New York, NY 21 Sep 2020: The global synthetic rubber market size is estimated to reach USD 46.7 billion by 2026 according to a new report by Polaris Market Research. The report “Synthetic Rubber Market Share, Size, Trends, Industry Analysis Report By Product Type (SBR, EPDM, IR, PBR, & Others), By Application (Tire & Tire Components, Non-Tire Automobile Applications, Footwear, Industrial Goods, & Others), By Regions, Segments & Forecast, 2019 – 2026” provides contemporary market insights and taps future growth trends.
Synthetic Rubber is the most efficient product of the industry with natural rubber not as elevated as synthetic rubber in market size. Natural rubber needs chemical enhancements for delivering high-performance. Synthetic type is wanted in most automobile applications which are the causes behind effective growth. The largest market for synthetic type lies in the replacement of motor vehicle tires. Furthermore, a rising trend in global manufacturing activity in the last five years has boosted non-tire applications also.
A plethora of tires are available in the market and is employed in different applications as per their market traits. A few different types of synthetic types include styrene butadiene, polyisoprene (PS), Ethylene-propylene-diene (EPDM), polybutadiene rubber (BR) and few others. Amongst these, styrene butadiene is most sought after in all applications because of its excellent mechanical properties.
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Automotive is one of the applications with greatest momentum. Electric vehicles and hybrid electric vehicles have gone mainstream and this has caused tire industry to maintain momentum as one of the primary motivators to growth in tire and non-tire applications as well. Heavy duty vehicles also have observed large growth in synthetics tire especially in emerging nations.
Growth in tire industry is likewise reflective of the elevated income levels of consumers and modern standards of living and this is reason for boom as well. These trends symbolize a long-term sustainable growth in demand for consumer durables globally. This will increase the overall intake of goods and extended utilization of synthetic rubber within the manufacturing sector.
The demand for the product is cyclic in nature. The demand for rubber products varies with global prices and trends in end-use industry. The product also moves forward by focused R&D efforts that gains industry insight based on economic feasibility via end-use sectors.
Asia Pacific leads growth in synthetic rubber market with China as the major producer globally. The market in South America and Eastern Europe are also anticipated to script enormous growth figures in forecast period. North America and Western Europe are weak and will observe deteriorating growth figures.
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The global synthetic rubber market is highly fragmented and competitive along with high integration from players across the breadth of manufacturing and distributions stages.
The key players include Sinopec, LANXESS, China National Petroleum Corporation (CNPC), Kumho Petroleum, Sibur, JSR Corporation, Eastman Chemical Corporation, Asahi Kasei Chemical Corporation and Ashland, Inc.
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