Synthetic Rubber Market Segmentation:
Application Segment Analysis
The global synthetic rubber market is segmented and analyzed for demand and supply by application into automotive (tire and non-tire), footwear, textile, industrial goods, consumer goods, and others. Out of the given application of synthetic rubber, the automotive segment is estimated to gain the largest market share of about 48% in the year 2035. The growth of the segment can be attributed to the expanding automotive industry with growing production of vehicles as well as the augmenting demand for tires, clutches, and engine bearings, besides the increasing investment to develop lightweight vehicles to improve fuel economy. It was found that around 79 million motor vehicles were produced worldwide in 2021, depicting a rise of 1.3% compared to 2020. Moreover, the surging demand for electric vehicles is further anticipated to boost market growth.
Type Segment Analysis
The global synthetic rubber market is also segmented and analyzed for demand and supply by type styrene butadiene rubber (SBR), ethylene propylene diene rubber (EPDM), polyisoprene rubber (IR), polybutadiene rubber (BR), isobutylene isoprene rubber (IIR), and others. Amongst these three segments, the styrene-butadiene rubber segment is expected to garner a significant share of around 35% in the year 2035. The growth is backed by the widespread application of these types of synthetic rubber in automotive parts, gaskets, car tires, drive couplings, shoe soles and heels, and mechanical rubber goods. On the other hand, the EPDM segment is projected to witness a massive CAGR during the forecast period, owing to the growing demand for this product from the construction industry worldwide as it is used for roofing, sealants, garage door seals, pool liners, and many other applications in construction. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
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