Overview:
The global market for synthetic rubber is on track to register healthy growth during the forecast period of 2018 to 2023. Market Research Future (MRFR) studied various factors to understand how well the market will evolve in the coming years. For instance, the global market will benefit from the contributions made by sectors like automotive & transportation, industrial, footwear, and others.
However, the global market for synthetic rubber may find it difficult to maintain the growth rate during the COVID-19 attack. The pandemic has substantially impacted the global manufacturing sector.
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Competitive Landscape:
The global market for the synthetic rubber is benefiting from tactical steps taken by several influential companies like The Dow Chemical Company (U.S.), Synthetic Rubber Market are LANXESS (Germany), Kumho Petrochemical (South Korea), Versalis S.p.A. (Italy), LGChem (South Korea), JSR Corporation (Japan), Sumitomo Chemical Co., Ltd. (Japan), Asahi Kasei Corporation (Japan), ExxonMobil (U.S.), and ZEON Corporation (Japan). These companies and their strategic designs to improve portfolio and strengthen market presence depend on moves like acquisition, merger, collaboration, launching, innovation, branding, and others. Increasing the price of research and development will also impact the market outcome significantly. MRFR recorded these changes to inspire better devising of strategies.
Segmentation:
The global market for synthetic rubber has been studied by market analysts on the basis of a segmentation that includes the type and end use industry. These segments have insights that can impact the market outcome as they have been fetched from a data pool by experts. Backing from figures and charts make the data more reliable.
By type, the global market for synthetic rubber has been segmented into SBR, NBR, BR, EPDM, SBC, and others. The ‘others’ segment includes type include IR, IIR, and CR. The SBR segment finds significant usage in the automotive and transportation segment as the component is used for heavy vehicles. Its abrasion-resistance makes it the choicest preference.
By end use, the global market on the synthetic rubber has been segmented into automotive & transportation, footwear, industrial, construction, and others. The automotive & transportation segment has over 65% market share and during the forecast period, this segment will continue to rule the market.
Industry News:
In May 2020, researchers from Iowa State University revealed that they had discovered a new process that can significantly improve the durability of perovskite cells, which will boost the intake of solar panels. Perovskite models are already known for their low cost, but these are normally not so durable. But with this new research result, durability will not be an issue. The process includes glass and synthetic rubber chambers to surround the cells and then it includes three sets of international standard tests with temperature. It also follows methods where the test understands its high humidity resistance quality.
The production of synthetic rubber is witnessing some hindrances and that is quite evident from the COVID-19 analysis on the synthetic rubber market. The market has been impacted by the reduction in intake from end users due to lockdowns that forced companies to shut down their factories temporarily. However, its intake increased in making gloves for medical professionals.
Regional Analysis:
Asia Pacific is expected to lead the global market as the regional production facilities are churning out a substantial amount of related products. India and China are making substantial progress in the market. The rise in the automobile segment is expected to boost the regional market further. North America is making progress as the US is contributing much to the sector.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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