DUBLIN--(BUSINESS WIRE)--The "Liquid Synthetic Rubber Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The liquid synthetic rubber market is valued at 13,500 USD million in 2020 and is projected to register a CAGR of over 4.5% during the forecast period (2021-2026).
- Asahi Kasei Advance Corporation
- Evonik Industries AG
- H.B. Fuller Company
- KUMHO PETROCHEMICAL
- Kuraray Co. Ltd
- JSR Corporation
- TER HELL & Co. GmbH
- Linshi Chem (Puyang) Advanced Material Co. Ltd
- Lion Elastomers
- Nippon Soda Co. Ltd
- Synthomer PLC
- China National Petroleum Corporation
Key Market Trends
Increasing Demand from the Tires Segment
- Synthetic rubber is the artificial elastomer, which is produced from byproducts of petroleum. Liquid synthetic rubber is liquid polyurethane that generally forms compounds that have high flow properties and abrasion properties.
- Liquid synthetic rubber, such as liquid butadiene rubber, has superior properties, like abrasion resistance, cut growth resistance, high resilience with low heat buildup, and low-temperature flexibility. Owing to these properties, liquid synthetic rubbers are widely used in manufacturing tires.
- The increasing use of liquid polybutadiene rubber and liquid styrene-butadiene rubber for manufacturing tires and its components, such as treads, rims/apex/flange, and carcass, increases the demand for liquid synthetic rubber and thus, propelling its market.
- Additionally, liquid synthetic rubber provides enhanced durability and superior performance of tires, along with the adoption of tire labeling regulations. Due to this, the demand for liquid synthetic rubber is expected to rise for tire manufacturing, which would stimulate its market.
- For instance, according to OICA, around 77.62 million vehicles were produced globally in 2020 compared to 92.18 million vehicles produced in 2019, witnessing a decreasing growth rate of about 15.8%, which reduced the demand for tires.
- According to the US Tire Manufacturers Association (USTMA), the total US tire shipments was accounted for about 303.2 million units in 2020, with a decline rate of about 9% from 332.7 million units in 2019. Furthermore, the association forecasted that the total United States tire shipments would reach 315.7 million units in 2021, thereby is expected to drive the demand for the market studied.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for liquid synthetic rubber during the forecast period. In countries like China, India, and Japan, owing to the increasing demand from applications such as tire manufacturing, industrial rubber manufacturing, adhesives and sealants, coatings, and polymer modification, and also due to availability of raw materials and rapid development of the manufacturing sector, the demand for liquid synthetic rubber has been increasing in the region.
- China is the largest producer and consumer of automotive vehicles. According to OICA, around 25.23 million vehicles were produced in China during 2020 compared to 25.75 million vehicles that were produced in 2019, witnessing a decrease in the growth rate of about 2%.
- According to the Automotive Tire Manufacturers Association (ATMA) of India, the total volume of tires produced in India was about 191.98 million units in 2019, with a growth rate of about 7.5% compared to the previous year.
- Furthermore, liquid synthetic rubber also finds its application in the construction industry. In 2020, the Chinese construction industry was valued at about USD 1,049.2 billion, and it is estimated to reach about USD 1,117.4 billion by 2021, with a growth rate of about 6.5%, thereby is expected to stimulate the demand for liquid synthetic rubber such as liquid styrene-butadiene rubber, which is used in the formulation of adhesives for cement bond coat, mortars, and concrete, and also can be used in sealants and coatings production.
- Some of the major companies operating in the Asia-Pacific region are Synthomer PLC, LINSHI CHEM (PUYANG) ADVANCED MATERIAL CO. LTD, and H.B. Fuller Company.
- Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Rising Demand from the Adhesive Segment
4.1.2 Other Drivers
4.2.1 Slowdown in the Conventional Automotive Industry
4.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Product Type
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Development of Bio-based Feedstock for Synthetic Rubber
For more information about this report visit https://www.researchandmarkets.com/r/jc69sq