Industry

Rubber Market Size, Trends, Share Growth 2024-2032

The Synthetic Rubber And Fibers Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).

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https://www.thebusinessresearchcompany.com/report/synthetic-rubber-and-fibers-global-market-report

According to The Business Research Company’s Synthetic Rubber And Fibers Global Market Report 2024, The synthetic rubber and fibers market size has grown strongly in recent years. It will grow from $309.02 billion in 2023 to $334.66 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to automotive industry growth, consumer goods manufacturing, infrastructure development, industrialization, the demand for synthetic rubber in applications such as roofing and seals, industrialization.

The synthetic rubber and fibers market size is expected to see strong growth in the next few years. It will grow to $448.5 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to sustainable materials, advanced manufacturing, the growing adoption of electric vehicles (evs), circular economy, health and wellness trends`. Major trends in the forecast period include high-performance tire materials, smart and functional textiles, biodegradable polymers, non-pneumatic tires, customized and specialty polymers.

Technology is expected to be a continued driver of market growth during this period. Industries that involve technology, such as this one, benefited from this trend during this period. For example, technologies such as Green Tires, where 20–30% of a vehicle’s fuel consumption is related to tire performance, took off during this period. Green tires offer wet grip, durability, and low rolling resistance, reducing fuel consumption by 5–7%. Thus, technological advances that enabled improved performance and reduced fuel consumption contributed to the market growth.

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The synthetic rubber and fibers market covered in this report is segmented –

1) By Type: Synthetic Fibers; Styrene Butadiene Rubber (SBR); Polybutadiene (BR); Ethylene Propylene (EPDM); Other Synthetic Rubber and Fibers

2) By Application: Non-Tire Automotive; Footwear; Tire; Construction; Other Applications

3) By Distribution Channel: Offline; Online

The synthetic rubber and fibers market report table of contents includes: