TMR_Research_Reports_2017 Synthetic Rubber Market Research 2023 | Page 2

Synthetic Rubber Market
REPORT
Synthetic Rubber Market - Global Industry Analysis Size Share
Growth Trends and Forecast 2015 – 2023
The global synthetic rubber market displays a high degree of competition and going forward the
scenario is expected to remain the same, says a new report by Transparency Market Research
(TMR). Several companies in the rubber market are switching from natural rubber to synthetic rubber
due to the high prices of the former to attain sustainable growth. According to the report, emerging
economies are the focus of top companies in the synthetic rubber market. A TMR analyst fids out
“China displays a strong demand for synthetic rubber as tire factories are stocking up to cater to the
demand for tire replacement in the near future.
The global synthetic rubber market stood at US$29,121.2 mn in 2014 and is expected to reach
US$45,767.1 mn by 2023. This will translate into a CAGR of 5.1% between 2015 and 2023.
Obtain Report Details @ http://www.transparencymarketresearch.com/synthetic-rubber-
market.html
Booming Automotive Industry in Asia Pacific Propels Growth
Styrene butadiene rubber stood as the leading product segment accounting for more than 30% of the
market in 2014. Styrene butadiene rubber (SBR) is a copolymer of styrene and is approximately
present in 3:1 proportion by weight. SBR offers several advantages in terms of better processability,
abrasion resistance, and heat aging. SBR is predominantly used in the manufacture of car tires in
combination with natural rubber. Conveyor belts, hoses, footwear, gaskets, and adhesives are other
applications of SBR.
However, nitrile butadiene rubber is expected to the fastest growing product segment in this market
over the forecast horizon. The growth of nitrile butadiene rubber product segment is attributed to its
rising demand in automotive applications.
The global synthetic rubber market is divided by end use into tires, footwear, industrial goods,
adhesives, and asphalt overlay. In 2014, tires stood as the leading end-use segment with a share of
more than 50% in the overall market. Tires is expected to display the fastest growth rate among other
end-use segments at a CAGR of 4.3% between 2015 and 2023.
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Amongst all regional segments, Asia Pacific is currently the leading market for synthetic rubber. The
region is expected to display a progressive growth and retain its lead position until the end of the
Transparency Market Research
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