The report “Synthetic Rubber Market by Type (SBR, BR, SBC, EPDM, IIR, NBR) Application (Tire, Automotive (Non-tire), Footwear, Industrial Goods, Consumer Goods, Textile), Region (North America, Europe, APAC, South America, MEA) – Global Forecast to 2026“, The global synthetic rubber market size is estimated to be USD 19.1 billion in 2021 and is projected to reach USD 23.2 billion by 2026, at a CAGR of 4.0% between 2021 and 2026. The recovery of the automotive sector across the world is driving the synthetic rubber market during the forecast period.
Tire is the major application segment for the synthetic rubber market. The recovery of the automotive sector across the world is driving the synthetic rubber market during the forecast period. Moreover, the development of eco-friendly technologies for the production of synthetic rubber and the growing demand for electric & hybrid vehicles are new opportunities in the synthetic rubber market.
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Synthetic rubber is manufactured by the polymerization of monomers. Typically, styrene and butadiene are polymerized to produce Styrene-Butadiene Rubber (SBR) and Polybutadiene Rubber (BR). Subsequent developments have introduced other monomers such as ethylene and propylene, which are used in the production of EPDM. The synthetic rubber market is driven by the demand from the tire industry. Tires and non-tire automotive applications are the largest segments of the market. The only restraints faced by the synthetic rubber industry are the health hazards associated with it and the environmental regulations imposed on its manufacturing.
The tire application accounted for 53.7% share of the overall synthetic rubber market in 2020, in terms of volume. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the global production of vehicles declined by 5.2% in 2019 compared to the previous year. The production further dipped in 2020 due to the COVID-19 pandemic. However, the market is expected to grow in the near future with the rise in the living standard of people and the development of new technologies. China is a significant market for automobiles. The country is focused on developing new energy vehicles (NEVs). NEVs include fuel cell electric vehicles (FCVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). According to the China Association of Automobile Manufacturers (CAAM), the total production of cars in 2020 increased by 9.6% year-on-year. NEVs will account for 25% of the sales by 2025. In the automotive industry, synthetic rubber is used in tire application and under the hood application.
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The synthetic rubber market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa, and South America. APAC accounted for the largest share of the synthetic rubber market in 2020, followed by Europe and North America. The increased demand for synthetic rubber in APAC is due to the presence of significant number of automotive manufacturers in the region. The market in this region is driven by the recovery of the automotive sector in China and Southeast Asian countries. Moreover, the development of electric and hybrid vehicles will provide a new revenue opportunity for tire manufacturers.
The supply chain of the synthetic rubber market was disrupted by the COVID-19 pandemic in 2020. Owing to the COVID-19 pandemic and declining oil prices, the production synthetic rubber declined. The production plants were operating at low utilization rate (%). The decline in demand from end-use application further impacted synthetic rubber production. Other segments such as footwear, industrial goods, consumer goods, and textile industry also showed a similar decline due to COVID-19.
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