How Has the Synthetic Rubber And Fibers Market Evolved Historically and What is its Current Size?
The synthetic rubber and fibers market has seen considerable growth due to a variety of factors.
• The market size for synthetic rubber and fibers has seen significant growth in the past few years. Anticipated to rise from $341 billion in 2024 to $370.94 billion in 2025, the predicted compound annual growth rate (CAGR) is 8.8%.
Factors contributing to the growth during the historical period include the thriving automotive industry, consumer goods manufacturing, infrastructure advancements, industrialization, and the increasing use of synthetic rubber in areas like roofing and seals.
What Does Future Hold for The Synthetic Rubber And Fibers Market By 2029?
The synthetic rubber and fibers market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for synthetic rubber and fibers is anticipated to witness robust growth in the forthcoming years, projected to reach a valuation of $498.17 billion in 2029, expanding at a compound annual growth rate (CAGR) of 7.7%.
Factors contributing to this growth for the predicted period involve the use of sustainable materials, advancements in manufacturing, increased acceptance of electric vehicles (evs), circular economy, and health and wellness trends. Notable trends within the predicted period include materials for high-performance tires, intelligent and functional textiles, biodegradable polymers, non-air tires, bespoke and specialty polymers.
What Are The Primary Growth Drivers In The Synthetic Rubber And Fibers Market?
The projection for this period suggests that technology will remain a critical catalyst for market expansion. This trend was particularly advantageous to industries like this one, which is heavily reliant on technology. During this period, breakthroughs such as Green Tires emerged; these innovative designs account for 20–30% of a vehicle's fuel efficiency given their notable impact on performance. The superior wet grip, durability, and low rolling resistance of Green tires aid in cutting down fuel usage by 5–7%. As such, the market growth was fuelled by technology-inspired enhancements that led to better performance and minimized fuel consumption.
What Is The Segmentation Of The Global Synthetic Rubber And Fibers Market?
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
Subsegments:
1) By Synthetic Fibers: Polyester, Nylon, Acrylics, Polyolefin
2) By Styrene Butadiene Rubber (SBR): High Styrene SBR, Low Styrene SBR
3) By Polybutadiene (BR): High Cis Polybutadiene, Low Cis Polybutadiene
4) By Ethylene Propylene (EPDM): EPDM For Automotive, EPDM For Industrial Applications
5) By Other Synthetic Rubber And Fibers: Butyl Rubber, Neoprene Rubber, Spandex, Aramid Fibers
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How Are New Trends Impacting The Size Of The Synthetic Rubber And Fibers Market?
A shift has been observed in many producers who have begun to favor synthetic rubber over natural due to decreasing crude oil prices which in turn reduce the cost of synthetic rubber. In the second quarter, compared to the same period the previous year, Europe saw a 15% reduction in synthetic rubber prices and the US experienced a 5% reduction. Synthetic rubber proved to be both consistently available and economically more viable than natural rubber during the review period. It's estimated that currently, 60% synthetic rubber and 40% natural rubber are being utilized by manufacturers in Europe for rubber-related products. As per a publication by Rubber World, it's predicted that by 2024, the global synthetic rubber market could reach as much as 21.2 million metric tons.
Who Are the Key Players In The Synthetic Rubber And Fibers Market?
Major companies operating in the synthetic rubber and fibers market include:
• 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.
What Are The Regional Insights Into The Synthetic Rubber And Fibers Market?
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.
