Synthetic Rubber Market by Region Globalt

Gmi Research
Gmi Research 1/10/2022 10:26:40 AM

Synthetic Rubber Market by Region – Global Opportunities
& Forecast, 2020-2027

Global Synthetic
Rubber Market

As analyzed by the GMI Research Organization,
the Synthetic
Rubber Market
is projected to witness a CAGR of over 4.5%
during the next six years. The extensive application of synthetic rubber in the
mining activities has propelled the market growth.

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Synthetic Rubber Market Dynamics

The growth in the global
synthetic rubber market
is attributed to the surging demand of
synthetic rubbers across several end-use industries such as electronic,
footwear, energy, and aerospace, and the aggravating usage in automobiles
majorly to decrease the weight of vehicle. Synthetic rubber offers several
advantages which include enhanced resilience to fading and conditioning, better
thermal strength, and resistance to greases, oils and other mixtures with
exclusive elasticity at lower temperatures over other natural rubbers. This is
further projected to elevate the market size.

Also, the rapid demand of synthetic rubbers in the
production of tires, tire constituents, and other components of automobile,
which include O-rings, hoses, floorings, automotive anti-vibration system,
belts, matting, and transference systems. Furthermore, as per the International
Energy Agency (IEA), electric cars recorded 2.1 million sales with nearly 40%
increase and gauged for 2.6% of the global car supplies in 2019.

However, the outburst of the coronavirus has negatively
influenced the growth of the synthetic rubber market. This is because of the
disturbance in supply chain, less production of synthetic rubber, and reduction
in the end-use industries. Moreover, synthetic rubber is imperishable because
it includes man-made materials, this may restrain the market growth.

Type Segment Drivers

Based on the type, the styrene butadiene rubber (SBR)
segment is anticipated to apprehend a noticeable share in the synthetic rubber
market over the forecast period. This is because of its several beneficial
advantages, such as better resistance, higher moldable strength, corrosion
resilience, less rolling impediment, high suction during braking, and low lesion.
Additionally, the SBR is used across a range of application such as, automotive
parts, tires and tire products, insubstantial vehicles tires, belts, hoses,
gaskets, roll covers, seals, coated fabrics, and electrical wire cushioning.
Moreover, SBR is largely used in the production of footwear for rubber sole
compounds owing to its excoriation and flex resilience, denseness, traction,
shape detention.

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