Asia-Pacific Synthetic Rubber Market, Revenue

the asia-pacific synthetic rubber market is expected to experience significant growth in the coming years due to a variety of factors. synthetic rubber, also known as elastomer, is a versatile and durable material that is widely used in the production of various rubber products such as tires, hoses, belts, seals, and gaskets. the demand for synthetic rubber in the asia-pacific region is driven by the rapid growth of the automotive and construction industries, along with increasing industrialization and urbanization. one of the key drivers of market growth in this region is the rising demand for tires from the automotive sector. with a growing population and increasing income levels, countries in the asia-pacific region are witnessing a rise in automobile sales, particularly in emerging economies such as china and india. the demand for cars, motorcycles and other vehicles is increasing, which in turn is driving the demand for synthetic rubber used in tire production. according to a report by automotive tire news, asia-pacific accounted for more than 60% of the global passenger car tire market in 2017. this trend is expected to continue in the coming years, providing a significant boost to the synthetic rubber market in the region. additionally, the construction industry in the asia-pacific region is also growing at a rapid pace, further driving the demand for synthetic rubber. the construction of residential and commercial buildings, as well as infrastructure projects, is increasing with the growth of urbanization and population in the region. synthetic rubber is used in roofing materials, pipes, and other construction products due to its durability and resistance to weather and chemicals. this will contribute to the growth of the synthetic rubber market in the region. moreover, the increasing number of initiatives and investments by governments to develop and upgrade infrastructure in emerging economies such as china, india, and southeast asian countries will also drive the demand for synthetic rubber in the region. these initiatives include the “one belt one road” project by china and the “make in india” campaign by the indian government. these projects call for the development of transportation networks, energy infrastructure, and other construction projects, which will create a significant demand for synthetic rubber. in conclusion, the asia-pacific synthetic rubber market is anticipated to experience substantial growth in the coming years due to the increasing demand from automotive and construction industries, along with government initiatives and investments. with its versatile properties and widespread usage, synthetic rubber will continue to play a crucial role in various industries, contributing to the economic growth of the region.