Global Synthetic Rubber Market, Revenue

Synopsis
The above chart is Global Synthetic Rubber Market, Revenue (USD Million), 2019 - 2028

Market Dynamics

synthetic rubber is a crucial component of the global rubber industry and its demand is driven by various factors, such as the increasing usage in the automotive and construction sectors, as well as the continuously growing demand for tires. synthetic rubber is a man-made rubber that is produced through chemical processes, unlike natural rubber which is derived from rubber trees. it possesses properties similar to natural rubber, making it a widely used substitute in various industries. the global synthetic rubber market has witnessed significant growth in recent years and is expected to continue this trend in the coming years. according to the market research firm, mordor intelligence, the global synthetic rubber market was valued at approximately $24 billion in 2019, and is projected to reach a revenue of $35 billion by 2028, growing at a cagr of 4.6% during the forecast period. one of the major drivers of the global synthetic rubber market is the increasing demand for tires. with the rise in global population and per capita income, the demand for automobiles has also increased, which in turn, has led to a higher demand for tires. synthetic rubber is used in the production of tires owing to its properties such as high durability, better grip, and resistance to wear and tear. moreover, the increasing investments in the automotive industry, especially in emerging economies, is also expected to contribute to the growth of the synthetic rubber market. another factor driving the market growth is the growing usage of synthetic rubber in the construction sector. synthetic rubber is used in the production of sealants, adhesives, and roofing materials, due to its resistance to extreme weather conditions and chemicals, making it ideal for construction purposes. the increasing construction activities, especially in emerging economies, is expected to boost the demand for synthetic rubber in the coming years. however, the market growth may be hindered by the fluctuating prices of raw materials used in the production of synthetic rubber, and the increasing environmental concerns regarding the use of synthetic rubber. efforts are being made to develop eco-friendly and sustainable synthetic rubber substitutes, which may pose a challenge to the market growth. in conclusion, the global synthetic rubber market is expected to grow significantly in the coming years, driven by its increasing usage in various industries such as automotive and construction. the market is highly competitive with major players such as sinopec, lanxess, and versalis dominating the industry. the market is likely to witness advancements in technology and development of new products, making it an exciting space to watch.