The global synthetic rubber market was valued at US$29 million in 2014 and is anticipated to reach US$ 46 million by 2023, expanding at a CAGR of 5.1% from 2015 to 2023, according to a report by Transparency Market Research.
Styrene butadiene rubber (SBR) was the largest product segment of the synthetic rubber market, accounting for more than 30% share in 2014. SBR is a copolymer consisting of styrene and butadiene in the approximate proportion of 3:1 by weight.
SBR offers better processability, heat aging, and abrasion resistance. SBR is primarily used in the manufacture of car tyres, where these may be blended with natural rubber. Other applications of SBR include conveyor belts, gaskets, hoses, floor tiles, footwear, and adhesives.
In terms of growth rate, nitrile butadiene rubber (NBR) is projected to be the fastest growing product segment of the synthetic rubber market during the forecast period. Growth of nitrile butadiene rubber (NBR) can be primarily ascribed to rising demand for NBR in automotive applications.
Tyres were the largest end-user segment of the synthetic rubber market, accounting for more than 50% share in 2014. It is expected to be the fastest growing end-user segment, expanding at a CAGR of 4.3% from 2015 to 2023.
Increasing demand for tyres, especially green tyres, primarily owing to excellent performance and tyre labelling regulations is likely to drive the demand for synthetic rubber in the tyres segment.
Key players operating in the synthetic rubber market include LANXESS AG, China Petroleum & Chemical Corporation (Sinopec Corporation), China National Petroleum Corporation (CNPC), KUMHO PETROCHEMICAL, TSRC Corporation, Asahi Kasei Corporation, ExxonMobil Corporation (ExxonMobil), DuPont, Dynasol Elastomers, Sumitomo Chemical Co., Ltd., The Dow Chemical Company, and Versalis S.p.A.