Synthetic Rubber Market: Introduction
Transparency Market Research delivers key insights on the global synthetic rubber market. In terms of revenue, the global synthetic rubber market is estimated to expand at a CAGR of 5.1% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global synthetic rubber market.
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The global synthetic rubber market is broadly affected by several factors, including application of synthetic rubber in footwear, industrial goods, asphalt overlay, tires, and adhesives. The expanding application of tires is propelling the demand for synthetic rubber across the globe.
Synthetic Rubber Market: Dynamics
Both fragmented and competitive, the global synthetic rubbers market is choc-o-bloc with large, medium, and small players. In order to beat competition in such a cutthroat environment, deep-pocketed players are seen increasing spends on research and development to launch better products. They are also banking heavily on an agile supply chain and proactive marketing and advertising. In order to grow, they are looking to foray into high growth markets in developing economies of the world through carefully-considered mergers and acquisitions.
Synthetic Rubber Market: Prominent Regions
At present, Asia Pacific accounts for the leading share of the global synthetic rubber market. It is likely to hold on to its leading share during the forecast period. The growth of the market is mainly powered by the fastest growing economies in the region: China and India. Malaysia is another major consumer of rubber in the region.
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Synthetic Rubber Market: Major Players
The global synthetic rubber market is consolidated with the presence of key players. Prominent players operating in the global synthetic rubber market include Asahi Kasei Corporation, The Dow Chemical Company, DuPont, LANXESS AG, Exxon Mobil Corporation, Dynasol Elastomers S.A., TSRC Corporation, Versalis S.p.A., Sumitomo Chemical Co., Ltd., KUMHO PETROCHEMICAL, China National Petroleum Corporation (CNPC), and China Petroleum Chemical Corporation (Sinopec Corporation).
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