Published By : 16 Mar 2016 | Published By : QYRESEARCH
Synthetic rubbers are an alternative to natural rubber. Some of the types of synthetic rubbers are nitrile butadiene rubber, polybutadiene, styrene butadiene rubber (SBR), and ethylene propylene diene monomer (EDPM). Synthetic rubbers find their use in several end-use segments such as industrial goods, tires, footwear, and others. The global synthetic rubber market is expected to witness moderate growth in the coming few years. Let us look at the factors that will drive and restrain the global synthetic rubber market.
The global synthetic rubber market will be driven by the expanding automotive industry, which is fuelling the demand for synthetic rubber in this industry. The demand for synthetic rubber in manufacturing both cars and commercial vehicles has increased significantly in the past few years. In 2014, the tires segment dominated the global synthetic rubber market and is slated to witness the fastest growth in the global synthetic rubber market. This rising demand, particularly for green tires is attributed to the excellent performance and stringent labelling regulations. Moreover, the increasing footwear market is also expected to boost the global synthetic rubber market. Synthetic rubber is extensively used in the footwear industry around the world. This has led to a high demand for SBR type of synthetic rubber in the automotive industry, which is used to manufacture car tires.
In addition to this, the players in global synthetic rubber market will also benefit the market opportunity presented by the emergence of bio-based feedstock that is projected to drive the demand for synthetic rubber further. The key players operating in the global synthetic rubber market are China National Petroleum Corporation, DuPont, China Petroleum & Chemical Corporation, Dynasol Elastomers, and The Dow Chemical Company.
Although the global synthetic rubber market will benefit from the aforesaid trends, it will be challenged by certain factors. The oversupply associated with consistent capacity additions is projected to restrain the global synthetic rubber market significantly in the coming few years.
Further to this, the rising substitution of synthetic rubber by natural rubber will also challenge the global synthetic rubber market. This rising competition from substitute, natural products is significantly hampering the global synthetic rubber market.