Synthetic Rubber Market Business Opportunities, Growth Insights, Trends, Size to 2027
The rising demand for hydrogenated nitrile-butadiene rubber (HNBR) in various industrial application is expected to enable speedy growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Synthetic Rubber Market Size, Share & Industry Analysis By Type (Polybutadiene Rubber (BR), Styrene Butadiene Rubber (SBR), Nitrile Rubber (NBR), Ethylene Propylene Diene Monomer (EPDM), Others), By Application (Tire, Non-Tire Automotive, Footwear, Industrial Goods, Others) Others and Regional Forecast, 2019-2027” the growing shift from natural rubber to synthetic rubber owing to its robust qualities is likely to spur opportunities for the synthetic rubber market growth during the forecast period.
The Report Lists the Key Companies in the Synthetic Rubber Market:
Asahi Kasei Corp
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Agreement between ExxonMobil and SABIC to Accelerate Growth
Saudi Basic Industries Corporation (SABIC), a Saudi multinational chemical manufacturing company announced its agreement with Exxon Mobil Corporation, an American multinational oil and gas corporation headquartered in Irving, for the completion of a new elastomers plant at Kemya. The new synthetic rubber project will expand Kemya’s product portfolio. The new project involves a total investment of U.S. $3.4 billion, and has the capacity to produce up to 400,000 tons per year. The agreement between the companies is predicted to boost the synthetic rubber market trends in the foreseeable future owing to its high impactful technologies including proprietary ExxonMobil EPDM, thermoplastic elastomer and halobutyl rubber technologies. Moreover, the plant has a rigorous and sophisticated system for waste management, which, in turn, will reduce waste and promote healthy ecosystem. In addition, the growing demand for acrylic rubber is predicted to impel companies to increase their production capacities, which, in turn will facilitate the synthetic rubber market revenue. For instance, Zeon Corporation, a producer and supplier of a wide range of products including synthetic rubbers and specialty resins announced to establish a new subsidiary in Thailand for Acrylic Rubber manufacture and sale to cater to the demand for acrylic rubber in the Asian region. However, the health and environmental hazards due to soot produced during the vulcanization of rubber is expected to restrict the growth of the market. Soot is a dangerous mix of metals and chemicals, if inhaled deep in the lungs can cause heart attacks and cancer.
High Demand from Automotive Industry to Facilitate Growth in North America
Asia Pacific is expected to dominate the global market during the forecast period owing to the high demand for rubber from countries such as China and India. The growing industrialization and urbanization is predicted to bolster healthy growth of the market during the forecast period. The surge in automotive and footwear industry has led a huge demand for synthetic rubber, which, in turn, will augur well for the market .The booming automobile industry in countries such as Germany and the UK is expected to boost the synthetic rubber market share in Europe. The high standard of living is predicted to have a positive impact on the market in Europe. The rising demand for electric vehicles has led to the necessity for synthetic rubber in tire and non-tire automotive applications. This, factor is likely to aid growth of the market in North America. Nonetheless, the rising construction projects and flourishing industries is predicted to augur well for the market in the Middle East & Africa. High Demand in Saudi Arabia for synthetic rubber in industrial applications is expected to enable speedy growth of the market during the forecast period.