Summary

The China Synthetic Rubber Market reached a valuation of USD 30.16 billion in 2022 and is poised for robust growth in the forecast period, with a projected Compound Annual Growth Rate (CAGR) of 3.31% through 2028 and is expected to reach at USD 36.43 million in 2028. China holds a prominent position as a global producer and exporter of synthetic rubber, and this market's expansion is primarily driven by its thriving automobile sector and exports to international markets.

Key Market Drivers

1. Growth in Transportation Industry Demand: The surging demand for synthetic rubber in China can be largely attributed to the thriving transportation industry. China boasts the world's largest automotive market, with continuously increasing automobile production. This surge in production necessitates high-quality rubber components such as tires, hoses, belts, and seals. Synthetic rubber is preferred for these applications due to its superior performance characteristics, including durability, wear resistance, and improved fuel efficiency. In particular, tire manufacturing relies heavily on synthetic rubber to meet the rising demand from China's growing number of vehicles. Additionally, synthetic rubber is essential for various automotive components like hoses, gaskets, seals, belts, and more. The robust growth of the automotive sector in China fuels the demand for synthetic rubber, creating opportunities for domestic and international manufacturers.

2. Growing Medical Industry Demand: The medical industry in China is emerging as a significant driver of the synthetic rubber market. Synthetic rubber materials with properties such as chemical resistance, flexibility, and durability are crucial for manufacturing medical equipment and devices. These materials are used in essential components such as medical gloves, surgical seals, gaskets, tubing, and more. With advancements in medical technology and increasing demand for reliable healthcare products, the need for high-quality synthetic rubber has surged. Synthetic rubber also plays a crucial role in pharmaceutical packaging, ensuring the preservation and integrity of medications. As China's pharmaceutical market expands, the demand for synthetic rubber for packaging purposes is expected to grow. Additionally, synthetic rubber-based adhesives and sealants are indispensable for wound closure, surgical procedures, and medical device assembly, further driving demand in the medical industry.

3. Increased Demand from Food & Beverage Industry: China's food and beverage industry has emerged as a significant driver of the synthetic rubber market in recent years. The industry relies on synthetic rubber for packaging applications due to its excellent barrier properties, which ensure the preservation and freshness of food and beverages. Synthetic rubber also provides enhanced sealing capabilities, effectively preventing leakage, spoilage, and contamination. The expansion of China's food and beverage sector, coupled with rising consumer demand for packaged products, has led to increased demand for high-quality synthetic rubber materials for food packaging. Additionally, synthetic rubber materials are used in conveyor belts and hoses critical for food processing and beverage manufacturing, contributing to the growth of the synthetic rubber market in this sector.

Key Market Challenges

Volatility in Raw Material Prices: The synthetic rubber market in China faces a significant challenge in the form of price volatility for raw materials. Raw materials such as styrene, butadiene, and isoprene, derived from petroleum refineries, are subject to various factors that influence their prices, including global supply and demand dynamics, geopolitical tensions, natural disasters, and government policies. Fluctuations in the prices of these raw materials directly impact the overall cost of synthetic rubber production. Price volatility can disrupt supply chains, lead to increased input costs, and affect the competitiveness of manufacturers. Sudden increases in raw material prices can reduce profit margins or necessitate passing on additional costs to consumers, while declining prices can pose challenges in adjusting selling prices.

Key Market Trends

Growth in Technological Advancements: Technological advancements are driving growth and development in China's synthetic rubber market. Manufacturers are leveraging advanced technologies to enhance production processes, improve product quality, and meet evolving consumer demands. Automation, robotics, and computer-controlled systems optimize manufacturing operations, minimize waste, ensure consistent product quality, and streamline processes. Advanced technologies also facilitate the development of innovative synthetic rubber formulations with superior properties, leading to the creation of materials that offer enhanced durability, performance, chemical resistance, and reduced environmental impact. Real-time monitoring systems, data analytics, and machine learning algorithms help identify and resolve production issues promptly, minimizing defects and enhancing overall product performance.

