Industry News
Global technological progress and expected sustained growth in the synthetic rubber market
Current Development Status of Synthetic Rubber Market
According to data on synthetic rubber market analysis, the global synthetic rubber market will reach 260 million tons in 2023, a year-on-year increase of 5.1%. It is expected that by 2028, the global synthetic rubber market will reach 320 million tons, with an annual compound growth rate of 4.2%. In 2019, China's synthetic rubber production reached approximately 5.6 million tons. It is predicted that by 2024, the size of China's synthetic rubber market is expected to exceed 6 million tons, with a compound annual growth rate of approximately 3.5%.
Synthetic rubber is the largest subdivision of raw materials in rubber product production, and its production has continued to grow in recent years, providing stable demand guarantee for the development of the rubber oil industry. According to market analysis data on synthetic rubber, China's synthetic rubber production reached 8.233 million tons in 2022, a year-on-year increase of 0.3%.
The downstream of the synthetic rubber industry includes both civil and industrial sectors. In the civilian market, adhesive tape, rubber hoses, footwear, automotive tires, etc. are important downstream industries of synthetic rubber in China. In the industrial field, synthetic rubber can be applied in multiple industries such as cables, transportation roads, and public infrastructure engineering. Industry 4.0 will promote the use of synthetic rubber raw materials.
The synthetic rubber industry has always been committed to technological innovation and research and development to improve product performance and meet the needs of different application fields. The application of new materials and technologies has also driven the development of the synthetic rubber market. With the increasing awareness of environmental protection, the demand for sustainable development and environmentally friendly synthetic rubber is constantly increasing. The application of green synthetic rubber and renewable energy are important development directions in the current synthetic rubber market.
The driving factors of the synthetic rubber market
The growth of the automotive industry: The automotive industry is one of the largest application markets for synthetic rubber. With the continuous development of the global automotive industry, the demand for materials such as tires, seals, and suspension systems is also increasing, which is driving the growth of the synthetic rubber market.
The promotion of industrialization: With the acceleration of international industrialization and the development of emerging markets, the demand for synthetic rubber in industries such as construction, consumer goods manufacturing, electronics, and healthcare is gradually increasing.
Improvement of environmental awareness: The improvement of environmental awareness has led to an increase in the demand for synthetic rubber in the field of renewable energy. The application of synthetic rubber in the wind power and solar energy industries is also gradually increasing.
The development of new materials and technologies: The continuous advancement of new materials and technologies is driving the expansion of the performance and application fields of synthetic rubber, thereby promoting the growth of the synthetic rubber market.
Overall, the driving factors of the synthetic rubber market are multifaceted, including industrialization, increased environmental awareness, and the development of new materials and technologies. With the development of the global economy and technological progress, the synthetic rubber market is expected to continue to grow.
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