The global synthetic rubber market is anticipated to grow at a substantial CAGR of 4.9% during the forecast period (2024-2031). The market growth is primarily driven by an increase in the usage of synthetic rubber as opposed to natural rubber for its compatibility with chemicals, greases, oils, heat, oxidizing agents, and other unfavorable situations. Another purpose of synthetic rubber arises from the detail of some of its properties such as abrasion and temperature resistance, making it the best choice for automotive industries. This type of carbon is relatively highly used especially in tires and other automobile parts. The elevating chemical industry and the world's speedy industrialization stimulate the demand for synthetic rubber in industrial operations such as rubber parts, anti-vibration, wipers, hoses, seals, and gaskets.

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Recent Developments

In April 2023, Sinopec declared enhanced capacities of Styrene Butadiene (SBC) by 170000 tons per annum. This increase was done in manufacturing sites within the Hainan region in China. The expansion of the company’s capacity was aimed at expanding into the Chinese market. 
In July 2021, Kumho Petrochemical acquired 50.0% of the Kumho Polychem shares owned by the joint venture partner from Japan’s JSR Corporation. 

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Market Coverage

The market number available for – 2023-2031
Base year- 2023
Forecast period- 2024-2031
Segment Covered- 

o             By Product

o             By End-user

Regions Covered-

o             North America

o             Europe

o             Asia-Pacific

o             Rest of the World

Competitive Landscape- ARLANXEO, China Petrochemical Corp. (Sinopec), Kumho Petrochemical, PetroChina Co. Ltd., and Exxon Mobil Corp.

Key questions addressed by the report.

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
Who is the leader in the market?
How are players addressing challenges to sustain growth?
Where is the investment opportunity?

Global Synthetic Rubber Market Report Segment-

By Product

Styrene Butadiene Rubber (SBR)
Polybutadiene (Br)
Ethylene Propylene (EPDM)
Nitrile Butadiene Rubber (NBR)
Isoprene Rubber (IR)
Chloroprene Rubber (CR)
Butyl Rubber (IIR)
Other

By End-user

Tires
Industrial Application
Electronics
Footwear
Household
Others

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1. We cover more than 15 major industries, further segmented into more than 90 sectors.
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