The synthetic rubber industry size was pegged at USD 28.89 billion in 2021. The market is anticipated to rise from USD 29.86 billion in 2022 to USD 41.73 billion by 2029 at a 4.9% CAGR during the forecast period. Fortune Business Insights™ has elucidated these insights in its latest research report, titled, “Synthetic Rubber Market, 2022-2029.”

According to the study, artificial elastomer has gained an uptick following the need for high tensile strength, recyclability and resistance to abrasion and swelling. Growing investments in research & development activities and demand from construction, aerospace, and construction sectors will augur well for the business outlook. Industry players expect the ensuing period to provide promising growth opportunities with rising demand from the end-users.

COVID-19 Impact

Manufacturing Plant Shutdown Challenged Stakeholders to Expand their Footfall

A notable dip in the aviation sector and automotive industry did not bode well for leading companies gearing to expand their portfolios. The potential closure of manufacturing plants and postponement of projects challenged leading companies. Supply chain disruptions across the end-use sectors sent shock waves in the global landscape. That said, robust government policies could encourage major players to boost their portfolios. Economic revival and rise in automotive production could reshape the industry dynamics.

Report Coverage

The report offers a comprehensive perspective of the market size, share, volume, and revenue. It has also delved into SWOT analysis and Porters’ Five Force Analysis. The report has been prepared through qualitative and quantitative analysis to bolster the strategic approach. The primary interviews validate assumptions, findings and the prevailing business scenarios. The report also includes secondary resources, such as annual reports, press releases, white papers and journals.

However, potential health issues, including shortness of breath, asthma and stroke, could challenge industry players vying to boost their portfolios.

Key Industry Development

April 2020 - SIBUR’s Krasnoyarsk started its commercial manufacturing of synthetic nitrile butadiene rubber (NBR) latex with an annual capacity of 3.5 KT. The aim of the project is to develop a feedstock base for import substitution of diagnostic exam gloves through the localization of manufacturing in Russia. Hence, this development will help the company to set the stage for the development of the latex manufacturing industry.

Browse Summary:

https://www.fortunebusinessinsights.com/synthetic-rubber-market-102144