Transparency Market Research has published a new research report titled “Synthetic Rubber Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023” to their report store.
Albany, NY -- (SBWIRE) -- 12/06/2016 -- Synthetic rubbers are considered as a worthy alternative to natural rubber, owing to which they are being used extensively across the globe. The rising use of synthetic rubbers in diverse industrial sectors is one of the primary factors augmenting the growth of the global synthetic rubber market. At present, this market is moderately consolidated in nature and is projected to witness a high level of competition in the next few years.
As per a research study by Transparency Market Research (TMR), in 2014, the global synthetic rubber market was worth US$29.1 bn and is estimated to reach a value of US$45.7 bn by the end of 2023. The market is expected to exhibit a healthy 5.10% CAGR between 2015 and 2023.
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To provide a clear picture of the global synthetic rubber market, several questions related to the growth prospects and challenges have been addressed in this blog.
Which are the factors likely to influence the growth of the global synthetic rubber market?
The rising demand for synthetic rubber in the automotive industry is one of the primary factors expected to fuel the growth of the market in the next few years. In addition, the developing footwear market worldwide is projected to boost the demand for synthetic rubbers in the near future. Key players in the market are focusing on the expansion of their product portfolio, which will indirectly increase the application and contribute towards the growth of the market.
Furthermore, the increasing number of automobiles due to the rising disposable income of consumers and technological advancements in this sector are estimated to accelerate the growth of the global synthetic rubber market in the next few years.
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Which geographical segment is likely to witness exponential growth in the synthetic rubber market?
From a geographical viewpoint, in 2014, Asia Pacific accounted for a massive share in the global synthetic rubber market. As per the research study, this region is estimated to continue its dominance in the next few years, accounting for a share of 61.2% by 2023. The robust growth of this region can be attributed to significant contribution from India, China, and ASEAN countries. In addition, the growth in the tire industry and the rising popularity of green tires are some of the other factors estimated to encourage the growth of the synthetic rubber market in Asia Pacific.
Which are some of the successful growth strategies adopted by leading players?
The global synthetic rubber market is expected to witness intense competition in the next few years, owing to the rising participation of players worldwide. Key players in the market are focusing on research and development activities to introduce innovative products and enhance their presence in the market. Additionally, these players are emphasizing on strengthening their distribution channel to reach a large number of consumers and fuel the growth of the overall market.
Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR's exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.
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