China synthetic rubber market is expected to show significant market growth during the forecast period. China is one of the largest producers and exporter for synthetic rubber all across the globe. China synthetic rubber market is driven by the automobile sector of the country and the exports to foreign countries. The country is the largest manufacturer of automobiles globally. The synthetic rubber market is mainly driven by the stable development of the automobile and tire industries. As per the International Organization of Motor Vehicle Manufacturers, around 27.8 million vehicles were manufactured in the country in 2018. Moreover, the country is among the largest two-wheeler market all across the globe.
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Moreover, significant market growth in the medical application can be witnessed in the country. Increasing insurance coverage, rising number of health workers, improvements in living standards, more stringent infection controls and an increase in the number of aged people are some of the major factors for the growth of the medical industry, which indirectly augmenting the synthetic rubber products in the country. Vinyl gloves account for more than 70% of the total consumption of medical gloves followed by latex medical gloves and nitrile.
New companies entering the synthetic rubber industry are focusing on medium and low-end styrene-butadiene rubber and cis-polybutadiene rubber (BR) products. With the release of new capacity, China observes critical structural overcapacity of synthetic rubber. In the next few years, China’s de-capacity trend will be more apparent, and the new capacity will center on SBS and environment-friendly rubber will be foreseen.
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China 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
· Automobile Component
· Industrial Application
· Footwear
· Household
· Others (Electronics, Aerospace)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
