The recovery of automotive sector in the across the world is driving the synthetic rubber market.

Northbrook, IL 60062 -- (SBWire) -- 10/05/2023 --The report "Synthetic Rubber Market by Type (SBR, BR, SBC, EPDM, IIR, NBR) Application (Tire, Automotive (Non-tire), Footwear, Industrial Goods, Consumer Goods, Textiles), and Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2027 ", Synthetic rubber market size is projected to reach USD 28.9 billion by 2027 from USD 23.0 billion in 2022 growing at a CAGR of 4.6%.

Browse in-depth TOC on "Synthetic Rubber Market"
206 market data Tables
53 Figures
231 Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=761

Tire is the major application segment for synthetic rubber market. The recovery of automotive sector in the across the world is driving the synthetic rubber market during the forecast period. Moreover, the development of eco-friendly technologies for production of synthetic rubber and growing demand for electric & hybrid vehicles are new opportunities in synthetic rubber market.

Tire segment is estimated to register highest CAGR during the forecast period.
Tire segment is the fastest growing end use application in the synthetic rubber market. The tire segment is estimated to remain the largest end-use segment of synthetic rubber during the forecast period, followed by automotive (non-tire) in terms of volume. The applications of synthetic rubber in the automotive industry will increase as the EV market gains traction. Synthetic rubber is used in the sidewalls and treads of tires. The increasing demand for tires offering a smoother and quieter ride with better fuel efficiency has compelled manufacturers to use better materials such as synthetic rubber and silane. Synthetic tires are widely used in military vehicles and heavy-duty vehicles.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=761

Asia Pacific is estimated to register the highest CAGR during the forecast period.
In Terms of volume and value of the synthetic rubber market in 2022, Asia Pacific region accounts to be the largest market. The demand in asia pacific region is driven by the countries like China, India & Japan. China country has undergone massive industrialization with heavy capital investments and development projects in the infrastructure sector to maintain its position in the competitive global market. It is currently one of the fastest-growing economies in the world. As a result of the surging manufacturing, transportation, and construction sectors, backed by low raw material and labor costs, synthetic rubber manufacturers are increasing their presence in China. Asia Pacific is one of the leading consumers of synthetic rubber due to the increasing demand from developing countries. The increasing demand for high-quality consumer goods and industrial products, rising population, and growing application segments have made it a strong industrial hub.

The Major players in the market are Sinopec (China), DuPont (U.S), The Dow Chemical Company (U.S), ExxonMobil (U.S), Kumho Petrochemical Company Ltd (South Korea), SABIC (Saudi Arabia), Denka Company Ltd. (Japan), and Asahi Kasei Corporation (Japan).

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com