Growing penetration of EVs is driving the Synthetic Rubber Market

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Growing penetration of EVs is driving the Synthetic Rubber Market

Growing penetration of EVs is driving the Synthetic Rubber Market
Browse 169 market data Tables and 66 Figures spread through 200 Pages and in-depth TOC on “Synthetic Rubber Market”
Synthetic Rubber Market by Type (SBR, BR, SBC, EPDM, IIR, NBR) Application (Tire, Automotive (Non-tire), Footwear, Industrial Goods, Consumer Goods, Textile), Region (North America, Europe, APAC, South America, MEA)

The global synthetic rubber market size is estimated to be USD 19.1 billion in 2021 and is projected to reach USD 23.2 billion by 2026, at a CAGR of 4.0% between 2021 and 2026.  The recovery of the automotive sector across the world is driving the synthetic rubber market during the forecast period. Moreover, the development of eco-friendly technologies for the production of synthetic rubber and the growing demand for electric & hybrid vehicles are new opportunities in the synthetic rubber market.

Conventional automobile production is affected by declining sales since 2019. Changing consumer choices towards EVs, changing normative scenarios, a shift to car rentals and ridesharing, declining per-capita spending, and recession in many countries. Moreover, due to the COVID-19 pandemic and its subsequent suspension of manufacturing processes, the demand for motor vehicles declined in 2020.

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According to OICA, automobile production declined by 5.2% in 2019, which additionally decreased in 2020 owing to the COVID-19 pandemic. Global automobile production dropped in 2020 by 15.8% compared to 2019.

The Asia Pacific region represents more than 50% of the world’s automobile manufacturing. China, Japan, India, and South Asian countries have been largely involved in automobile production. Technological advances and innovation in the automotive industry will further strengthen the synthetic rubber market in such countries. The automotive industry in the region is expected to recover by 2022 with a steady improvement in the Chinese automotive industry.

Thus, the increasing penetration of EVs and the recovery of the automotive industry worldwide drive the demand for synthetic rubber during the forecast period.

APAC is estimated to be the fastest-growing market for synthetic rubber.

APAC accounted for the largest share in terms of volume and value of the synthetic rubber market in 2020, followed by Europe and North America. The use of synthetic rubber is expected to witness the highest growth in the APAC region during the forecast period. The market in this region is driven by the recovery of the automotive sector in China and Southeast Asian countries. Global automobile manufacturers are investing in APAC countries to establish their production plants to enhance their market presence in the region. China is the significant market for automobiles and the largest consumer of synthetic rubber in the world. The focus towards the development of New Energy Vehicles (NEVs) to reduce carbon footprint will drive the automotive application in China which will further enhance the demand for synthetic rubber during the forecast period.

Sinopec (China), DuPont (U.S), The Dow Chemical Company (U.S), ExxonMobil (U.S), Kumho Petrochemical Company Ltd (South Korea), Trinseo (U.S), Zeon Corporation (Japan), Nizhnekamskneftekhim (Russia), The Goodyear Tire and Rubber Company (U.S), SIBUR (Russia), Mitsui Chemical Inc. (Japan), LG Chemical (South Korea), LANXESS (Germany), JSR Corporation (Japan), SABIC (Saudi Arabia), Denka Company Ltd. (Japan), and Asahi Kasei Corporation (Japan).

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