Hyderabad, July 14, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Liquid Synthetic Rubber Market (2023-2028)," the market is estimated at USD 15.87 billion in 2023. It is expected to register a CAGR of 4.72% during the forecast period (2023-2028).
The rising demand from the adhesive segment is expected to drive the market's growth. Developing bio-based feedstock for synthetic rubber will also likely act as an opportunity for the liquid synthetic rubber market during the forecast period.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 15.87 billion |
| Market Size (2028) | USD 19.99 billion |
| CAGR (2023 – 2028) | 4.72% |
| Study Period | 2018 - 2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing demand from tire manufacturing, industrial rubber manufacturing, adhesives, sealants, coatings, and polymer modification. |
| The development of bio-based feedstock for synthetic rubber. |
Who are the Top Companies in the Liquid Synthetic Rubber Market?
The liquid synthetic rubber market is fragmented in nature, with the presence of a wide range of players worldwide.
In 2023, the below-mentioned significant players collectively dominate the liquid synthetic rubber market with most of the market share:
- Asahi Kasei Advance Corporation
- China National Petroleum Corporation
- ENEOS Corporation
- Evonik Industries AG
- H.B. Fuller Company
- Kumho Petrochemical
- Kuraray Co. Ltd
- Linshi Chem (Puyang) Advanced Material Co. Ltd
- Lion Elastomers
- Nippon Soda Co. Ltd
- Saudi Arabian Oil Co. (Arlanxeo)
- SIBUR Holding PJSC
- Synthomer PLC
- TER Group
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Key Highlights from the Liquid Synthetic Rubber Market Report:
Increase in the Demand from the Tire Segment
- Liquid synthetic rubber has extensive applications in the manufacturing of tires. It provides superior durability and performance, along with the adoption of tire labeling regulations.
- As per the US Tire Manufacturers Association, tires used in passenger and light trucks have 24% synthetic rubber by volume, while tires used in heavy trucks have 11% synthetic rubber by volume. Furthermore, around 50% of car tires are made of styrene-butadiene rubber, which blends with natural rubber.
Asia-Pacific Expected to Dominate the Market
- The Asia-Pacific region is expected to dominate the liquid synthetic rubber market during the forecast period, owing to the increasing demand from applications such as tire manufacturing, industrial rubber manufacturing, adhesives, sealants, coatings, and polymer modification.
- China is the largest producer and consumer of automotive vehicles. The China Association of Automobile Manufacturers reports that, compared to the prior year, China's automobile sales increased by about 2.1% in 2022.
- India is the fourth-largest consumer of rubber in the world as of 2022. Rubber usage per capita in India is currently 1.2 kg, compared to 3.2 kg globally.
What are the Latest Developments in the Liquid Synthetic Rubber Market?
- In August 2022, Lion Elastomers announced the USD 22 million expansion of the Geismar plant. The expansion will increase production capacity at the plant, supporting the supply chains of automobile tire manufacturers and producing a broad range of other rubber goods.
- In March 2022, Arlanxeo, the Dutch-based synthetic rubber company, announced to increase in the annual production capacity of its EPDM synthetic rubber plant in Changzhou by 15%.
Mordor Intelligence has Segmented the Liquid Synthetic Rubber Market Based on Product Type, Application, and Geography:
- Product Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Liquid Isoprene
- Liquid Butadiene
- Liquid Styrene Butadiene
- Other Product Types (Liquid EPDM and Liquid NBR)
- Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Adhesives
- Industrial Rubber
- Tire
- Polymer Modification
- Other Applications (Waterproofing Coatings and Footwear)
- Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Asia-Pacific
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those looking to understand this industry. Get a glance at the Liquid Synthetic Rubber Market (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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