Overview and Scope
The synthetic rubber and fiber refer to artificial elastomers that are produced via the polymerization of a variety of petroleum-based monomers. The synthetic rubber and fibers have superior elastic properties and greater durability.
Sizing and Forecast
The synthetic rubber and fibers market size has grown strongly in recent years. It will grow from $309.02 billion in 2023 to $334.66 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to automotive industry growth, consumer goods manufacturing, infrastructure development, industrialization, the demand for synthetic rubber in applications such as roofing and seals, industrialization.
The synthetic rubber and fibers market size is expected to see strong growth in the next few years. It will grow to $448.5 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to sustainable materials, advanced manufacturing, the growing adoption of electric vehicles (evs), circular economy, health and wellness trends`. Major trends in the forecast period include high-performance tire materials, smart and functional textiles, biodegradable polymers, non-pneumatic tires, customized and specialty polymers.
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The synthetic rubber and fibers market covered in this report is segmented –
1) By Type: Synthetic Fibers, Styrene Butadiene Rubber (SBR), Polybutadiene (BR), Ethylene Propylene (EPDM), Other Synthetic Rubber and Fibers
2) By Application: Non-Tire Automotive, Footwear, Tire, Construction, Other Applications
3) By Distribution Channel: Offline, Online
Asia-Pacific was the largest region in the synthetic rubber and fibers market in 2023. Western Europe was the second-largest region in the synthetic rubber and fibers market. The regions covered in the synthetic rubber and fibers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major Driver Impacting Market Growth
Technology is expected to be a continued driver of market growth during this period. Industries that involve technology, such as this one, benefited from this trend during this period. For example, technologies such as Green Tires, where 20–30% of a vehicle’s fuel consumption is related to tire performance, took off during this period. Green tires offer wet grip, durability, and low rolling resistance, reducing fuel consumption by 5–7%. Thus, technological advances that enabled improved performance and reduced fuel consumption contributed to the market growth.
Key Industry Players
Major companies operating in the synthetic rubber and fibers market include Sinopec Limited Mitsubishi Chemical Holdings Corp, Exxon Mobil, Lotte Chemical Corp, Odebrecht Engenharia E Construcao Sa, Teijin Ltd, Asahi Kasei Corporation, SK Innovation Co, GS caltex corporation, Lenzing AG, Kumho Petrochemical, LANXESS, Lucky Goldstar Chemical Limited, Dow, JSR Corporation, Reliance Industries Limited, Sabic, Versalis S.p.A., Trinseo, Zeon Corporation, Nizhnekamskneftekhim, The Goodyear Tire and Rubber Company, Mitsui Chemical Inc., Denka Company Ltd., Sumitomo Chemical Co., Ltd., Formosa Plastics Corporation, China National Chemical Corporation, AdvanSource Biomaterials Corporation, Alpek S.A.B. de C.V., Arkema S.A., Birla Carbon, Cabot Corporation, China Petrochemical Corporation (Sinopec Group), Covestro LLC.
The synthetic rubber and fibers market report table of contents includes:
1. Executive Summary
2. Synthetic Rubber And Fibers Market Characteristics
3. Synthetic Rubber And Fibers Product/Service Analysis -Product/Service Examples
4. Synthetic Rubber And Fibers Market Trends And Strategies
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68. Global Synthetic Rubber And Fibers Market Competitive Benchmarking
69. Global Synthetic Rubber And Fibers Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Synthetic Rubber And Fibers Market
71. Synthetic Rubber And Fibers Market Future Outlook and Potential Analysis
