Synthetic rubber is an elastomer synthesized from the byproducts of petroleum. Properties such as water repellence, elasticity and resistance towards heat and electricity are likely to drive demand for the synthetic rubber market.
This market is fragmented into applications and geographies. On the basis of applications, it can be divided into butadiene rubber (BR), styrene butadiene rubber (SBR), acrylonitrile butadiene rubber (NBR) and ethylene propylene diene monomer (EPDM). BR is that application of synthetic rubber which is consumed the most.
Natural rubber has been replaced by synthetic rubber due its strength and flexibility. However, price volatility and scarcity of natural rubber are likely to hamper the demand for the synthetic rubber market.
Asia Pacific is the largest manufacturer of the synthetic rubber market, followed by North America, Europe and rest of the world. Emerging markets of China and India are expected to propel the synthetic rubber market in the future and have showed significant growth in the recent past.
China is the largest consumer and producer of the synthetic rubber market. It is the largest manufacturer of synthetic rubber followed by Japan, U.S and Germany. Increase in demand for synthetic rubber owes to expansion in the automotives industry.
The growing demand for automotives industry, especially for tires is likely to drive the synthetic rubber market over the next six years. Moreover, the increasing disposable income of masses is expected to increase the synthetic rubber market.