The growing demand in the automotive industry and the rising footwear market are among the factors anticipated to drive the synthetic rubber market to reach more than US$45 billion by 2023, growing at a CAGR of over 5% in the forecast period of 2015 to 2023.
This is according to a new report published by Market Research Engine titled “Synthetic Rubber Market by Product Type (Nitrile Butadiene Rubber, Ethylenean Propylene, Polybutadiene, Styrene Butadiene Rubber), by End-Users and by Geography – Global Industry Analysis and Forecast 2015 – 2023”.
Synthetic rubber is any of various products which include nitrile rubber, butyl rubber, neoprene and GR-S. These resemble natural rubber more closely or less closely particularly in physical properties, and can be processed and created typically by polymerisation of butadiene, isoprene and related unsaturated hydrocarbons.
It also has property of copolymerisation of such hydrocarbons with acrylonitrile, isobutylene, styrene or other polymerisable compounds. These have uses similar to that of natural rubber however are superior for few applications and inferior for others and are usually utilised in combination with natural rubber.
The replacement of synthetic rubber by natural rubber and the oversupply of synthetic rubber due to consistent capability additions are some of the factors expected to restrain growth in the market.
The synthetic rubber market is segmented on the lines of its product segment, end user and regional. Based on product segmentation it covers nitrile butadiene rubber (NBR), ethylenean propylene (EPDM), polybutadiene (BR), styrene butadiene rubber (SBR) and others.
Under end user segmentation the synthetic rubber market covers footwear, industrial goods, tyres and others such as adhesives, asphalt overlay, and more.
The synthetic rubber marketis also segmented geographically, covering various regions such as North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each geographic market is further segmented to provide market revenue for select countries such as the US, Canada, UK, Germany, China, Japan, India, Brazil, and the Gulf Cooperation Council (GCC) countries—Saudi Arabia, Kuwait, the United Arab Emirates (UAE), Qatar, Bahrain, and Oman.