Summary

The Asia-Pacific synthetic rubber market is expanding rapidly. Growing use of synthetic rubber in a range of applications, expanding penetration of EVs, surging demand from automotive sectors, and rising production and demand for consumer and industrial goods are major growth drivers for the Asia-Pacific synthetic rubber market. Similarly, an increase in sports activities such as motor racing contests and extensive study into tire durability and demand would fuel the market's growth. The growing middle class and rising industrialization have increased the footwear sector, which will fuel the growth of the Asia-Pacific synthetic rubber market throughout the study period. Due to the growing manufacturing of various grades of non-automotive items and tires, the Asia-Pacific synthetic rubber market will expand significantly. China, India, Thailand, Indonesia, Malaysia, and Vietnam are major producers of synthetic rubber worldwide. The market will expand due to increased demand for synthetic rubber in the automotive industry. Artificial rubber is employed in the automotive sector due to qualities such as abrasion and temperature resistance. As of its outstanding anti-slip properties, artificial rubber is ideal for use in automotive pedals and interior flooring mats. It is also used in flooring, door and window profiles, hoses, O-rings and gaskets, and belts. It is also widely used in the production of tires. Furthermore, rising global demand for autos is predicted to boost product consumption, particularly because rubber goods are used to build a variety of motorcycles and automobiles. Demand for the product will rise throughout the projection period due to the rapid expansion of the automotive sector and expanding R&D activities. The Asia Pacific market is expected to gain from a rising construction sector and expanded infrastructure initiatives. Throughout the projected period, increased demand for green tires is expected to benefit the market. In terms of output, Asia Pacific is predicted to lead the synthetic rubber sector.

According to the research report, “Asia-Pacific Synthetic Rubber Market Outlook, 2028” published by Bonafide Research, the market is expected to growth with more than 7% CAGR from 2023 to 2028. The Asia-Pacific area consumes and produces the most synthetic rubber in the world. The region's thriving automobile industry, which relies largely on synthetic rubber for tire manufacturing, is credited with this market dominance. The ever-expanding fleet of passenger and commercial vehicles in Asia-Pacific nations such as China and India has resulted in an insatiable hunger for tires, making the area a crucial driver of synthetic rubber consumption. Furthermore, Asia-Pacific is well-known for its robust construction industry, which is characterized by fast urbanization and infrastructure development. Synthetic rubber is important in this industry since it is utilized in a variety of applications, such as roofing materials, sealants, and insulation. The region's vigorous construction activities drive up demand for synthetic rubber, particularly in elastomeric applications, where durability and weather resistance are essential. Another distinguishing element of the Asia-Pacific synthetic rubber industry is its significant contribution to rubber technology innovation and research. Several countries in the region, particularly Japan and South Korea, are well-known for their outstanding R&D activities. These countries have a considerable emphasis on the development of high-performance synthetic rubber compounds that meet specific industrial needs, such as high-performance tires and specialty elastomers. Furthermore, the Asia-Pacific area is known for its foresight in sustainable rubber production and processing. With a growing worldwide emphasis on sustainability and environmental responsibility, Asia-Pacific countries have made considerable investments in the development of environmentally friendly synthetic rubber products. This involves the use of bio-based feedstocks and sophisticated production processes that are less harmful to the environment. The region's dedication to co-friendly rubber technology positions it at the forefront of the global sustainability movement.

Based on report market is divided into five major countries China, Japan, India, Australia and South Korea. China dominates the market of Asia-Pacific region with significant market share.

The Chinese synthetic rubber market is a thriving and rapidly expanding industry that is vital not just to the country's industrial environment but also to the global rubber industry. As the world's most populous country and one of the world's largest economies, China's need for synthetic rubber is tremendous, driven by its flourishing automobile sector, construction industry, and overall growth of its manufacturing base. Because of its vast market size and growth potential, China is a major user and manufacturer of synthetic rubber. Rapid economic expansion in the country, combined with expanding urbanization, has resulted in increased demand for tires, automotive components, industrial items, and consumer goods, all of which rely heavily on synthetic rubber. China's automobile industry is a powerhouse, and it has a direct impact on synthetic rubber consumption. The production of millions of vehicles each year in the world's largest automotive market demands a steady supply of high-quality synthetic rubber. China has the world's largest automobile market, with a high number of passenger and commercial vehicles. The automotive industry consumes a large amount of synthetic rubber, primarily in tire manufacturing. As Chinese consumers and businesses continue to invest in automobiles, demand for tires and synthetic rubber has surged, propelling China to the forefront of the synthetic rubber market. China has evolved into a worldwide manufacturing powerhouse, producing a wide range of synthetic rubber-required products such as electronics, appliances, and industrial gear. As a result, synthetic rubber is in high demand for a variety of manufacturing applications. China's persistent economic expansion has resulted in higher consumer spending, which has boosted a variety of industries, including automotive and manufacturing. The country's robust economic performance directly correlates with the growing demand for synthetic rubber.

