Synthetic Rubber Market : Analysis and Segment Forecasts by Applications, Solution, Deployment and End-User by 2023

Pune, India -- (SBWire) -- 03/16/2018 --Segmentation

The Global Synthetic Rubber Market is segmented on the basis of type, end use industry, and region. Based on type, the market is classified into SBR, NBR, BR, EPDM, SBC, others. Other type include IR, IIR, and CR. Based on end use, the market is categorized into construction, automotive & transportation, industrial, footwear, and others. Based on region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Key Players

Some of the key industry participants operating in the Global Synthetic Rubber Market are LANXESS (Germany), The Dow Chemical Company (U.S.), Versalis S.p.A. (Italy), Kumho Petrochemical (South Korea), JSR Corporation (Japan), LGChem (SouthKorea), Exxonmobil (U.S.), Asahi Kasei Corporation (Japan), Sumitomo Chemical Co., Ltd. (Japan), ZEONCorporation (Japan) among others.

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The Global Synthetic Rubber Market is categorized into five regions based on geography, namely–North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Among the above-mentioned regions, Asia Pacific accounted for around 52% market share in 2016 and is estimated to retain its dominance over the assessment period on account of increasing investments in building & construction as well as automotive & transportation sector. End use industrial growth in countries such as India, China, Thailand, Japan, Bangladesh, Vietnam, Malaysia, and South Korea and increased investment for the production of automotive, mechanical goods, and agricultural equipment are prominent factors driving the growth of Asia Pacific Synthetic Rubber Market. Furthermore, increase in investments made by key companies in the automotive sector, the shift of production facilities to developing countries, and strong industrial base, are additional factors contributing to the growth of the synthetic rubber market in the Asia Pacific region. Furthermore, increasing disposable income along with rising number of working professional has increased the demand for personal vehicle which in turn raised the manufacturing of tires, tubes and other Synthetic Rubber based product.

European Synthetic Rubber Market is presumed to witness moderate growth over the assessment period due to stringent government regulations and norms regarding the use of synthetically derived product. Countries such as Germany, Spain, and U.K are predicted to dominate the regional market share on account of increasing demand for passenger as well as commercial vehicles. Furthermore, presence of key automobile manufacturers combined with high adoption rate of synthetic rubber in automobile sector is predicted to fuel the growth of the market. The Middle Eastern and African countries such as the United Arab Emirates, Oman, Saudi Arabia, and Qatar are predicted to witness above average growth due to high economic growth rate and growing residential, commercial, and institutional construction industry.

North America Synthetic Rubber Market is categorized into U.S. and Canada. The U.S. and Canada are estimated to be the leading consumer markets due to growing demand from end use industries such as automobile and transportation sector. Latin American countries such as Brazil, Peru, and Argentina are among the major contributors in the regional synthetic rubber market and is estimated to witness moderate growth over the foreseeable future on account of technological advancement and high adoption rate. However, increasing consumer awareness regarding the use of natural rubber might slow down the growth rate of synthetic rubber in developed nation.

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