Synthetic Rubber Market worth 5.83% CAGR by 2026
" COVID-19 Impact on Synthetic Rubber market, size, share, growth, industry analysis, and forecast 2020-2026 "
Synthetic rubber is an artificial rubber where several raw materials, including styrene, butadiene, chloroprene, isoprene, acrylonitrile, propylene, ethylene, and isobutylene, come together to make it. Synthetic rubber is a type of elastic polymer primarily derived from petroleum byproducts. Automobile products are an enormous market and are the main crux in driving market growth regularly.
Drastic urbanization, rising demand for durable rubber, and constant growth of automobile and transportation sectors are the few key factors contributing to market growth. Further, the surging population and the rising per capita disposable income are estimated to drive the market's growth. Escalating automotive production and sales across the world have resulted in the increasing demand for durable tires, which is likely to boost the market's growth.
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Moreover, rising sports events such as racing car tournaments and growing research and development activities on the production of superior quality tires and rubber are estimated to propel the market growth over the forecast period. Also, the growing construction activities in the developed and developing nations are expected to drive the growth of the market. The increasing requirement of high-performance and environmentally friendly tires are providing opportunities for the market.
The Synthetic Rubber Market research report titled “Synthetic Rubber Market by Type, Application, and Geography – Global Forecast up to 2026.”
The top-notch companies of the market are DuPont, Mitsubishi Chemical Corporation, INEOS, Chevron Phillips Chemical Company, and Eastman Chemical Company
The Asia Pacific region acquires the majority share of the market in the regional market. This is due to the expansion of the infrastructure industry, the advanced product, and, most importantly, China's major role in the growth in the market growth in this region.
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The report consists of 76 Tables and 46 charts depicting the in-depth market study and the impact analysis of COVID-19. View detailed TOC here.
Synthetic Rubber Market by Type:
- Styrene-Butadiene Rubber
- Ethylene Propylenediene Rubber
- Polybutadiene Rubber
Synthetic Rubber Market by Application:
- Non-tire automotive
Synthetic Rubber Market by Geography:
- North America
- Asia Pacific
- Rest of the World