In terms of form type market is divided into solid and liquid. Solid form type is predicted to grow at fastest rate in the Asia-Pacific region. Based on type market is divided into styrene butadiene rubber, polybutadiene rubber, ethylene propylenediene rubber, polyisoprene rubber, neoprene rubber, nitrile rubber, butyl rubber and others.

The durability and robustness of solid-form synthetic rubber under diverse climatic situations make it appropriate for a wide range of applications. This adaptability and endurance are critical, especially in areas with varying weather and industrial needs. Asia-Pacific is rapidly urbanizing and developing infrastructure. This development increases the need for roofing products, sealants, and insulation, all of which primarily use solid synthetic rubber. The region's continuing infrastructural expansion contributes to rising demand for solid-form synthetic rubber. The Asia-Pacific area is a worldwide manufacturing hub. Solid-form synthetic rubber is used in industries such as electronics, appliances, machinery, and industrial equipment for components such as gaskets, seals, and insulators. The region's thriving manufacturing sector further propels the growth of solid-form synthetic rubber. The Asia-Pacific area is home to some of the world's major automotive markets, with China and India leading the way in both passenger and commercial vehicle manufacturing. SBR is an important component in tire production, and as the automotive industry grows, so does the demand for SBR to make high-quality tires. Because of its outstanding property balance, SBR is extensively utilized in the fabrication of passenger car and truck tires. It provides excellent traction, wear resistance, and fuel efficiency, making it an excellent choice for tire treads. Demand for SBR is being driven by increased tire production and replacement in the Asia-Pacific area. Construction activity has increased in the Asia-Pacific area due to rapid urbanization and massive infrastructure development. SBR is used in various construction materials, such as asphalt modifiers and sealants, to enhance performance and durability. The continued construction projects contribute to the rising demand for SBR.

Based on end user industry market is divided into automotive, consumer goods, industrial goods, chemical, medical, pulp & paper and others. Among them industrial goods end user segment is predicted to grow at fastest rate in Asia-Pacific synthetic rubber market.

The Asia-Pacific area is witnessing major infrastructure development and urbanization, which has resulted in a surge in construction activity. Synthetic rubber is necessary in construction materials such as sealants and roofing membranes that require durability, weather resistance, and insulation. The ongoing expansion of infrastructure projects encourages the use of synthetic rubber in the manufacturing sector. Consumer and commercial appliance production in Asia-Pacific is booming, driven by rising consumer expenditure and a desire for modern conveniences. In appliances, synthetic rubber is used for seals, gaskets, and insulators. The increased demand for synthetic rubber in industrial items is fueled by the developing appliance manufacturing sector. For their sealing and insulating qualities, industrial items frequently require elastomers and seals made of synthetic rubber. These materials are essential in the machinery and equipment manufacturing processes, helping to ensure proper functioning and safety. With an increasing focus on sustainability and environmental responsibility, synthetic rubber manufacturers in Asia-Pacific are developing eco-friendly and recyclable synthetic rubber materials. These materials align with global trends and environmental regulations, making them suitable for industrial applications that prioritize sustainability.

Companies Covered in this report:
Asahi Kasei Corporation, The Yokohama Rubber Company, Exxon Mobil Corporation, The Dow Chemical Company, Kumho Petrochemical Co., Ltd., Zeon Corporation, LG Chem, TSRC Corporation, Sumitomo Chemical Co., Ltd., JSR Corporation, Mitsubishi Chemical Group Corporation, The Goodyear Tire & Rubber Company.

Considered in this report:
• Geography: Asia-Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• Asia-Pacific Synthetic Rubber market Outlook with its value and forecast along with its segments
• Country-wise Synthetic Rubber market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Country covered in the report:
• China
• Japan
• India
• Australia
• South Korea

By Form Type:
• Solid
• Liquid

By Type:
• Styrene Butadiene Rubber
• Polybutadiene Rubber
• Ethylene Propylenediene Rubber
• Polyisoprene Rubber
• Neoprene Rubber
• Nitrile Rubber
• Butyl Rubber
• Others

By End User Industry:
• Automotive
• Consumer Goods
• Industrial Goods
• Chemical
• Medical
• Pulp & Paper
• Others

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Synthetic Rubber industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.




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