Global Synthetic Rubber And Fibers Market Trends 2024, Forecast To 2033
19 Jan, 2024
The synthetic rubber and fibers market has demonstrated strong growth, rising from $309.02 billion in 2023 to $334.66 billion in 2024, reflecting an 8.3% CAGR. Historical drivers include automotive industry growth, consumer goods manufacturing, infrastructure development, industrialization, and demand for synthetic rubber in applications such as roofing and seals. Projections estimate continued strength, with a size of $448.5 billion in 2028, and a 7.6% CAGR. Growth is attributed to sustainable materials, advanced manufacturing, the growing adoption of electric vehicles (EVs), circular economy, and health and wellness trends. Key trends involve high-performance tire materials, smart and functional textiles, biodegradable polymers, non-pneumatic tires, and customized and specialty polymers.
Global Synthetic Rubber And Fibers Market Key Driver
Ongoing technological advancements continue to drive market growth. Industries leveraging technology, such as the Green Tires sector, have experienced substantial growth. Green tires, addressing 20–30% of a vehicle's fuel consumption related to tire performance, offer wet grip, durability, and low rolling resistance. This technology significantly reduces fuel consumption by 5–7%, contributing to market growth.
Get A Free Sample Of The Global Synthetic Rubber And Fibers Market ReportGlobal Synthetic Rubber And Fibers Market Segments
The synthetic rubber and fibers market covered in this report is segmented –
1) By Type: Synthetic Fibers, Styrene Butadiene Rubber (SBR), Polybutadiene (BR), Ethylene Propylene (EPDM), Other Synthetic Rubber and Fibers
2) By Application: Non-Tire Automotive, Footwear, Tire, Construction, Other Applications
3) By Distribution Channel: Offline, Online
By Geography: The regions covered in the synthetic rubber and fibers market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
Asia-Pacific was the largest region in the synthetic rubber and fibers market in 2023. Western Europe was the second-largest region in the synthetic rubber and fibers market. The regions covered in the synthetic rubber and fibers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Major Synthetic Rubber And Fibers Industry Players
Sinopec Limited Mitsubishi Chemical Holdings Corp, Exxon Mobil, Lotte Chemical Corp, Odebrecht Engenharia E Construcao Sa, Teijin Ltd, Asahi Kasei Corporation, SK Innovation Co, GS caltex corporation, Lenzing AG, Kumho Petrochemical, LANXESS, Lucky Goldstar Chemical Limited, Dow, JSR Corporation, Reliance Industries Limited, Sabic, Versalis S.p.A., Trinseo, Zeon Corporation, Nizhnekamskneftekhim, The Goodyear Tire and Rubber Company, Mitsui Chemical Inc., Denka Company Ltd., Sumitomo Chemical Co., Ltd., Formosa Plastics Corporation, China National Chemical Corporation, AdvanSource Biomaterials Corporation, Alpek S.A.B. de C.V., Arkema S.A., Birla Carbon, Cabot Corporation, China Petrochemical Corporation (Sinopec Group), Covestro LLC
Get The Full Global Synthetic Rubber And Fibers Market Report
Synthetic Rubber And Fibers Market Overview
The synthetic rubber and fiber refer to artificial elastomers that are produced via the polymerization of a variety of petroleum-based monomers. The synthetic rubber and fibers have superior elastic properties and greater durability.
Synthetic Rubber And Fibers Global Market Report 2023 provides data on the global synthetic rubber and fibers market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The synthetic rubber and fibers market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.