The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global synthetic rubber and fibers market has witnessed a robust expansion, growing from $285.65 billion in 2022 to $307.6 billion in 2023, showcasing a substantial compound annual growth rate (CAGR) of 7.7%. Projections indicate a continued upward trajectory, with the market expected to reach $403.27 billion in 2027, sustaining a CAGR of 7.0%. Let’s delve into the key factors steering this growth, from technological advancements to shifting preferences in material usage.

1. Technological Drive: Green Tires Paving the Way

• Technology emerges as a pivotal driver of growth in the synthetic rubber and fibers market during the forecast period.
• Green Tires, a technological innovation, gained prominence, addressing approximately 20–30% of a vehicle’s fuel consumption related to tire performance.
• Green Tires offer a trifecta of advantages, including enhanced wet grip, durability, and low rolling resistance, ultimately contributing to a 5–7% reduction in fuel consumption.
• The integration of technology not only improves performance but aligns with the global emphasis on sustainable and eco-friendly solutions.

*2. Industry Leaders Shaping the Landscape

• Major companies play a significant role in steering the trajectory of the synthetic rubber and fibers market. Key players include Sinopec Limited, Mitsubishi Chemical Holdings Corp, and Exxon Mobil.
• Falling crude oil prices have spurred a shift in material preferences, with manufacturers increasingly favoring synthetic rubber over natural rubber due to affordability.
• European manufacturers, for instance, now utilize 60% synthetic rubber and 40% natural rubber, a testament to the economic advantages and consistent supply of synthetic alternatives.
• According to estimates, the global synthetic rubber market is anticipated to reach 21.2 million metric tons by 2024, reinforcing the dominance of synthetic materials in the market.

*3. Market Segmentation: Navigating Types, Applications, and Distribution Channels

• The synthetic rubber and fibers market unfolds through a nuanced segmentation, offering insights into the diverse facets of the industry.
• Type Segmentation:
  • Synthetic Fibers
  • Styrene Butadiene Rubber (SBR)
  • Polybutadiene (BR)
  • Ethylene Propylene (EPDM)
  • Other Synthetic Rubber and Fibers
• Application Segmentation:
  • Non-Tire Automotive
  • Footwear
  • Tire
  • Construction
  • Other Applications
• Distribution Channel Segmentation:
  • Offline
  • Online

*4. Regional Dynamics: Asia-Pacific at the Helm

• Asia-Pacific emerges as the epicenter of the synthetic rubber and fibers market, holding the largest market share in 2022.
• The region’s dominance is attributed to factors such as economic growth, industrialization, and the flourishing automotive and construction sectors.
• Asia-Pacific’s substantial contribution underscores the region’s pivotal role in shaping the global landscape of synthetic rubber and fibers.

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The Synthetic Rubber And Fibers Global Market Report 2023  provides an overview of the synthetic rubber and fibers market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The synthetic rubber and fibers market forecast analyzes synthetic rubber and fibers market size, synthetic rubber and fibers market share, leading competitor and their market positions.

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