The global synthetic rubber market is anticipated to grow at a substantial CAGR of 5.1% during the forecast period (2022-2028). The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2021, Bridgestone along with Arlanxeo, and Solvay announced the launch of Techsyn, a new co-developed tire technology platform that enables the tire to deliver unrivaled strength and environmental performance. Techsyn is integrated with chemically optimized synthetic rubber tailormade silica, interacting at a molecular level, to deliver high performance with no trade-offs. Moreover, in October 2020, Trinseo SA announced a commercial collaboration with Switzerland-based Tyre Recycling Solution(TRS) to accelerate the development of sustainable synthetic rubber tire formulation through the use of recycled tires. Trinseo’s synthetic rubber portfolio comprises both emulsion and styrene-butadiene rubber(SBR) under the brand names Buna and spritan.
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In addition, Bridgestone Americas announced an exclusive partnership with LanzaTech NZ, Inc. The two companies will co-develop the first dedicated end-of-life recycling process and create a pathway toward tire material circularity and the decarbonization of new production. According to the Tire Industry Project, each year more than one billion tires end their useful service life, to resolve this issue Bridgestone and LanzaTech together work to address this issue by converting end-of-life tires into new materials, including exploring processes to create sustainable synthetic rubber that does not rely on petrochemicals.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2021-2028
- Segment Covered- by product, by end-user.
- Regions Covered- North America, Europe, Asia-Pacific, Rest of the World
- Competitive Landscape- are Dow Chemical Co., Goodyear Tire & Rubber Co., Reliance Industries Ltd., Saudi Basic Industries Corp. (SABIC), TSRC, Asahi Kasei Chemicals Corp., China Petrochemical Corp., and Denka Co. Ltd., and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment/region dominates the market in the base year?
- Which segment/region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Recovery Timeline
o Deviation from the pre-COVID forecast
o Most affected region/segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Synthetic Rubber Market– Segmentation
By Product
- Styrene butadiene rubber (sbr)
- Polybutadiene (br)
- Ethylene propylene (epdm)
- Nitrile butadiene rubber (nbr)
- Isoprene rubber (ir)
- Chloroprene rubber (cr)
- Butyl rubber (iir)
- Others
By End-user
- Tires
- Industrial application
- Electronics
- Footwear
- Household
- Others
