Synthetic Rubber Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The synthetic rubber market is segmented by type (Styrene Butadiene Rubber (SBR), Ethylene Propylene Diene Rubber (EPDM), Polyisoprene Rubber (IR), Polybutadiene Rubber (BR), Isobutylene Isoprene Rubber (IIR), and Other Types), application (Tire and Tire Components, Non-tire Automobile Applications, Footwear, Industrial Goods, and Other Applications), and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The report offers market size and forecasts in terms of revenue (USD million) for all the above segments.


Synthetic Rubber Market Size

Synthetic Rubber Market Summary
Study Period: 2018-2028
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: > 4 %

Major Players

Synthetic Rubber Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Synthetic Rubber Market Analysis

The Synthetic Rubber Market size was valued at USD 30,779.87 million in 2022, and is expected to reach USD 39,490.06 million by 2028, growing at a CAGR of 4.21% during the forecast period (2023-2028).

In 2020, COVID-19 negatively impacted the market. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.

  • The growth of the market is expected to be helped by the fact that more electric vehicles are being made.
  • On the other hand, the use of polyurethanes instead of synthetic rubber in some applications is likely to slow the growth of the market.
  • Future opportunities for the market could come from the development of bio-based feedstock for synthetic rubber and the growing demand for medical gloves.
  • Due to high demand from China, India, and Japan, Asia-Pacific has the largest market share and is likely to lead the market during the forecast period.

Synthetic Rubber Industry Segmentation

Synthetic rubber is a type of rubber made by people. It is made in plants by combining minerals and oil to make it. The most prevalent synthetic rubber is styrene-butadiene rubbers (SBR), derived from the copolymerization of styrene and 1,3-butadiene. The synthetic rubber market is segmented by type, application, and geography. By type, the market is segmented into styrene-butadiene rubber, ethylene propylene diene rubber, polyisoprene rubber, polybutadiene rubber, isobutylene isoprene rubber, and other types. By application, the market is segmented into tire and tire components, non-tire automobile applications, footwear, industrial goods, and other applications. The report also covers the market size and forecasts in 15 countries across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD million).

Styrene Butadiene Rubber (SBR)
Ethylene Propylenediene Rubber (EPDM)
Polyisoprene (IR)
Polybutadiene Rubber (BR)
Isobutylene Isoprene Rubber (IIR)
Other Types
Tire and Tire Components
Non-tire Automobile Applications
Industrial Goods
Other Applications
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Synthetic Rubber Market Trends

Increasing Demand From Tire and Tire Components

  • The most market share in the synthetic rubber market is in the segment for tires and tire parts.Styrene-butadiene rubber is mostly used to make tires because it holds up well over time and doesn't wear down easily.
  • It is the material of choice in the tire manufacturing sector. Around 50% of car tires are made of styrene-butadiene rubber, blended with natural rubber.
  • For low-end tires, the ratio of SBR to natural rubber is lower to reduce the cost of production. Although this reduces the overall tire life, it is a cost-effective option.
  • According to the International Tyre and Rubber Association (ITRA), China and the United States are the two largest tire producer countries in the world.
  • According to the National Bureau of Statistics of China, the Chinese tire industry made about 902.5 million tires in 2021. This was up from about 807.5 million the year before.
  • Also, the Modern Tire Dealer says that the total number of tires shipped from the United States will reach 335 million units in 2022. In 2022, almost 222 million replacement passenger tires were sold. This was more than any other type of tire.
  • Therefore, owing to the above-mentioned factors, the tire and tire components segment is expected to boost market growth significantly during the forecast period.
Synthetic Rubber Market:  Tires Shipments, By Category, In Million Units, United States, 2022

Asia-Pacific to Dominate the Market

Asia-Pacific has most of the synthetic rubber market because India, China, and Japan buy so much of it.

