North American synthetic rubber market is expected to show a significant growth rate during the forecast period. Wide application of synthetic rubber is one of the major factors augmenting the market. However, the unstable crude price at the international market is one of the major restraints to the market. The region is one of the largest consumers of rubber and is an extensive market for synthetic rubber and its products.
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The demand for synthetic rubber is majorly dependent on the automobile industry as it the chief purchaser of tires. As per the International Organization of Motor Vehicle Manufacturers, in North American, around 13.3 million vehicles were manufactured in 2018. The share of the production of commercial vehicles is much higher as compared to passenger vehicles in the region. Apart from demand from OEM, a significant demand from the aftermarket is generated in the region.
North American synthetic rubber market is divided based on type and end-user. By type, the market is further divided into Styrene Butadiene Rubber, Polybutadiene Rubber, Ethylene Propylene Rubber, Isoprene Rubber, and others. In the region, Styrene-Butadiene Rubber will hold the largest market share during the forecast period. By end-user, the market is further divided into tires & other automobile components, industrial application, footwear, household, and others. Tires and other automobile components will hold the major market share during the forecast period. Geographically, the market is segmented into the US and Canada. The US is expected to have a major market share during the forecast period. In the US, the production of synthetic rubbers is contained in standard industry classification (SIC) grouping 2822.
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North American Synthetic Rubber Market Segmentation
By Type
· Styrene-Butadiene Rubber (SBR)
· Polybutadiene Rubber (BR)
· Ethylene Propylene Rubber (EPDM)
· Isoprene Rubber (IR)
· Others (Nitrile Butadiene Rubber (NBR), Butyl Rubber (IIR), Chloroprene Rubber (CR))
By End-User
· Tires & other automobile components
· Industrial Application
· Footwear
· Household
· Others (Electronics)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
