Major companies in the synthetic rubber and fibers market include DOW; Owens Corning; KUMHO Petrochemical; Teijin and TSRC Corporation. The global synthetic rubber and fibers market is expected to grow from $196.
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Synthetic Rubber And Fibers Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018806/?utm_source=GNW
44 billion in 2020 to $237.78 billion in 2021 at a compound annual growth rate (CAGR) of 21%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $262.05 billion in 2025 at a CAGR of 2%.
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 which is produced via the polymerization of a variety of petroleum-based monomers. The synthetic rubber and fibers market is segmented into fibers; styrene butadiene rubber (SBR); polybutadiene (BR); ethylene propylene (EPDM) and other synthetic rubber and fibers.
Asia Pacific was the largest region in the global synthetic rubber and fibers market, accounting for 69% of the market in 2020. Western Europe was the second largest region accounting for 10% of the global synthetic rubber and fibers market. Africa was the smallest region in the global synthetic rubber and fibers 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 of 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 the report by rubberworld, the global synthetic rubber market is expected to reach 21.2 million metric tons by 2024.
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 the 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 the Middle East and other parts globally are also expected to have a negative impact on the market.
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.
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