According to recently released TechSci Research report “China Synthetic Rubber Market Forecast & Opportunities, 2020”, the synthetic rubber market in China is projected to cross US$12 billion by 2020.
This growth is anticipated on the back of continuously rising production output of the domestic tyre industry along with increasing demand for synthetic rubber from various other industries, such as polymer modification, footwear, asphalt modification and adhesives.
Major global tyre manufacturers have set up their production facilities in China, in order to capitalize on the growing synthetic rubber demand in the country. Sinopec Corporation and PetroChina are the largest players operating in the synthetic rubber market of the country. Few of the other major global players having business presence in China include TSRC Corporation, LCY Chemical Corp. and Lanxess.
Synthetic rubber is an elastic polymer manufactured using crude oil derivatives. Automotive sector in China is the largest end user industry of synthetic rubber, which is extensively used in manufacturing tyres, treads, fan belts, bumpers and dampers.
Synthetic rubber is incorporated in the tyres to provide the necessary mechanical strength and abrasion resistance and amounts to roughly 22% of the total weight of raw materials used in manufacturing a tyre.