Market Overview

The global synthetic rubber market reached a size of USD 34.2 Billion in 2024 and is projected to grow to USD 44.8 Billion by 2033, with a CAGR of 3% during the forecast period from 2025 to 2033. Driven by rapid technological advances, stringent environmental regulations, and expanding applications across industries like automotive, the market is poised for steady growth.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Synthetic Rubber Market Key Takeaways

• Current Market Size: USD 34.2 Billion in 2024
• CAGR: 3% during 2025-2033
• Forecast Period: 2025-2033
• The market growth is driven by increasing demand in automotive, construction, and consumer goods sectors.
• Styrene butadiene rubber holds the largest market share due to its abrasion resistance and aging stability.
• Solid synthetic rubber leads the market by form due to versatility and ease of processing.
• Tire and tire components dominate the application segment, driven by automotive industry growth.
• Asia Pacific is the largest regional market, benefiting from rapid industrialization and automotive sector expansion.

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Market Growth Factors

The demand for synthetic rubber across various sectors such as automotive, construction, and consumer goods, among others, mainly drives the growth of the synthetic rubber market. The remarkable increase of the automotive industry, particularly in tire manufacturing using styrene-butadiene rubber blended with natural rubber for improving durability and wear resistance, is a significant factor in the growing market. Furthermore, the increasing global vehicle production and ownership, along with the forecasted threefold increase in global electric vehicle sales from 10.5 million in 2022 to more than 31 million in 2027, are strong factors that raise demand.

Technological advancements are also among the key drivers. The development of new synthetic rubber technology has resulted in materials with improved properties such as elevated heat resistance and reduced rolling resistance, thus increasing the performance of the product. One example is the bionic synthetic rubber from China, which was developed in December 2023 and has the ability to last 35% longer than the average tire's lifespan for aircraft. Besides, ultra-high-performance tires made with advanced synthetic rubber have shown a good impact on the fuel consumption, thus facilitating market acceptance.

The wide range of applications of synthetic rubber is one of the key factors that support a positive outlook for the market. The versatility of synthetic rubber is indicated by its numerous uses in construction as well as for sealing and insulating materials, footwear, adhesives, and even aerospace industries. The real estate sector's expansion, especially in developing countries such as India, where it reached approximately USD 477 billion in 2022 and is predicted to become a trillion-dollar market by 2030, is a strong demand driver's factor. The urbanization trend, an increase of close to 70% in the population of city dwellers by 2050, is also a factor that favors the expansion of the synthetic rubber market since it necessitates a rise in construction and industrial activities.

Market SegmentatioN

By Type:

• Styrene Butadiene Rubber: Dominates due to excellent abrasion resistance and aging stability; preferred in tire manufacturing.
• Ethylene Propylene Diene Rubber
• Polyisoprene
• Polybutadiene Rubber
• Isobutylene Isoprene Rubber
• Others

By Form:

• Liquid Synthetic Rubber
• Solid Synthetic Rubber: Holds the largest market share due to versatility, ease of processing, and extensive use in automotive tires and industrial goods.

By Application:

• Tire and Tire Component: The leading segment driven by synthetic rubber's durability and flexibility; integral in tire treads, sidewalls, and inner liners.
• Non-Tire Automobile Application
• Footwear
• Industrial Goods
• Others

By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Regional Insights

Asia Pacific leads the global synthetic rubber market, driven by rapid industrialization, significant automotive sector growth, and the presence of key manufacturing hubs in countries such as China, India, Japan, South Korea, Thailand, and Indonesia. The region benefits from widespread raw material availability, lower production costs, and a large workforce. For example, synthetic rubber consumption in India reached about 0.75 million metric tons in the financial year 2023, and major companies like Toyo Tire Corporation reported sales worth US$ 3.3 billion in 2022, up from US$ 2.6 billion in the previous year.

Recent Developments & News

• In May 2024, BFGoodrich announced its All-Terrain T/A KO3 tire as a successor to the KO2, planning to launch over 100 sizes in the next two years.
• In December 2023, SIBUR's Nizhnekamskneftekhim upgraded its halobutyl rubbers (HBR) production capacity from 150 to 200 kilotons, investing about RUB 8 billion (USD 85.5 million) in the project.
• In August 2023, LG Chem Ltd. announced an expansion of its Cheongju manufacturing facility backed by a US$ 94.1 Million investment over two years.

Key Players

• Apcotex Industries Limited
• Asahi Kasei Corporation
• China Petrochemical Corporation
• Denka Company Limited
• Exxon Mobil Corporation
• JSR Corporation
• Kumho Petrochemical Co. Ltd.
• Lanxess AG
• LG Chem Ltd.
• PJSC Nizhnekamskneftekhim
• Reliance Industries Limited
• Saudi Basic Industries Corporation (Saudi Arabian Oil Co.)
• The Goodyear Tire & Rubber Company
• TSRC Corporation
• Zeon Corporation

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