Synthetic Rubber Market Forecasted to Be $42.3 Billion by 2031 | Meticulous Mark

1. Synthetic Rubber Market to be Worth $42.3 Billion by 2031

2. Global Synthetic Rubber Market Market – 2024-2031 Meticulous Research®, a leading global market research company, has released an in-depth research report titled, 'Synthetic Rubber Market Size, Share, Forecast, & Trends Analysis by Type (SBR, EPDM, BR, SBC, IIR, NBR, IR, CR), Application (Tires, Textiles & Apparel, Electronics, Packaging), Industry (Construction, Automotive, Industrial) - Global Forecast to 2031.' Download Sample Report Here @ https://www.meticulousresearch.com/download- sample-report/cp_id=5848 According to this latest publication from Meticulous Research®, the synthetic rubber market is poised to reach $42.3 billion by 2031, exhibiting a CAGR of 4.4% during the forecast period from 2024 to 2031. The growth of this market is primarily fueled by the surge in construction activities and infrastructure development across the globe, coupled with the increasing production and sales of vehicles. The expansion of various industrial sectors, including manufacturing, machinery, and equipment, also contributes significantly to the market's growth. Additionally, the rising demand for eco-friendly synthetic rubber alternatives is expected to create lucrative opportunities for market players. However, challenges such as waste disposal, pollution, and carbon emissions are likely to restrain market growth. Moreover, stringent environmental regulations, quality standards, and compliance policies set by governments worldwide present a significant challenge for companies operating in this sector. The global synthetic rubber market is segmented based on type, application, and end-use industry. The report also offers a comprehensive evaluation of end-user industry competitors and provides a detailed analysis of the market at both regional and country levels. Segmentation by Type: The synthetic rubber market is broadly categorized into various types, including styrene butadiene rubber (SBR), polybutadiene rubber (BR), styrene block copolymer (SBC), ethylene propylene diene rubber (EPDM), butyl rubber (IIR), acrylonitrile-butadiene rubber (NBR), isoprene rubber (IR), chloroprene rubber (CR), and others. In 2024, the styrene butadiene rubber (SBR) segment is expected to dominate the market, accounting for over 29.0% of the total market share. The dominance of this segment can be attributed to the increasing demand for tires, particularly due to the growing use of SBR in tire manufacturing. SBR is favored for its high abrasion resistance and excellent aging properties, making it a popular choice in the tire industry. Additionally, the shift towards green tire technologies, which involve higher proportions of bio- based and recycled materials, including SBR, is further boosting the segment's growth. On the other hand, the ethylene propylene diene rubber (EPDM) segment is projected to witness the fastest growth during the forecast period (2024-2031). The growth of this segment is driven by the increasing application of EPDM in construction, automotive seals, gaskets, weatherstripping, and hoses, owing to its superior weather resistance and durability. The growing focus on renewable energy sources, where EPDM is used in seals and gaskets for renewable energy technologies, also contributes to this segment's expansion. Segmentation by Application: The synthetic rubber market is also segmented based on its application, including tires, automotive (non-tire), footwear components, textiles & apparel, seals & gaskets, hoses & belts, electronic devices, lubrications, packaging, and others. In 2024, the tires segment is expected Page 1 of 3 © Meticulous Research| sales@meticulousresearch.com

3. Global Synthetic Rubber Market Market – 2024-2031 to hold the largest share, accounting for over 72.0% of the market. The substantial market share of this segment is attributed to the booming automotive industry, characterized by increasing vehicle production and sales worldwide. The rising demand for vehicle maintenance, the growing need for tire replacement due to wear and tear, and the expansion of the automotive sector are key factors driving the tires segment's dominance. Conversely, the electronic devices segment is expected to register the highest growth rate during the forecast period. This growth can be attributed to the rapid expansion of the consumer electronics market, the growing popularity of wearable devices such as smartwatches, fitness trackers, and earbuds, and the expansion of telecommunication infrastructure, including the deployment of 5G networks. The increasing use of synthetic rubber in various electronic components, such as keypads, gaskets, vibration dampening materials, and seals, further propels this segment's growth. Segmentation by End-use Industry: Based on the end-use industry, the synthetic rubber market is segmented into construction, automotive, industrial manufacturing, footwear, aerospace, consumer electronics, and other industries. In 2024, the automotive segment is anticipated to dominate the market, holding over 76.0% of the total market share. The significant market share of this segment is driven by the robust growth of the automotive industry, coupled with the increasing use of synthetic rubber in various automotive applications. These applications include tires, seals, gaskets, automotive interiors, exteriors, and chassis systems. The rising demand for high-performance synthetic rubber materials with enhanced properties is also contributing to the automotive segment's growth. Meanwhile, the consumer electronics segment is expected to experience the highest growth during the forecast period. This growth is fueled by ongoing technological advancements in the consumer electronics industry, the rising popularity of wearable devices, the expansion of telecommunication infrastructure, and the growing demand for water and dust-resistant devices. The proliferation of IoT devices, including smart home appliances, connected wearables, and industrial sensors, also plays a crucial role in driving the growth of this segment. Regional Analysis: Geographically, the global synthetic rubber market is divided into North America, Europe, Asia- Pacific, Latin America, and the Middle East & Africa. In 2024, the Asia-Pacific region is expected to lead the market, accounting for over 54.0% of the global market share. The region is also projected to register the highest CAGR of over 6.0% during the forecast period. The dominance of the Asia-Pacific region is primarily due to the increasing demand for synthetic rubber in various industries, including automotive, construction, manufacturing, and consumer goods. The region's rapid urbanization and infrastructure development, coupled with favorable government initiatives and policies promoting industrial growth, further bolster the market's expansion. Countries such as China, Japan, South Korea, and India play a pivotal role in driving the growth of the synthetic rubber market in the Asia-Pacific region. Key Players: Page 2 of 3 © Meticulous Research| sales@meticulousresearch.com

4. Global Synthetic Rubber Market Market – 2024-2031 The key players operating in the synthetic rubber market are China Petrochemical Corporation (a subsidiary of Sinopec Corp.) (China), ERIKS N.V.(Netherlands), The Dow Chemical Company (U.S), Exxon Mobil Corporation (U.S.), Kumho Petrochemical Co., Ltd. (KKPC) (South Korea), Zeon Corporation (Japan), Nizhnekamskneftekhim (Russian), Mitsui Chemicals, Inc. (Japan), JSR Corporation (Japan), SABIC (Saudi Arabia), Denka Company Limited (Japan), Asahi Kasei Corporation (Japan), Indian Synthetic Rubber Private Limited (India), Apcotex (India), Reliance Industries Limited (India), Trinseo PLC (U.S.), TSRC Corporation (Taiwan), Michelin Group (France), and LANXESS (Germany). To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/synthetic-rubber-market-5848 Key questions answered in the report: • Which are the high-growth market segments based on type, application, end-use industry, and geography? • What was the historical market for the synthetic rubber market? • What are the market forecasts and estimates for the period 2024–2031? • What are the major drivers, restraints, opportunities, and challenges in the synthetic rubber market? • Who are the major players, and what shares do they hold in the synthetic rubber market? • What is the competitive landscape in the synthetic rubber market? • What are the recent developments in the synthetic rubber market? • What are the different strategies adopted by the major players in the synthetic rubber market? • What are the key geographic trends, and which are the high-growth countries? • Who are the local emerging players in the global synthetic rubber market, and how do they compete with the other players? Contact Us: Meticulous Research® Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 3 of 3 © Meticulous Research| sales@meticulousresearch.com