The Global Market Size of Synthetic Rubber Market worldwide was USD 35.46 billion in 2022 and is projected to attain USD 79.45 billion by 2032, with a notable revenue compound annual growth rate (CAGR) of 5.3% anticipated throughout the forecast period.
The swift expansion of the automobile sector and the increasing demand for synthetic rubber in the construction industry are pivotal factors propelling the growth of market revenue. Additionally, the escalating consumer demand for sustainable and eco-friendly products is driving the need for green synthetic rubber.
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Some major companies included in the global synthetic rubber market report are:
- Lanxess AG
- The Dow Chemical Company
- Kumho Petrochemical Co., Ltd.
- LG Chem
- ExxonMobil Corporation
- Asahi Kasei Corporation
- ZEON Corporation
- JSR Corporation
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Key Growth Factors for the Synthetic Rubber Market:
Automobile Sector Expansion:
The rapid growth of the automobile sector is a primary driver for the synthetic rubber market. The automotive industry’s increasing demand for synthetic rubber, used in tires and various components, significantly contributes to market growth.
Construction Industry Demand:
The rising demand for synthetic rubber in the construction industry is a key growth factor. Synthetic rubber finds applications in construction materials, such as sealants, adhesives, and roofing, contributing to market expansion as the construction sector continues to grow.
Increasing Consumer Demand for Sustainable Products:
The need for green synthetic rubber is fueled by the rising consumer demand for sustainable and eco-friendly goods. As environmental consciousness grows, manufacturers are adopting synthetic rubber with improved sustainability profiles, contributing to market growth.
The tire manufacturing industry is a major consumer of synthetic rubber. The growth in the automotive sector, coupled with the increasing demand for high-performance tires, drives the need for synthetic rubber in tire production, supporting overall market expansion.
Innovation in Product Development:
Ongoing innovation in the development of synthetic rubber products enhances their performance characteristics and expands their applications. Manufacturers are investing in research and development to create advanced synthetic rubber formulations, fostering market growth.
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