Synthetic Rubber Market Size

Synthetic Rubber Market size was valued at USD 24.29 billion in 2024 and is set to reach USD 61.21 billion by the end of 2037, expanding at around 7.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of synthetic rubber is assessed at USD 25.73 billion.

The growth of the market can be attributed to the surging production of synthetic rubber owing to its rapidly escalating demand worldwide as well as increasing utilization in the manufacturing of various industrial goods and consumer goods. It was found that, compared to the year 2000, only about 10.9 million metric tons of synthetic rubber was produced globally, whereas the amount produced in 2020 reached more than 14.4 million metric tons.

In addition to these, factors that are believed to fuel the growth of market include the increasing demand for these products from the automotive industry to produce tier owing to its unmatchable properties such as greater durability and longevity than natural rubber. These qualities are a result of the material's resistance to damage and degradation from chemicals, high and low temperatures, ozone, sunlight, and weathering. Additionally, the growing number of wheels as well as increasing sales of tires worldwide is predicted to present the potential for market expansion over the projected period. It was observed that the total sales of tires amounted to USD 64 billion worldwide in 2021, with a total of around 2.35 billion tires produced.