Tyre, non-tyre applications drive synthetic rubber market to reach US$46.7 bn by 2026 – report

 Tyre, non-tyre applications drive synthetic rubber market to reach US$46.7 bn by 2026
The latest synthetic rubber market report of Polaris Market Research highlighted important factors that expand the global synthetic rubber (SR) market size to reach US$ 46.7 billion by 2026.

According to its report, which covers the periods from 2019 to 2026, synthetic rubber in automotive applications is a growth driver of the SR market. The replacement of motor vehicle tyres is the largest of the SR market. Furthermore, a rising trend in global manufacturing activity in the last five years has also boosted non-tyre applications.

Of the different types of SR,  styrene butadiene is the most sought after in all applications because of its excellent mechanical properties.

Electric vehicles and hybrid electric vehicles are bolstering growth in the tyre and non-tyre applications. Heavy-duty vehicles also have observed large growth in synthetics tyre, especially in emerging nations.

Tyre industry growth is reflective of the elevated income levels of consumers and modern standards of living. These trends signal a long-term sustainable growth in demand for consumer durables globally. This will increase the overall intake of goods and extended utilisation of synthetic rubber within the manufacturing sector.

The demand for rubber products varies with global prices and trends in the end-use industry. The product also progresses through targeted R&D efforts that allow the industry to gain a sense of economic feasibility through end-use sectors. Asia Pacific leads the SR market growth with China as the major producer globally. The market in South America and Eastern Europe is also anticipated to boom during the forecast period. Meanwhile, the North American and Western European markets will be comparably sluggish. The global synthetic rubber market is highly fragmented and competitive along with high integration from players across the breadth of manufacturing and distribution stages.