HOME Research Insight New Product Developments, and Agreements Were the Key Strategies Adopted by Major Players to Achieve Growth in the Global Synthetic Rubber Market



New Product Developments, and Agreements Were the Key Strategies Adopted by Major Players to Achieve Growth in the Global Synthetic Rubber Market


The synthetic rubber market size is projected to reach USD 37.82 Billion by 2022, at a CAGR of 5.5% between 2017 and 2022. Synthetic rubber is a man-made rubber which is produced from petroleum and other minerals. It is an artificial polymer and has the property of undergoing elastic deformation under stress. It has many benefits over natural rubber, such as better resistance to oil and temperature. Although synthetic rubber is used in a wide range of applications, its major application is in tires. There has been a growing demand for synthetic rubbers from applications, such as tire, non-tire automotive, footwear, and industrial.

Expansions, new product developments, and agreements were the key strategies adopted by major players to achieve growth in the global synthetic rubber market between 2011 and 2017. The major players in the synthetic rubber market are LANXESS (Germany), Sinopec (China), The Goodyear Tire & Rubber Company (US), Kumho Petrochemical (South Korea), TSRC Corporation (Taiwan), Nizhnekamskneftekhim (Russia), JSR Corporation (Japan), LG Chem (South Korea), Versalis S.p.A. (Italy), and ZEON Corporation (Japan).

LANXESS adopted joint venture as its major strategy to increase its market share in the synthetic rubber market and to cater to the increasing demand for synthetic rubber products. In April 2016, LANXESS and Saudi Aramco signed an agreement to establish a 50:50 joint venture company called ARLANXEO, for synthetic rubber production. LANXESS, through this joint venture, is investing in synthetic rubbers and elastomer products. The joint venture brings together one of the world’s largest rubber producer company, i.e., LANXESS and one of the world’s largest oil and energy company, i.e., Saudi Aramco.

Sinopec also adopted joint venture as its major strategy to strengthen its existing production capacities. In May 2014, Sinopec and SIBUR (Russia) established a joint venture to construct a butadiene nitrile rubber plant with an annual capacity of 50 KT at Shanghai, China. Sinopec’s share in the joint venture is 74.9%, and SIBUR’s is 25.1%. Under this joint venture, Sinopec will use SIBUR’s NBR production technology. This joint venture will help SIBUR expand its footprint in Asia.

Related Reports:

Synthetic Rubber Market by Type (SBR, BR, SBC, EPDM, IIR, NBR), Application (Tire, Non-Tire Automotive, Footwear, Industrial), and Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa) - Global Forecast to 2022

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