Synthetic Rubber Market to Reach USD 36,761.9 Million by 2027; High Demand from Automotive Industry to Propel Growth
The global synthetic rubber market size is expected to gain momentum from the rising inclination of people from natural rubber to artificial rubber. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Synthetic Rubber Market, 2020-2027.” The report further states that the global market size was USD 30,396.8 million in 2019. It is projected to reach USD 36,761.9 million by 2027, exhibiting a CAGR of 3.2% during the forecast period. Nowadays, several companies are striving persistently to introduce innovative synthetic rubbers to cater to the high demand. In March 2019, for instance, Trinseo unveiled SPRINTANTM 918S, a new grade of Solution Styrene Butadiene Rubber (S-SBR) at the Tire Technology Expo, Germany.
COVID-19 Pandemic to Affect Growth Fueled by Closure of Assembly Plants in U.S.
As the automotive industry is the largest user of this type of rubber, it is experiencing a declining demand because of the COVID-19 pandemic. It is occurring as a result of the disruptions in supply chain networks and the temporary closure of assembly plants, especially in the U.S. We are offering authentic research reports to help you choose the best strategy for overcoming the current situation.
Report Coverage-
The report aims to analyze the market by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to analyze their core competencies in each segment. At the same time, it ensures to aid our clients better understand the competitive developments, namely, joint ventures, acquisitions, new product developments, agreements, and expansion of production facilities.
Key Drivers & Restraints-
High Abrasion & Temperature Resistant Properties to Bolster Growth
Synthetic rubber is experiencing high demand from the automotive industry worldwide. It has excellent temperature resistance and abrasion properties that make it the best suited for numerous vehicle manufacturers. The Malaysian Rubber Council (MRC), for instance, declared that the usage of this rubber surged to 15,792 million tons in 2020 from 15,280 million tons in 2019. However, the manufacturing process of this type of rubber can be harmful for the environment. This factor may hinder the synthetic rubber market growth in the upcoming years.
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