Market Size of Synthetic Rubber Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 33.48 Billion |
Market Size (2029) | USD 41.15 Billion |
CAGR (2024 - 2029) | 4.21 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | Asia-Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Synthetic Rubber Market Analysis
The Synthetic Rubber Market size is estimated at USD 33.48 billion in 2024, and is expected to reach USD 41.15 billion by 2029, growing at a CAGR of 4.21% during the forecast period (2024-2029).
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.