Segmental Insights

Type Insights:
In 2022, Styrene Butadiene Rubber (SBR) dominated the synthetic rubber market and is expected to continue expanding in the coming years. SBR is favored for its comparable properties to natural rubber and lower cost. It offers excellent resistance to abrasion, endurance against cracking, longevity, compression set, and water resistance. However, it's important to note that natural rubber outperforms SBR in terms of heat-aging qualities and abrasion resistance.

Application Insights:
In 2069, the water treatment segment dominated the synthetic rubber market. The transportation sector is a major consumer of synthetic rubber, particularly for tire production. Synthetic rubber's durability, elasticity, and flexibility make it ideal for transportation-related products. The conveyor belts and hoses segment, essential for food processing and beverage manufacturing, also drives demand for synthetic rubber.

Regional Insights:
The South-Central region is the leader in China's synthetic rubber market, driven by the growth of the footwear industry and infrastructure projects. The region's expanding manufacturing of non-automotive items and tires indicates promising future growth for the synthetic rubber industry.
Key Market Players
• Sinopec Corporation
• PetroChina Company Limited
• Shen Hua Chemical Industrial Co. Ltd.
• Huizhou LCY Elastomers Corp.
• Hangzhou Zhechen Rubber Co., Ltd.
• Ningbo Shunze Rubber Co., Ltd.
• Panjin Heyun Industrial Group Co., Ltd.
• Chi Mei Corporation

Report Scope:
In this report, the China Synthetic Rubber Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
• China Synthetic Rubber Market, By Type:
o Styrene Butadiene Rubber (SBR)
o Poly Butadiene Rubber (PBR)
o Styrene Butadiene Copolymer (SBC)
o Isoprene Rubber (IR)
o Others
• China Synthetic Rubber Market, By Application:
o Transportation
o Construction
o Textile
o Medical
o Food & Beverage
o Others
• China Synthetic Rubber Market, By Region:
o East
o North & North-East
o Southwest
o South-Central
o Northwest
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the China Synthetic Rubber Market.
Available Customizations:
China Synthetic Rubber Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).

