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Synthetic Rubber And Fibers Global Market Report 2022
Major companies in the synthetic rubber and fibers market include Sinopec Limited, Mitsubishi Chemical Holdings Corp, Exxon Mobil, Lotte Chemical Corp, Odebrecht Engenharia E Construcao Sa, Teijin Ltd, Asahi Kasei Corporation, SK Innovation Co, GS Caltex Corporation, and Lenzing AG.
New York, May 31, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Synthetic Rubber And Fibers Global Market Report 2022" - https://www.reportlinker.com/p06281506/?utm_source=GNW
The global synthetic rubber and fibers market is expected to grow from $263.61 billion in 2021 to $284.83 billion in 2022 at a compound annual growth rate (CAGR) of 8.0%. The market is expected to grow to $379.48 billion in 2026 at a CAGR of 7.4%.
The synthetic rubber and fibers market consists of the sales of synthetic rubber and fibers by entities (organizations, sole traders, or partnerships) that produce synthetic rubber which is an artificial elastomer that is produced via the polymerization of a variety of petroleum-based monomers.
The main types of synthetic rubber and fibers are synthetic fibers, styrene-butadiene rubber (sbr), polybutadiene (BR), ethylene propylene (EPDM), and other types of synthetic rubber and fibers.Synthetic fibers are man-made textile fibers including those made from natural materials (such as rayon and acetate from cellulose or regenerated protein fibers from zein or casein) and fully synthetic fibers (such as nylon or acrylic fibers).
The applications involved are non-tire automotive, footwear, tire, construction, and other applications. The distribution channels are offline and online.
Asia Pacific was the largest region in the synthetic rubber and fibers market in 2021.Western Europe was the second-largest region in the synthetic rubber and fibers market.
The regions covered in the synthetic rubber and fibers report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 which enabled improved performance, reduced fuel consumption contributed to the market growth.
Rising geopolitical tensions had a negative impact on the synthetic rubber and fiber market during the historic period.Repercussions of geopolitical tensions included sanctions on Russia, trade protectionism, and heightened military tensions in Middle East.
Many countries placed trade restrictions, especially on imports, to boost local production.For instance, Brexit is likely to lead to more trade restrictions between the UK and other countries in Europe.
The US is also implementing several trade restrictions, especially with China, to boost its local production.For instance, the US imposed tariffs on $550 billion worth of Chinese goods including chemicals and plastics as of January 2020.
Continued violence and terrorism in Middle East and other parts globally are also expected to have a negative impact on the market.
Many manufacturers have started to use more synthetic than natural rubber because falling crude oil prices led to lower prices.Synthetic rubber prices dropped 15% in Europe and 5% in the USA in the second quarter compared to a year earlier.
Synthetic rubber supply was consistent and more affordable than natural rubber during the studied period.According to estimates, European manufacturers now use 60% synthetic rubber and 40% natural rubber for manufacturing products associated with rubber.
For instance, according to a report by the rubber world, the global synthetic rubber market is expected to reach 21.2 million metric tons by 2024.
The countries covered in the synthetic rubber and fibers market are Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, Ukraine, USA, and Vietnam.
Read the full report: https://www.reportlinker.com/p06281506/?utm_source=GNW
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