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Automotive Tires Amplifying Synthetic Rubber Market Growth – Exclusive Report by Mordor Intelligence

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Automotive Tires Amplifying Synthetic Rubber Market Growth – Exclusive Report by Mordor Intelligence

November 03
06:49 2021
Automotive Tires Amplifying Synthetic Rubber Market Growth - Exclusive Report by Mordor Intelligence
Mordor Intelligence
According to the National Bureau of Statistics China, the country produced 844.45 million units of tires in 2019. In the first eleven months of 2020, it reached ~394 million units, which increased by 1% compared to the same period in 2019. Despite the shutdown of production in the first quarter, the automotive tire production registered growth compared to the previous year 2019, which is likely to drive the synthetic rubber market during the forecast period.

Synthetic Rubber Market Overview

The synthetic rubber market is projected to register a CAGR of more than 4.5% during the forecast period (2021-2026). The increasing demand due to rising electric vehicles’ production and surging demand for athletic footwear are the major factors to stimulate the market demand. The development of bio-based feedstock for synthetic rubber is likely to act as an opportunity for market growth in the future. The most prevalent synthetic rubber is styrene-butadiene rubbers (SBR), derived from the copolymerization of styrene and 1,3-butadiene. The tire and tire components segment has the highest market share in the synthetic rubber market. Styrene-butadiene rubber is mostly used in the tire industry owing to its good aging stability and high abrasion resistance, making it the material of choice for use in the tire manufacturing industry.

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Synthetic Rubber Market – Geographical Overview

The Asia-Pacific region to dominate the synthetic rubber market

China is one of the largest producers and consumers of rubber in the world. Two advanced synthetic rubber projects were approved in China in October 2020. Petrochemical Research Institute of CNPC and Shandong Yulong Petrochemical Co. Ltd. formally signed the “Technical License Contract for TBIR and Integrated Rubber. “ TBIR is a copolymer rubber of butadiene and isoprene. In India, over 65% of the rubber produced is used for manufacturing automotive (50%) and bicycle tires and tubes (15%), 12% for footwear, 6% for belts and hoses, and 17% for other products. Moreover, there are almost 66 tire-producing plants in the country and about 41 tire-producing companies with a turnover of around USD 8.5 billion and exports of about USD 1.28 billion.

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Key Highlights of the Synthetic Rubber Market

  • The global synthetic rubber market is fragmented in nature, where the top five companies hold ~40% of the market. Major recognized players of the market include ExxonMobil Corporation, Kumho Petrochemical, Saudi Arabian Oil Co., TSRC, and China Petrochemical Corporation (Sinopec), among others.
  • Around 50% of the car tires are made up of styrene-butadiene rubber, present in a blend with natural rubber. According to U.S. Tire Manufacturers Association, tires used in passenger and light trucks have 24% of synthetic rubber by volume, and tires used in heavy trucks have 11% of synthetic rubber by volume.

Recent Development in the Synthetic Rubber Market

  • In May 2021, Synthos S.A. announced the signing of an agreement with Trinseo, to acquire its synthetic rubber operations based in Schkopau, Germany.
  • In April 2021, Azelis established a new partnership with SIBUR, which will see Azelis distribute SIBUR’s powder acrylonitrile-butadiene rubber (powder NBR) products for the PVC industry in France, Iberia, and Italy, and its butyl/halobutyl range in France.

Related Reports and Links

List of Key Players in the Synthetic Rubber Market

  • Apcotex Industries Limited
  • China Petrochemical Corporation (SINOPEC)
  • Exxon Mobil Corporation
  • JSR Corporation
  • Kumho Petrochemical
  • Lanxess
  • LG Chem
  • Mitsubishi Chemical Corporation
  • Nizhnekamskneftekhim
  • Reliance Industries Limited
  • Saudi Arabian Oil Co.
  • The Goodyear Tire & Rubber Company
  • Trinseo
  • TSRC
  • Versalis SPA
  • Synthos
  • LLC Tolyattikauchuk
  • Synthez-Kauchuk (Sterlitamak)
  • АО Omsky Kauchuk (Titan Group of Companies)
  • Dynasol Group

*List Not Exhaustive

Mordor Intelligence has segmented the global synthetic rubber market on the basis of type, application, and geography:

  • Type (Market Size & Forecast based on Revenue (USD million), 2016-2026)
    • Styrene-Butadiene Rubber (SBR)
    • Ethylene Propylenediene Rubber (EPDM)
    • Polyisoprene (IR)
    • Polybutadiene Rubber (BR)
    • Isobutylene Isoprene Rubber (IIR)
    • Other Types
  • Application (Market Size & Forecast based on Revenue (USD million), 2016-2026)
    • Tire and Tire Component
    • Non-tire Automobile Application
    • Footwear
    • Industrial Goods
    • Other Applications
  • Geography (Market Size & Forecast based on Revenue (USD million), 2016-2026)
    • Asia-Pacific
      • China
      • India
      • Japan
      • South Korea
      • ASEAN Countries
      • Rest of Asia-Pacific
    • North America
      • United States
      • Canada
      • Mexico
    • Europe
      • Germany
      • United Kingdom
      • Italy
      • France
      • Rest of Europe
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • Middle-East and Africa
      • Saudi Arabia
      • South Africa
      • Rest of Middle-East and Africa

About Mordor Intelligence 

Mordor Intelligence is a market intelligence and advisory firm. Our mission is to map complex business ecosystems across the globe to better predict butterfly effects. To date, we have partnered with 4000+ enterprises across 20 industries, to deliver precise data and actionable insights in over 6000 projects. Our domain-specific teams of research experts continuously track markets, enabling our clients to gain a competitive edge through high-quality market intelligence.

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