Synthetic Rubber Market Trends Size will Observe Lucrative Surge by the End 2023

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Synthetic Rubber Market

• Global Industry Analysis, Size, Share, Growth,
  Trends and Forecast, 2023

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Global Synthetic Rubber Market
Overview

• Both fragmented and competitive, the global
  synthetic rubbers market is choc-o-bloc with
  large, medium, and small players.
• To beat competition in such a cutthroat
  environment, the deep-pocketed players are seen
  upping spends on research and development to
  launch better products.
• They are also banking heavily on an agile supply
  chain and proactive marketing and advertising.
• In order to grow, they are looking to foray into
  high growth markets in developing economies of
  the world through carefully-considered mergers
  and acquisitions.

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Tires Serve to Drive Maximum Demand in Global
Synthetic Rubber Market

• Synthetic rubber finds usage in making footwear,
  industrial goods, asphalt overlay, tires, and
  adhesives.
• Of them, the tires segment generates most of the
  demand in the market and going forward is
  predicted to maintain its lead in generating
  demand.
• Players are also coming up with eco-friendly
  versions since that contain silica which reduces
  roll resistance.
• This in turn helps to consume lesser amounts of
  fuel.

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Asia Pacific, Powered by China, Leads Market

• At present, Asia Pacific accounts for a leading
  share in the global synthetic rubber market and
  going forward too is predicted to hold on to its
  leading share by rising impressively.
• The growth in the market is mainly powered by the
  fastest growing economies in the region China
  and India.
• Malaysia is another major consumer of rubber in
  the region. This is because of the rising sales
  of automobiles in the two nations.

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Prominent participants in the global synthetic
rubber market

• Versalis S.p.A.
• Asahi Kasei Corporation
• DuPont
• KUMHO PETROCHEMICAL
• The Dow Chemical Company
• Sumitomo Chemical Co.

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