Meticulous Research® , a leading global market research firm, has announced the release of its latest 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.'

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The report by Meticulous Research® estimates that the synthetic rubber market will achieve $42.3 billion by 2031 , growing at a CAGR of 4.4% from 2024 to 2031. This growth is driven by increased construction and infrastructure activities, higher vehicle production, and growth across industrial sectors like manufacturing. The rising demand for environmentally friendly synthetic rubber alternatives is expected to further propel market growth. Challenges such as waste disposal, environmental pollution, and stringent regulations may, however, affect market growth.

The synthetic rubber market is segmented by type, application, and end-use industry, with detailed analysis of competitors and regional markets.

Segmentation by Type:

The market is segmented into 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, styrene butadiene rubber (SBR) is projected to hold the largest share of over 29.0% , driven by its extensive use in tires due to its durability and wear resistance. The growing trend towards green tire technologies, which include higher proportions of bio-based and recycled materials like SBR, is also contributing to this segment's growth.

Conversely, the ethylene propylene diene rubber (EPDM) segment is expected to experience the highest growth rate between 2024 and 2031. The increased use of EPDM in construction, automotive applications, and renewable energy technologies, owing to its excellent weather resistance and durability, is driving this growth.

Segmentation by Application:

The synthetic rubber market is segmented by application into tires, automotive (non-tire), footwear components, textiles & apparel, seals & gaskets, hoses & belts, electronic devices, lubrications, packaging, and others. The tires segment is expected to dominate with a share of over 72.0% in 2024, driven by the expanding automotive industry and the rising demand for tire replacements due to wear and tear.

The electronic devices segment is anticipated to grow at the fastest rate during the forecast period. This growth is supported by the expanding consumer electronics market, the increasing popularity of wearable devices, and the growth of telecommunication infrastructure, including 5G networks. The growing use of synthetic rubber in electronic components also supports this trend.

Segmentation by End-use Industry:

The synthetic rubber market is segmented by end-use industry into construction, automotive, industrial manufacturing, footwear, aerospace, consumer electronics, and others. The automotive segment is expected to hold the largest market share of over 76.0% in 2024, due to the growth of the automotive industry and the extensive use of synthetic rubber in automotive parts.

The consumer electronics segment is projected to grow at the fastest rate from 2024 to 2031, driven by technological advancements, increasing demand for wearable devices, and the expansion of IoT devices.

Regional Analysis:

The synthetic rubber market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is anticipated to lead with a market share of over 54.0% in 2024 and a projected CAGR of over 6.0% . The region’s growth is driven by rising demand across industries, rapid urbanization, infrastructure development, and supportive government policies in countries like China, Japan, South Korea, and India.

Key Players:

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?

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