Synthetic Rubber Market Regional Analysis:
APAC Market Statistics
The market share of synthetic rubber in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 38% by the end of 2035. The growth of the market can be attributed majorly to the rising industrial development in emerging nations such as China and India as well as the prospering rubber industry along with the growing end-use industries in the region. It is a known fact that China leading the world in the production of synthetic rubber. It was found that in 2020, China’s synthetic rubber production accounted for nearly 22% of global production that year. Moreover, the presence of giant tire manufacturers as well as prospering automotive industry in the region is further anticipated to boost the synthetic rubber market growth in the region.
North American Market
The North American synthetic rubber market is estimated to be the second largest, registering a share of about 22% by the end of 2035. The growth of the market can be attributed majorly to the increasing GDP per capita of the general population as well as the rising infrastructural development in the region along with the growing volume of construction projects. According to research, the construction industry nearly accounts for 4.3% of the U.S. GDP in 2023. Moreover, as per estimations the construction industry of the U.S. creates around USD 1.8 trillion worth of structures each year. Moreover, the surging development in healthcare facilities as well as booming biomedical, biopharmaceuticals, and biotechnology in the region is further expected to boost the regional market growth.
Europe Market Insights
Europe region is set to witness significant growth till 2035. The market growth in the region is backed by the existence of some key market players in the region besides the presence of giant automotive and tire manufacturers who are the major consumer of synthetic rubber. According to data, there were almost 13 synthetic rubber-producing companies in Europe with a capacity amounting to 2.8 million tons.
