dublin, November 27, 2023 /PRNewswire/ — “China Synthetic Rubber Market Competition Forecast and Opportunities, 2028” report added ResearchAndMarkets.com Recruitment.
The valuation of the Chinese synthetic rubber market is 30.16 billion dollars Growth is expected in 2022 and is expected to register robust growth during the forecast period, reaching a compound annual growth rate (CAGR) of 3.31% till 2028. $36.43 million In 2028.
China occupies an important position as a global producer and exporter of synthetic rubber, and the expansion of this market is primarily driven by a thriving automotive sector and exports to international markets.
Key market drivers
Demand for synthetic rubber is rapidly increasing China This is thought to be largely due to the prosperity of the transportation industry. China Boasting the world’s largest car market, car production continues to increase. This surge in production requires high-quality rubber parts such as tires, hoses, belts, and seals.Robust growth in the automotive sector China It will stimulate demand for synthetic rubber and create opportunities for domestic and international manufacturers.
medical industry China It is emerging as a key driver of the synthetic rubber market. Synthetic rubber materials with properties such as chemical resistance, flexibility, and durability are essential for the production of medical devices and equipment. These materials are used in critical components such as medical gloves, surgical seals, gaskets, and tubing. With advancements in medical technology and increasing demand for reliable healthcare products, the need for high-quality synthetic rubber is rapidly increasing.
Synthetic rubber also plays an important role in pharmaceutical packaging, ensuring the preservation and integrity of medicines.as Chinese Demand for synthetic rubber for packaging is expected to increase as the pharmaceutical market expands. Additionally, synthetic rubber-based adhesives and sealants are essential for wound closure, surgical procedures, and medical device assembly, further increasing demand in the medical industry.
Chinese The food and beverage industry has emerged as a key driver of the synthetic rubber market in recent years. The industry relies on synthetic rubber for packaging applications due to its excellent barrier properties that ensure the preservation and freshness of food and beverages.
expansion of Chinese In the food and beverage sector, the demand for high quality synthetic rubber materials for food packaging is increasing, coupled with increasing consumer demand for packaging products. Furthermore, synthetic rubber materials are also used in conveyor belts and hoses, which are important in food processing and beverage manufacturing, contributing to the growth of the synthetic rubber market in this area.
Key market challenges
Fluctuations in raw material prices: Domestic synthetic rubber market China is facing the major challenge of fluctuating raw material prices. Raw materials such as styrene, butadiene, and isoprene obtained from oil refineries are subject to a variety of factors that affect prices, including global supply and demand trends, geopolitical tensions, natural disasters, and government policies. receive.
Fluctuations in the prices of these raw materials have a direct impact on the overall production cost of synthetic rubber. Price fluctuations can disrupt supply chains, lead to increased input costs, and impact manufacturers’ competitiveness. Sudden increases in raw material prices can reduce profit margins or require additional costs to be passed on to consumers, while price declines can create challenges in adjusting selling prices. .
Key market trends
Growth through technological advances: Technological advances are driving growth and development in the world. Chinese Synthetic rubber market.
Manufacturers are leveraging advanced technology to enhance production processes, improve product quality, and meet evolving consumer demands. Automation, robotics, and computer-controlled systems optimize manufacturing operations, minimize waste, ensure consistent product quality, and streamline processes.
Advanced technology has also facilitated the development of innovative synthetic rubber formulations with superior properties, leading to the creation of materials with improved durability, performance, chemical resistance, and reduced environmental impact. Masu. Real-time monitoring systems, data analytics, and machine learning algorithms help quickly identify and resolve production issues, minimize defects, and improve overall product performance.
Insights by segment
Type insight:
In 2022, styrene butadiene rubber (SBR) dominated the synthetic rubber market and is expected to continue expanding in the coming years.
SBR is preferred for its properties comparable to natural rubber and low cost. Excellent wear resistance, crack resistance, service life, compression set, and water resistance. However, it is important to note that natural rubber is superior to his SBR in terms of heat aging properties and abrasion resistance.
Application insights:
In 2022, the water treatment segment dominated the synthetic rubber market. The transport sector is a major consumer of synthetic rubber, especially in tire manufacturing.
Synthetic rubber is durable, resilient, and flexible, making it ideal for transportation-related products. The conveyor belt and hose segment, which is essential for food processing and beverage manufacturing, will also drive demand for synthetic rubber.
Regional insights:
Latin America is the leader Chinese The synthetic rubber market is driven by the growth of footwear industry and infrastructure projects. The expansion of non-automotive goods and tire manufacturing in the region indicates promising future growth for the synthetic rubber industry.
competitive environment
Company Profile: Detailed analysis of the major companies present in the China synthetic rubber market.
- Sinopec Co., Ltd.
- PetroChina Co., Ltd.
- Shenhua Chemical Industry Co., Ltd.
- Huizhou LCY Elastomer Co., Ltd.
- Hangzhou Zhechen Rubber Co., Ltd.
- Ningbo Shunze Rubber Co., Ltd.
- Panjin Heyun Industry Group Co., Ltd.
- Chibi Co., Ltd.
Report scope:
China synthetic rubber market by type:
- Styrene butadiene rubber (SBR)
- Polybutadiene rubber (PBR)
- Styrene butadiene copolymer (SBC)
- Isoprene rubber (IR)
- others
China’s synthetic rubber market by application:
- Transportation facilities
- construction
- fiber
- medicine
- food and drinks
- others
China synthetic rubber market by region:
- east
- north and northeast
- southwest
- south central
- northwest
For more information on this report, please visit https://www.researchandmarkets.com/r/jf5hoe.
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