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Synthetic rubber is an artificial elastomer produced from petroleum byproducts. Synthetic rubber has properties like abrasion resistance, heat resistance, electrical resistance, elasticity, flexibility, and toughness, which makes it suitable for the usage in making footwear, industrial goods, asphalt overlay, tires and adhesives. Monomers such as isoprene, chloroprene, isobutylene, and others can be copolymerized together in various proportions to obtain products with a range of mechanical, chemical, and physical properties. Due to their properties, some of the synthetic rubbers are preferred over natural rubbers in various applications.
The key market driver for the global synthetic rubber market is the emerging demand for hydrogenated nitrile-butadiene rubber (HNBR) is likely to boost the growth of the synthetic rubber market.
Key Market Driver -
The emerging demand for hydrogenated nitrile-butadiene rubber (HNBR)
Key Market Restraint -
Health and environmental hazards due to soot, produced during the vulcanization of rubber
Key market restraint for the global synthetic rubber market is the health and environmental hazards due to soot produced during the vulcanization of rubber. Soot is a dangerous mix of metals and chemicals. When soot particles are inhaled, they lodge deep in the lungs and enter the bloodstream, leading to heart attacks and cancer.
Based on type, the market is segmented into polybutadiene rubber (BR), styrene butadiene rubber (SBR), nitrile rubber (NBR), ethylene propylene diene monomer (EPDM), and others. Based on application, tire, non-tire automotive, footwear, industrial goods, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Some of the notable companies in the global synthetic rubber market are ARLANXEO, Kumho Petrochemical, Petrochina, TSRC, ExxonMobil, Goodyear, Nizhnekamskneftekhim(NKNH), JSR Corporation, LG Chem, Versalis, Dow Chemicals, Asahi Kasei Corp., and other key players.
The global synthetic rubber market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia-Pacific has been the dominant region in the synthetic rubber market owing to the high demand from countries like China and India. Due to the rapid industrialization and growing automotive and footwear industries in China, Asia Pacific has led to a huge demand for synthetic rubber.
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In Europe, the growing demand for automobiles in countries like Germany and the UK, due to people opting for a high standard of living, has increased the demand for synthetic rubber. In North America, the growing demand for electric vehicles has seen a rise in demand for synthetic rubber for tire and non-tire automotive applications. In the Middle East & Africa, countries like the UAE and Saudi Arabia have shown the demand for synthetic rubber for industrial goods owing to the growing number of industries.
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