted to the use of the synthetic rubber. Synthetic rubber: High performance tires which require various weather conditions and road stresses are much dependent on synthetic rubber comparing to natural rubber.
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Moreover, the manufacturer’s innovations being used in the automobile industry further continues to push the use of synthetic rubber material in the market such as electric vehicles or smart tires.
The construction sector also sources mostly for synthetic rubber consume in the market. It is employed in various construction products, including roofing membranes and floorings, sealants and other related uses that afford advantages since is gotten from synthetic rubber. This makes the demand for construction materials, which are strong and can last for a long-time due to continuous infrastructure development as a result of expanding urbanization and the growing economy.
Other significant uses of synthetic rubber include consumer products and medical device products. In consumer goods, synthetic rubber found its application in products like footwear and household consumer products as they provide an added advantage of durability and comfort to its user. Today synthetic rubber has many applications in the medical field such as in gloves, seals and tubes, tubes due to its flexibility and chemical resistance characteristics.
However, potential barriers still threaten the further evolution of synthetic rubber market. Environmental is one of them including the great impacts in the production phase and during the disposal and utilization of synthetic rubber. Some concerns of sustainability include the use of petrochemical based raw material and the non-biodegradable characteristics of synthetic rubber. Consequently, recycling and pollution, along with labelling and sourcing policies are more and more concerned in the industry. Many companies are now focusing on research to develop better synthetic rubbers while there is increasing concern in the environmental problems that accompany production processes.
Externally, changes in the global prices of raw materials that are used in the production of synthetic rubber; especially regarding crude oil impacts its cost and volatileness. Logistic and political changes can also worsen these effects making the cost of manufacturing higher and making the markets unpredictable. To counter these risks, organizations are looking at viable substitutes for the raw materials and aiming at the diversification of supply chain sources.
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In the long-run, the synthetic rubber market is also projected to have its upswing, with constant efforts towards research and development and mounting application demand from the end-use segments. The Asia-Pacific countries and Latin American countries are still at a significantly early stage of industrialization and therefore the growth potential is visible owing to the increasing number of consumers that these regions represent. Hence, the aspects such as eco-friendly synthetic rubber and greater recycling industry of the synthetic rubbers and the sustainability will bear the industry’s key defining factors in the future.
The synthetic rubber market has a fairly large number of key players such as Indian Synthetic Rubber Private Limited, Apcotex Industries Limited, Reliance Industries Limited, Trinseo, Others. These are companies that are always enhancing on the synthetic rubber and are keen on producing the synthetic rubber products with enhanced performance. These firms have also adopted other strategies such as strategic cooperation, mergers and acquisitions in a bid to strengthening their positions in the market and expand their product offerings.
Key Players
- Indian Synthetic Rubber Private Limited
- Apcotex Industries Limited
- Reliance Industries Limited
- Trinseo
- Goodyear Tire and Rubber Company
- Sinopec
- LANXESS
- TSRC Corporation
- JSR Corporation
- Kumho Petrochemical
New sources of data on the Synthetic Rubber Process Market
- 31 January 2023: Reliance Consumer Products Limited (RCPL) the FMCG arm and wholly owned subsidiary of Reliance Retail Ventures Limited (RRVL) proposed to enter into a strategic partnership with Sri Lanka based Maliban Biscuit Manufactories (Private) Limited or Maliban.
- June 2023 – Apcotex Industries Limited invested USD 24.13 million in the expansion of its two rubber projects. The purpose of the investment was to maximize the company’s revenue from its rubber segment.
- April 2023- Sinopec announced that it had increased the production capacity of styrene butadiene (SBC) by 170,000 tons per year. This increase was done in manufacturing sites located in Hainan, China. The purpose of the capacity expansion was to establish a presence in China.
- 29 December 2022: Reliance consumer products limited, a wholly-owned Subsidiary of reliance retail ventures limited, to acquire 51% controlling stake in lotus chocolate company Limited and make an open offered to acquire up to 26%.
Expanding the Advanced Process Control Industry by Region
The global market of synthetic rubber is divided by regions where the growth rates and demand stimuli differ significantly. The region that has the major influence in the market is North America such as United States of America, Canada, and Mexico the automotive industry as well as the industrial sector. The U. S. has one of the largest automotive industries and the demand from this market for tires made of synthetic rubber is rather high. In addition to this, there has been rising popularity of EVs which has also escalated the utilization of high-performance tires. Also, for conveyor belts, seals and gaskets the region’s industrial machinery sector utilizes synthetic rubber. However, such factors as high raw material costs and strict environmental standards might act as major hurdles to the market.
Currently Europe remains a prominent market for synthetic rubber with Germany, France, Italy and United Kingdom considered to be leading markets for the product. Synthetic rubber finds most of its consumption in automobile manufacturing industries especially in Germany which is a prominent manufacturer of automobiles. The area is called environmentally conscious for it has established some tighter restrictions regarding the conservation of the environment causing the producers of synthetic rubber to produce environmentally sustainable products. On the same note, Europe is focused on improving its standards of cutting carbon emissions through development of bio-based rubbers and recycling them. The market is rather already saturated, though constant development and programs meant to protect the environment make it rather progressive.
Currently, the Asia Pacific region is the biggest and rapidly growing market for synthetic rubber where leading demanders are China, India, Japan and South Korea. Synthetic rubber is widely used in tires and owing to the fact that China is the largest producer of automobiles in the world, tires produced in China comprise a large share of the global synthetic rubber market. Automotive and construction industries of India and several SE Asian nations are also growing at a fast pace making Synthetic rubber required in tires, sealant, and roofing products. Currently the region is experiencing increased urbanization and growing income per capita and this increases the demand due to more vehicle usage. The accessibility of the raw materials and the cheap labour reinforce the growth of the region in the near future.
Market Segments:
Form:
- Liquid Synthetic Rubber
- Solid Synthetic Rubber
Type of Synthetic Rubber:
- Styrene-Butadiene Rubber (SBR)
- Butadiene Rubber (BR)
- Ethylene Propylene Diene Monomer (EPDM)
- Nitrile Rubber (NBR)
- Neoprene (CR)
- Other Types
Application:
- Automotive
- Industrial
- Construction
- Consumer Goods
- Medical
End-Use Industry:
- Automotive
- Building and Construction
- Manufacturing
- Healthcare
- Others
Product Form:
- Tires
- Footwear
- Hoses and Belts
- Sheets and Rolls
Geography:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
Quantitative Analysis -
- Market size, estimates, and forecasts from 2024 - 2032
- Market size and revenue estimates for products up to 2032
- Market revenue estimates for application up to 2032
- Market revenue estimates for type up to 2032
- Regional market size and forecast up to 2032
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