Synthetic rubber market Growth :
The synthetic Rubber Market is projected to be worth USD 23.2 billion by 2030, registering a CAGR of 4.0% during the forecast period (2020–2030).
However, the global market for Synthetic rubber market Growth may find it difficult to maintain the growth rate during the COVID-19 attack. The pandemic has substantially impacted the global manufacturing sector.
Asia Pacific is expected to lead the global market as the regional production facilities are churning out a substantial amount of related products. India and China are making substantial progress in the market. The rise in the automobile segment is expected to boost the regional market further. North America is making progress as the US is contributing much to the sector.
The global market for synthetic rubber is benefiting from tactical steps taken by several influential companies like
- The Dow Chemical Company (U.S.),
- Synthetic Rubber Market are LANXESS (Germany),
- Kumho Petrochemical (South Korea),
- Versalis S.p.A. (Italy),
- LGChem (South Korea),
- JSR Corporation (Japan),
- Sumitomo Chemical Co., Ltd. (Japan),
- Asahi Kasei Corporation (Japan),
- ExxonMobil (U.S.),
- and ZEON Corporation (Japan).
These companies and their strategic designs to improve portfolio and strengthen market presence depend on moves like acquisition, merger, collaboration, launching, innovation, branding, and others. Increasing the price of research and development will also impact the market outcome significantly. MRFR recorded these changes to inspire better devising of strategies.
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The global market for synthetic rubber has been studied by market analysts on the basis of a segmentation that includes the type and end-use industry. These segments have insights that can impact the market outcome as they have been fetched from a data pool by experts. Backing from figures and charts make the data more reliable.
By type, the global market for synthetic rubber has been segmented into SBR, NBR, BR, EPDM, SBC, and others. The ‘others’ segment includes types including IR, IIR, and CR. The SBR segment finds significant usage in the automotive and transportation segment as the component is used for heavy vehicles. Its abrasion resistance makes it the choicest preference.
By end use, the global market in the synthetic rubber industry has been segmented into automotive & transportation, footwear, industrial, construction, and others. The automotive & transportation segment has over 65% market share and during the forecast period, this segment will continue to rule the market.
In May 2020, researchers from Iowa State University revealed that they had discovered a new process that can significantly improve the durability of perovskite cells, which will boost the intake of solar panels. Perovskite models are already known for their low cost, but these are normally not so durable. But with this new research result, durability will not be an issue. The process includes glass and synthetic rubber chambers to surround the cells and then it includes three sets of international standard tests with temperature. It also follows methods where the test understands its high humidity resistance quality.
The production of synthetic rubber is witnessing some hindrances and that is quite evident from the COVID-19 analysis on the synthetic rubber market. The market has been impacted by the reduction in intake from end users due to lockdowns that forced companies to shut down their factories temporarily. However, its intake increased in making gloves for medical professionals.
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