PUBLISHER: The Business Research Company | PRODUCT CODE: 1387657
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387657
“Synthetic Rubber And Fibers Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on synthetic rubber and fibers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for synthetic rubber and fibers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The synthetic rubber and fibers market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Synthetic rubber and fibers are artificial elastomers created through the polymerization of various petroleum-based monomers. They are known for their exceptional elastic properties and enhanced durability.
The primary categories of synthetic rubber and fibers include synthetic fibers, styrene-butadiene rubber (SBR), polybutadiene (BR), ethylene propylene (EPDM), and various other types of synthetic rubber and fibers. Synthetic fibers comprise man-made textile fibers, including those derived from natural materials (such as rayon and acetate made from cellulose or regenerated protein fibers from zein or casein) and fully synthetic fibers (such as nylon or acrylic fibers). These materials find applications in diverse industries, including non-tire automotive, footwear, tire manufacturing, construction, and various other uses. These products are distributed through both offline and online channels.
The synthetic rubber and fibers market research report is one of a series of new reports from The Business Research Company that provides synthetic rubber and fibers market statistics, including synthetic rubber and fibers industry global market size, regional shares, competitors with a synthetic rubber and fibers market share, detailed synthetic rubber and fibers market segments, market trends and opportunities, and any further data you may need to thrive in the synthetic rubber and fibers industry. This synthetic rubber and fibers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
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 observed during the historical period can be attributed to several factors, including the expansion of the automotive industry, the manufacturing of consumer goods, infrastructure development, industrialization, and the increased demand for synthetic rubber in various applications, such as roofing and seals, driven by 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%. Anticipated growth in the forecast period can be attributed to several factors, including the use of sustainable materials, advancements in manufacturing techniques, the increasing adoption of electric vehicles (EVs), the promotion of circular economy practices, and the influence of health and wellness trends. Major trends expected in the forecast period include the development of high-performance tire materials, the creation of smart and functional textiles, the use of biodegradable polymers, the introduction of non-pneumatic tires, and the production of customized and specialty polymers.
Technology is expected to play a crucial role in driving market growth during this period. Industries closely linked to technology, including this one, have benefited from this trend. Notably, advancements in technologies like Green Tires, which can impact 20-30% of a vehicle's fuel consumption related to tire performance, gained traction. Green tires offer advantages such as wet grip, durability, and low rolling resistance, resulting in a 5-7% reduction in fuel consumption. Consequently, technological innovations that enhance performance and reduce fuel consumption have made significant contributions to market growth.
The expansion of the automotive industry is anticipated to be a driving force behind the growth of the synthetic rubber and fibers market in the coming years. The automotive industry encompasses various activities related to motor vehicle design, production, sales, and maintenance. Synthetic rubber and fibers are instrumental in the automotive sector, providing durable and high-performance materials for tire manufacturing. This, in turn, enhances vehicle safety, fuel efficiency, and the longevity of automotive components, ultimately reducing maintenance costs. For instance, in September 2023, the UK-based trade association, the Society of Motor Manufacturers and Traders (SMMT), reported a 28.9% year-on-year increase in UK vehicle production for July, reaching 85,304 units. This included a 31.6% rise in passenger car production to 76,451 units and a 9.3% increase in commercial vehicle production to 8,853 units. Consequently, the thriving automotive industry is a key driver of the synthetic rubber and fibers market's growth.
The rising geopolitical tensions had adverse effects on the synthetic rubber and fiber markets during the historical period. Geopolitical tensions led to various repercussions, such as sanctions imposed on Russia, trade protectionism measures, and increased military tensions in the Middle East. Many countries resorted to trade restrictions, particularly concerning imports, with the aim of promoting local production. For example, Brexit has the potential to result in increased trade restrictions between the UK and other European countries. The United States also initiated multiple trade restrictions, particularly in its trade relations with China, to bolster domestic production. A notable example is the imposition of tariffs on $550 billion worth of Chinese goods, which included chemicals and plastics, as of January 2020. Ongoing violence and terrorism in regions like the Middle East have likewise contributed to a negative impact on the market.
In light of declining crude oil prices, many manufacturers have shifted towards using synthetic rubber instead of natural rubber due to its cost-effectiveness. Synthetic rubber prices experienced a 15% drop in Europe and a 5% decrease in the USA during the second quarter compared to the previous year. Synthetic rubber supply remained stable and proved more affordable than natural rubber during the study period. Reports indicate that European manufacturers currently utilize a combination of 60% synthetic rubber and 40% natural rubber for producing rubber-related products. As an example, the global synthetic rubber market is projected to reach 21.2 million metric tons by 2024, according to a Rubber World report.
Leading companies in the synthetic rubber and fiber market are placing a strong emphasis on developing innovative solutions, such as sustainable synthetic rubber materials, to gain a competitive advantage. Sustainable synthetic rubber materials represent environmentally responsible and resource-efficient alternatives to traditional synthetic rubbers, designed to minimize their environmental footprint. As an illustration, in November 2022, Asahi Kasei Corporation, a Japanese manufacturer specializing in plastics and synthetic rubber, introduced ISCC Plus-certified Tufdene-branded solution-polymerized styrene-butadiene rubber (SSBR) and Asadene butadiene rubber. These materials are produced from feedstock derived from biomass, plastic waste, and other raw materials, providing manufacturers with opportunities to reduce CO2 emissions without compromising on quality.
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.
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.
The countries covered in the synthetic rubber and fibers market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The synthetic rubber and fiber market consists of the sales of neoprene, buna rubbers, and butyl rubbers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.