Market Synopsis:
Synthetic Rubber is a kind of elastic polymer mainly derived from petroleum byproducts. Synthetic Rubber possess various properties such as elasticity, oil resistant, durability, and excellent water repellant property which make them suitable for various end use industries such as construction, footwear, automotive & transportation, industrial, and others. Moreover, it is used for making polymer concrete for waterproofing, tires, hoses, conveyor belt covers, gaskets, tubes, and others.
Some of the important factors that positively influence the growth of the Synthetic Rubber Market are increasing per capita disposable income, rising demand for lightweight footwear, and growing construction industry. Rapid urbanization combined with rising per capita disposable income in various countries across the globe is estimated to drive the growth of the market during the forecast period. Moreover, rising demand for durable as well as oil resistant rubber and increasing investment in construction activities is likely to propel the market growth over the estimated period, 2016 to 2023.

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Top Global Players:
Some of the key industry participants operating in the global Synthetic Rubber Market are, LANXESS (Germany), The Dow Chemical Company (U.S.), Versalis S.p.A. (Italy), Kumho Petrochemical (South Korea), JSR Corporation (Japan), LG Chem (South Korea), Exxon Mobil (U.S.), Asahi Kasei Corporation (Japan), Sumitomo Chemical Co. Ltd. (Japan), ZEON Corporation (Japan)

Market Categorization:
The global Synthetic Rubber Market is segmented on the basis of type, end use industry, and region. Based on type, the market is classified into SBR, NBR, BR, EPDM, SBC, others. Other type include IR, IIR, and CR. Based on end use, the market is categorized into construction, automotive & transportation, industrial, footwear, and others. Based on region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Regional Analysis:
The global Synthetic Rubber Market is categorized into five regions based on geography, namely; North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Among these, North America synthetic rubber market is categorized into U.S. and Canada. The U.S. and Canada are estimated to be the leading consumer markets due to growing demand from end use industries such as automobile and transportation sector. Latin American countries such as Brazil, Peru, and Argentina are among the major contributors in the regional synthetic rubber market and is estimated to witness moderate growth over the foreseeable future on account of technological advancement and high adoption rate. However, increasing consumer awareness regarding the use of natural rubber might slow down the growth rate of synthetic rubber in developed nation.
European synthetic rubber market is presumed to witness moderate growth over the assessment period due to stringent government regulations and norms regarding the use of synthetically derived product. Countries such as Germany, Spain, and U.K are predicted to dominate the regional market share on account of increasing demand for passenger as well as commercial vehicles. Furthermore, presence of key automobile manufacturers combined with high adoption rate of synthetic rubber in automobile sector is predicted to fuel the growth of the market. The Middle Eastern and African countries such as the United Arab Emirates, Oman, Saudi Arabia, and Qatar are predicted to witness above average growth due to high economic growth rate and growing residential, commercial, and institutional construction industry.

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