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Table of Contents

1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
4. Voice of Customer
5. Pricing Analysis
6. Global Spandex Fibre Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Production Process (Solution Dry Spinning and Solution Wet Spinning)
6.2.2. By End-Use Industry (Textile, Healthcare, Others)
6.2.3. By Company (2022)
6.2.4. By Region
6.3. Market Map
7. North America Spandex Fibre Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Production Process
7.2.2. By End-Use Industry
7.2.3. By Country
7.3. North America: Country Analysis
7.3.1. United States Spandex Fibre Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Production Process
7.3.1.2.2. By End-Use Industry
7.3.2. Mexico Spandex Fibre Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Production Process
7.3.2.2.2. By End-Use Industry
7.3.3. Canada Spandex Fibre Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Production Process
7.3.3.2.2. By End-Use Industry
8. Europe Spandex Fibre Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Production Process
8.2.2. By End-Use Industry
8.2.3. By Country
8.3. Europe: Country Analysis
8.3.1. France Spandex Fibre Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Production Process
8.3.1.2.2. By End-Use Industry
8.3.2. Germany Spandex Fibre Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Production Process
8.3.2.2.2. By End-Use Industry
8.3.3. United Kingdom Spandex Fibre Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Production Process
8.3.3.2.2. By End-Use Industry
8.3.4. Italy Spandex Fibre Market Outlook
8.3.4.1. Market Size & Forecast
8.3.4.1.1. By Value
8.3.4.2. Market Share & Forecast
8.3.4.2.1. By Production Process
8.3.4.2.2. By End-Use Industry
8.3.5. Spain Spandex Fibre Market Outlook
8.3.5.1. Market Size & Forecast
8.3.5.1.1. By Value
8.3.5.2. Market Share & Forecast
8.3.5.2.1. By Production Process
8.3.5.2.2. By End-Use Industry
9. Asia-Pacific Spandex Fibre Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Production Process
9.2.2. By End-Use Industry
9.2.3. By Country
9.3. Asia-Pacific: Country Analysis
9.3.1. China Spandex Fibre Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Value
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Production Process
9.3.1.2.2. By End-Use Industry
9.3.2. India Spandex Fibre Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Production Process
9.3.2.2.2. By End-Use Industry
9.3.3. South Korea Spandex Fibre Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Production Process
9.3.3.2.2. By End-Use Industry
9.3.4. Japan Spandex Fibre Market Outlook
9.3.4.1. Market Size & Forecast
9.3.4.1.1. By Value
9.3.4.2. Market Share & Forecast
9.3.4.2.1. By Production Process
9.3.4.2.2. By End-Use Industry
9.3.5. Australia Spandex Fibre Market Outlook
9.3.5.1. Market Size & Forecast
9.3.5.1.1. By Value
9.3.5.2. Market Share & Forecast
9.3.5.2.1. By Production Process
9.3.5.2.2. By End-Use Industry
10. South America Spandex Fibre Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Production Process
10.2.2. By End-Use Industry
10.2.3. By Country
10.3. South America: Country Analysis
10.3.1. Brazil Spandex Fibre Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Value
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Production Process
10.3.1.2.2. By End-Use Industry
10.3.2. Argentina Spandex Fibre Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Value
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Production Process
10.3.2.2.2. By End-Use Industry
10.3.3. Colombia Spandex Fibre Market Outlook
10.3.3.1. Market Size & Forecast
10.3.3.1.1. By Value
10.3.3.2. Market Share & Forecast
10.3.3.2.1. By Production Process
10.3.3.2.2. By End-Use Industry
11. Middle East and Africa Spandex Fibre Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value
11.2. Market Share & Forecast
11.2.1. By Production Process
11.2.2. By End-Use Industry
11.2.3. By Country
11.3. MEA: Country Analysis
11.3.1. South Africa Spandex Fibre Market Outlook
11.3.1.1. Market Size & Forecast
11.3.1.1.1. By Value
11.3.1.2. Market Share & Forecast
11.3.1.2.1. By Production Process
11.3.1.2.2. By End-Use Industry
11.3.2. Saudi Arabia Spandex Fibre Market Outlook
11.3.2.1. Market Size & Forecast
11.3.2.1.1. By Value
11.3.2.2. Market Share & Forecast
11.3.2.2.1. By Production Process
11.3.2.2.2. By End-Use Industry
11.3.3. UAE Spandex Fibre Market Outlook
11.3.3.1. Market Size & Forecast
11.3.3.1.1. By Value
11.3.3.2. Market Share & Forecast
11.3.3.2.1. By Production Process
11.3.3.2.2. By End-Use Industry
12. Market Dynamics
12.1. Drivers
12.2. Challenges
13. Market Trends & Developments
13.1. Recent Developments
13.2. Product Launches
13.3. Mergers & Acquisitions
14. PESTLE Analysis
15. Porter’s Five Forces Analysis
15.1. Competition in the Industry
15.2. Potential of New Entrants
15.3. Power of Suppliers
15.4. Power of Customers
15.5. Threat of Substitute Product
16. Competitive Landscape
16.1. Business Overview
16.2. Company Snapshot
16.3. Products & Services
16.4. Financials (In case of listed companies)
16.5. Recent Developments
16.6. SWOT Analysis
16.6.1. Hyosung Corporation
16.6.2. INVISTA Sarl
16.6.3. Asahi Kasei Corporation
16.6.4. Toray Industries, Inc.
16.6.5. Indorama Industries Ltd.
16.6.6. TK Chemical Corporation
16.6.7. Zhejiang Huafon Spandex Co. Ltd.
16.6.8. Xiamen Lilong Spandex Co., Ltd.
16.6.9. Yantai Spandex Co., Ltd.
16.6.10. Taekwang Industrial Co. Ltd.
17. Strategic Recommendations