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VANCOUER, BC, CANADA, September 20, 2022 /EINPresswire.com/ -- The global synthetic rubber market size is expected to reach USD 24.90 Billion at a revenue CAGR of 3.8% in 2028, according to latest analysis by Emergen Research. Steady global synthetic rubber market growth can be attributed to increasing cost of natural rubber and various benefits provided by synthetic rubber over natural rubber. Synthetic rubber possesses better durability and extended service life as compared to natural rubber due to greater endurance to degradation and damage caused by chemicals and improved resistance to low and high temperatures, UV radiation, ozone, and weathering. Also, synthetic rubber displays excellent elasticity at low temperatures and insulation to electricity.
The expansion of mining operations and the heavy reliance on synthetic rubber goods in the mining sector are driving up market revenue. Conveyor belts made of synthetic rubber, which are often heavy-duty parts used in quarries and mines, are a common method of moving materials in the mining sector, including aggregate, gravel, tailings, and various types of stones and ore. Hoses are another crucial synthetic rubber-based material that is used in mining operations. These hoses are made to withstand a variety of minerals, including sand, quartz, coal, iron ore, lignite, and aluminium ore, as well as to withstand corrosion, abrasion, and impact under adverse conditions.
Key Synthetic Rubber Market participants include DuPont, SABIC, SIBUR International, Exxon Mobil Corporation, Asahi Kasei Corporation, LG Chem Ltd., Goodyear Tire & Rubber Company, Lanxess AG, Mitsui Chemicals Inc., and JSR Corporation.
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How will this Report Benefit you?
A 250-page report from Emergen Research includes 194 tables and 189 charts and graphics. Anyone in need of commercial, in-depth assessments for the global Synthetic Rubber Market market, as well as comprehensive market segment analysis, can benefit from our new study. You can assess the whole regional and global market for Synthetic Rubber Market with the aid of our recent study. To increase market share, obtain financial analysis of the whole market and its various segments. We think there are significant prospects in this industry for rapidly expanding energy storage technology. Look at how you may utilise the current and potential revenue-generating prospects in this sector. The research will also assist you in making better strategic decisions, enabling you to build growth strategies, strengthen competitor analysis, and increase business productivity.
Restraints: Environmental law and health risks in the synthetic rubber manufacturing industry
The production of synthetic rubber has been constrained as a result of stringent environmental regulations. The main sources of hazardous pollutants, according to the Environmental Protection Agency (EPA), are rubber processing, sealant manufacture, and tyre manufacturing facilities. For instance, the production of butadiene rubber (BR), a type of synthetic rubber, results in the production of hazardous materials like carbon dioxide, carbon monoxide, and other harmful fumes and vapours.There are numerous laws that apply to the synthetic rubber sector. For instance, the Canadian Environmental Protection Act of 1999 lists butadiene as a dangerous material (CEPA 1999). The expansion of the world market for synthetic rubber has been constrained by such regulations.
Some Key Findings from the Report:
In May 2021, Trinseo made an announcement about signing an agreement with Synthos SA to sell its synthetic rubber business unit (located in Germany) for around USD 491.0 million.
Amon the product type segments, the styrene butadiene rubber segment accounted for largest revenue share in 2020. Styrene butadiene rubber is a general-purpose rubber exhibiting improved abrasion resistance, better resistance to heat and aging, lower elasticity, and exceptional electrical insulation. It finds considerable use in tire manufacturing, and for seals, conveyor belts, and various other technical products.
Among the application segments, the automotive tire segment contributed largest revenue share to the global market in 2020. Synthetic rubber deforms on application of stress and when stress is removed, it returns back to its original shape. This characteristic is immensely beneficial in production of automotive tires for an improved grip on road surfaces. It also offers improved durability and better rolling resistance. Styrene butadiene rubber is the most commonly used material type in light application automotive tires.
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Emergen Research has segmented the global synthetic rubber market on the basis of product type, application, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
Application Outlook (Revenue, USD Billion; 2018–2028)
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Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:
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Emergen Research is a Market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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