Global Synthetic Rubber Market 2017-2021
About Synthetic Rubber
Rubber belongs to elastomer type polymer class in which the polymer has the ability to return to its original shape post-deformation. The polymer is in a coiled form while it is resting. The ability to stretch the chains offers the elastic feature to rubber, and it returns to its original shape when the chains snap back after the tension is released. Rubber is a group term for macromolecular substances of natural and synthetic origin. The natural origin compound is generally known as natural rubber (NR), which is an addition polymer that is a derivative of the milky white fluid known as a latex. Latex is obtained from a tropical rubber tree. The natural rubber has the ability to vulcanize, a process by which the shorter chains get linked with sulfur to form longer chains. Synthetic rubber is an artificial elastomer that resembles natural rubber closely in various features.
Technavio’s analysts forecast the global synthetic rubber market to grow at a CAGR of 5.16% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global synthetic rubber market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of synthetic rubber.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Synthetic Rubber Market 2017-2021
Technavio recognizes the following companies as the key players in the global synthetic rubber market: Asahi Kasei Corporation, Bridgestone, ExxonMobil, LANXESS, and MICHELIN
Other Prominent Vendors in the market are: China National Petroleum Corporation, China Petroleum & Chemical Corporation, Denka Company, DowDuPont, Grupo Dynasol, JSR, KUMHO PETROCHEMICAL, LCY GROUP, Reliance Industries, SABIC, Sumitomo Chemical, The Goodyear Tire & Rubber Company, TSRC, UBE INDUSTRIES, and Versalis.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Rising acceptance for green tires. Around 5-10 gallons of petroleum are required to manufacture a tire. The concept of manufacturing green tires mainly refers to the enhancements in fuel economy that is a result of reducing the rolling resistance of tires. It is generally achieved using special rubber formulations. Around 86% of the tire’s ecological impact hovers around how it impacts the fuel consumption. Green tires are those that have enhanced performance in terms of rolling resistance, mileage, road grip, and noise emissions.”
According to the report, one of the major drivers for this market is Increasing preference over natural rubber. The market is witnessing an increasing demand for synthetic rubber over natural rubber mainly because of their significantly less price and a wide variety of options to meet the increasing demand. The development of synthetic rubber itself was due to the high price and less supply of natural rubber. The decline in the natural rubber supply coincided with World War I and II, prompting the need for low-cost products with steady supplies in order to make tires. This resulted in the production of SBR and butadiene rubbers. With time, more synthetic rubber products were developed and introduced into the market.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuating raw material cost. Price fluctuations of raw materials that are used to manufacture synthetic rubber pose a major challenge to the synthetic rubber manufacturers. Naphtha monomers such as ethylene and propylene, the major raw materials for synthetic rubber, are manufactured from compounds such as ethane and propane. Over the past few years, the synthetic rubber market has witnessed monomer price volatility. The prices of these petrochemicals are dependent on the price of natural gas and crude oil. Due to the demand-supply imbalance and the volatile political situation in the Middle East, which has the major share of world oil supply, there has always been increased volatility in the prices of crude oil in the overseas market.
Asahi Kasei Corporation, Bridgestone, ExxonMobil, LANXESS, MICHELIN, China National Petroleum Corporation, China Petroleum & Chemical Corporation, Denka Company, DowDuPont, Grupo Dynasol, JSR, KUMHO PETROCHEMICAL, LCY GROUP, Reliance Industries, SABIC, Sumitomo Chemical, The Goodyear Tire & Rubber Company, TSRC, UBE INDUSTRIES, and Versalis.