  • Countries such as China, India, Japan, South Korea, Thailand, and Indonesia are home to major tire-producing countries in the world.
  • According to the National Bureau of Statistics of China, nearly 902.5 million tires were produced in China in 2021, up from around 807.5 million tires the previous year.
  • India is second only to China in the Asia-Pacific region in terms of how much rubber it makes and uses.Even though the country is one of the biggest producers of rubber, it imports a lot of rubber from other countries to meet local demand.
  • According to the Rubber Board, India consumed 0.72 million metric tons of synthetic rubber during the FY April 2021–March 2022, reflecting an increase of about 17% compared to the previous fiscal year. The auto tire and tube industry consumed over three-quarters of this total, with the remainder used for other rubber goods.
  • The Japanese tire industry is also expanding significantly in the region. Toyo Tire Corporation is one of Japan's largest rubber corporations, specializing in automobile tires and other automotive-related products.
  • The net sales of Toyo Tire Corporation increased from roughly JPY 393.7 billion (USD 3.4 billion) in 2021 to nearly JPY 497.2 billion (USD 3.7 billion) in 2022. thus boosting the growth of the market significantly in the region.
  • These factors are expected to help Asia-Pacific dominate the overall market during the forecast period.
 Synthetic Rubber Market - Growth Rate by Region, 2023-2028

Synthetic Rubber Industry Overview

The synthetic rubber market is fragmented in nature. Some of the major players in the market include Exxon Mobil Corporation, Kumho Petrochemical, Saudi Arabian Oil Co., TSRC, and China Petrochemical Corporation, among others (in no particular order).

Synthetic Rubber Market Leaders

  1. Kumho Petrochemical

  2. Saudi Arabian Oil Co.

  3. TSRC

  4. Exxon Mobil Corporation

  5. China Petrochemical Corporation

*Disclaimer: Major Players sorted in no particular order

Synthetic Rubber Market Concentration

Synthetic Rubber Market News

  • March 2023: The Saudi Arabian Oil Company (Aramco) completed the USD 2.65 billion acquisition of Valvoline Inc., a provider of automotive and industrial solutions, through one of its wholly-owned subsidiaries.
  • December 2022: Korea Kumho Petrochemical Co. (KKPC) announced plans for a series of synthetic rubber expansions at its production facilities in South Korea, including its plan to expand its Solution Styrene-Butadiene Rubber (SSBR) capacity to 123 Kilo-Tonnes Per Annum by the end of 2023.

Synthetic Rubber Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from Rising Sales of Electric Vehicles

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Replacement of Rubber by Polyurethanes in Some Applications

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Type

      1. 5.1.1 Styrene Butadiene Rubber (SBR)

      2. 5.1.2 Ethylene Propylenediene Rubber (EPDM)

      3. 5.1.3 Polyisoprene (IR)

      4. 5.1.4 Polybutadiene Rubber (BR)

      5. 5.1.5 Isobutylene Isoprene Rubber (IIR)

      6. 5.1.6 Other Types

    2. 5.2 Application

      1. 5.2.1 Tire and Tire Components

      2. 5.2.2 Non-tire Automobile Applications

      3. 5.2.3 Footwear

      4. 5.2.4 Industrial Goods

      5. 5.2.5 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. France

        3. United Kingdom

        4. Italy

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Apcotex

      2. 6.4.2 China Petrochemical Corporation

      3. 6.4.3 Exxon Mobil Corporation

      4. 6.4.4 JSR Corporation

      5. 6.4.5 Kumho Petrochemical

      6. 6.4.6 LANXESS

      7. 6.4.7 LG Chem

      8. 6.4.8 Mitsubishi Chemical Corporation

      9. 6.4.9 Reliance Industries Limited

      10. 6.4.10 SABIC

      11. 6.4.11 Saudi Arabian Oil Co.

      12. 6.4.12 SIBUR

      13. 6.4.13 Synthos

      14. 6.4.14 The Goodyear Tire & Rubber Company

      15. 6.4.15 TSRC

      16. 6.4.16 Versalis S.p.A.

      17. 6.4.17 Dow

    5. *List Not Exhaustive

    1. 7.1 Development of Bio-based Feedstock for Synthetic Rubber

**Subject to Availability
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Synthetic Rubber Market Research FAQs

The Synthetic Rubber Market is studied from 2018 - 2028.

The Synthetic Rubber Market is growing at a CAGR of >4% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021 - 2026.

Asia-Pacific holds highest share in 2022.

Kumho Petrochemical, Saudi Arabian Oil Co., TSRC, Exxon Mobil Corporation, China Petrochemical Corporation are the major companies operating in Synthetic Rubber Market.

Synthetic Rubber Industry Report

Statistics for the 2023 Synthetic Rubber market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Synthetic Rubber analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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