The market for Liquid Synthetic Rubber is expected to grow at a CAGR of over 4% during the forecast period. Major factors driving the market studied are increasing demand from tire manufacturing across the globe and rising demand from adhesive segment. On the flipside, fluctuations in the prices of raw materials and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
- Increasing product penetration in industrial rubber manufacturing is expected to offer various lucrative opportunities for the growth of market.
- By application, tires manufacturing segment is expected to dominate the market owing to the increase in the usage of liquid synthetic rubber for the production of tires and its components.
- Asia-Pacific region dominated the liquid synthetic rubber market across the globe with the largest consumption from countries such as China, India, and Japan.
Key Market Trends
Increasing Demand from Tires Segment
- Synthetic Rubber are the artificial elastomer, produces from by-products of petroleum. Liquid synthetic rubber is liquid polyurethane which generally form compounds which have high flow properties and abrasion properties.
- The increasing usage of liquid polybutadiene rubber and liquid styrene butadiene rubber for manufacturing tires and its components, such as treads, rims/apex/flange, and carcass, is increasing the demand of liquid synthetic rubber and thus, propelling its market.
- Additionally, liquid synthetic rubber provides enhanced durability and superior performance of tires along with adoption of tires labelling regulations. Due to this, the demand of liquid synthetic rubber is expected to rise for tires manufacturing, which would stimulate its market.
- The market for tires is expected to grow at a CAGR of over 6% during the forecast period. This is anticipated to provide ample opportunities for the growth of liquid synthetic rubber market during the forecast period.
- Owing to all the above-mentioned factors for liquid synthetic rubber, its market is expected to grow rapidly over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for liquid synthetic rubber during the forecast period. In countries like China, India, and Japan owing to increasing demand from applications such as tire manufacturing, industrial rubber manufacturing, adhesives & sealants, coatings, and polymer modification and also due to availability of raw materials and rapid development of manufacturing sector, the demand for liquid synthetic rubber has been increasing in the region.
- Liquid synthetic rubber such as liquid butadiene rubber has superior properties like abrasion resistance, cut growth resistance, high resilience with low heat buildup, and low temperature flexibility. Owing to these properties, liquid synthetic rubbers are widely used in manufacturing tires, which is propelling its market in the region.
- Additionally, liquid isoprene rubber is used for manufacturing various types of industrial components like drive belts, seals, gaskets, hoses, tank linings and motor mounts. Also, industrial rubber market is expected to register a CAGR of 5% during the forecast period. These factors are likely to further propel the liquid synthetic rubber market in the region.
- Furthermore, liquid styrene butadiene rubber has major applications in adhesives, sealants and coatings industries. Liquid styrene butadiene improves bond strength and chemical resistance when it is used as an adhesive for cement bond coats, mortars, and concrete. It helps to increase durability, tensile strength, and wear resistance and thereby, reduces cracking. Due to these properties of liquid styrene butadiene rubber, its demand is increasing in the region.
- The Asia-Pacific adhesives & sealants market is expected to grow at a CAGR of over 5% during the forecast period. This is likely to positively impact the growth of liquid synthetic rubber market during the forecast period.
- Some of the major companies operating in Asia-Pacific region are - synthomer plc, LINSHI CHEM (PUYANG) ADVANCED MATERIAL CO., LTD, and H.B. Fuller Company.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for liquid synthetic rubber during the forecast period.
The liquid synthetic rubber market is moderately fragmented with top players accounting for a marginal share of the market. Some of the key companies in the market include synthomer plc, H.B. Fuller Company, TER HELL & Co. GmbH, KURARAY CO., LTD., and LINSHI CHEM (PUYANG) ADVANCED MATERIAL CO., LTD.
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