From GlobeNewswire: 2025-04-17 10:00:00

The Synthetic Rubber Market was valued at USD 33.70 Billion in 2023 and is projected to reach USD 51.39 Billion by 2032, growing at a CAGR of 4.80%. The market is driven by demand from automotive and construction sectors, with a focus on innovations and sustainability to meet environmental standards and enhance product efficiency.

In the U.S., the Synthetic Rubber Market was valued at USD 9.59 Billion in 2023 and is expected to reach USD 13.56 Billion by 2032, growing at a CAGR of 3.93%. The tire industry accounts for over 60% of synthetic rubber demand, with companies investing in advanced technologies for improved performance and longevity.

Styrene Butadiene Rubber (SBR) dominates the Synthetic Rubber Market with a 40.2% market share, favored for tire manufacturing due to its resistance and flexibility. Companies like ExxonMobil and Lanxess are investing in R&D to enhance SBR formulations for better tire performance, aligning with the shift towards electric vehicles.

The Tire segment holds a 60.8% market share in the Synthetic Rubber Market, driven by the automotive sector’s need for high-performance tires. Major manufacturers like Michelin and Bridgestone focus on innovation and sustainability in tire production, using advanced synthetic rubber compounds to improve safety and efficiency.

North America dominated the Synthetic Rubber Market in 2023 with a 35.4% market share, driven by the automotive industry’s demand for high-performance tires. The region’s strict regulations on emissions and performance standards push manufacturers to invest in advanced synthetic rubber technologies.

Asia Pacific emerges as the fastest-growing region in the Synthetic Rubber Market, with a significant growth rate driven by the booming manufacturing sector and rising automotive production. Companies like Bridgestone and Yokohama Rubber are expanding production capabilities to meet the region’s growing demand for synthetic rubber products.

Recent developments in the market include Bridgestone’s exploration of plant-based ethanol for synthetic rubber production, South Korea’s projected growth in the synthetic rubber market, and Michelin’s investment in reducing CO2 emissions for sustainability.

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