Rubber manufacturers holding stakes
in the synthetic rubber market have been benefitting from the industrial demands to
bridge the gap arising due to insufficient availability of natural rubber.
Players are increasingly leveraging the cost-effectiveness and customizable
properties of synthetic rubber to gain a foothold in the market. Most
importantly, chemical companies have been able to tap new avenues in the rubber
industry by leveraging chemical processes that enhance the properties of the
elastomer.
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Players Focusing on Product
Innovation Aim at Enhancing Properties
Product innovation forms as one of
the key strategies to consolidate positions in the synthetic rubber market. To
this end, they are spending copiously on research with the objective of
improving the characteristics of tensile strength, flame retardant, abrasion
resistance and aging resistance. This has helped top players meet rising
demands from key end-use industries such as automotive, notably in making
tires. A case in point is the use of nitrile butadiene rubber (NBR) in
automotive applications. Interestingly, the overall demands for NBR from
various other industries are likely to challenge the dominant share held by
styrene butadiene rubber (SBR). The latter has stayed ahead of the pack due to
the widespread applications in general-purpose applications, such as in
automobiles and tires of commercial vehicles.
Some of the top players striving to
consolidate their shares in the global synthetic rubber market are Sumitomo
Chemical Co., DuPont de Nemours, Inc., DuPont, and Asahi Kasei Corporation.
Over the years, non-tire
applications have contributed to the sizable consumption of the synthetic
rubber market. The global market is projected to clock a CAGR of 5.1% from 2015
to 2023. By the period-end, the opportunities are expected to be worth
US$45,767.1 million.
The synthetic rubber market has
evolved increasingly from the demands that are arising from the global deficit
of natural rubber in numerous applications, notably including industrial goods,
footwear, asphalt overlay, and adhesives. The major demand by far has come from
the tires industry. Tellingly, large strides that had been made by the automobile
industry in past few years have helped the synthetic rubber market to expand
considerably.
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Rising Prices Make Difficult for
Manufacturers to Substitute Natural Rubber
Compelling business proposition for
the demands for synthetic rubber is centered on the flexibility of properties
possible with the artificial elastomer than with natural one. This freedom that
the chemical companies has been leveraging has spurred a wide cross-section of
applications of synthetic rubber in industries.
A prominent share of the overall
demands in the synthetic rubber market comes from its use in making inexpensive
construction materials with various characteristics. Hence, a large impetus has
come from emerging economies that in recent years have seen a proliferation in
infrastructure development. Thus, consumption in the Asia Pacific synthetic
rubber market is rising at a rapid pace.
However, since synthetic rubber is a
crude oil derivative, its cost of production depends on several factors, making
demands uncertain. In recent years, emerging markets have seen surge in prices
of synthetic rubber, thereby dampening the market. Nevertheless, new avenues
for players will come from the use of environmentally friendly ways of
producing products.
The study presented here is based on
a report by Transparency Market Research (TMR) titled “Synthetic Rubber
(Product - Styrene Butadiene Rubber (SBR), Polybutadiene (BR), Ethylene
Propylene Diene Terpolymer (EPDM), Nitrile Butadiene Rubber (NBR), IIR, CR, TPR
and ABS; End User - Tires, Industrial Goods, and Footwear ) - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2015–2023.”
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