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Liquid synthetic rubber market to register phenomenal growth rate till 2026

Author : Ravi Chawat | Published Date : 2021-01-15 

Liquid synthetic rubber market is predicted to grow significantly in the coming years. Liquid synthetic rubber also finds immense usage in a number of end-user industries such as building & construction, paints & coatings and electronics. Polymer modification is witnessing heavy demand from the chemical industry which could further propel the adoption of LSR products. Synthetic rubber is preferred over natural rubber by various businesses owing to volatile prices of natural rubber, political tensions that restrict trade between customers and suppliers, regional constraints pertaining to the cultivation of rubber plants and long transport distances.

As a result, the market is shifting towards synthetic rubbers to meet rising demand. Synthetic rubber properties are generally similar to their natural counterpart. Based on such aspects, Global Market Insights, Inc., estimates that the liquid synthetic rubber market might hit USD 12 billion by the year 2026.

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On a regional front, North America is considered to be a promising market for liquid synthetic rubber manufacturers and is expected to register a CAGR of more than 4.5% by the end of 2026. Several tire manufacturers are building their production facilities in the U.S. close to their target customers. Such trends when coupled with positive financial support could massively benefit the adoption of LSR products. 

While in Russia, synthetic rubber is of high significance as the country is highly dependent on the product to fulfill all its business needs. Russia has a rich resource of hydrocarbon raw materials, which plays a vital role in the production of synthetic rubbers. Every year, nearly 80% of domestic synthetic rubbers are exported abroad from Russia. However, with the ongoing spread of coronavirus, Russian synthetic rubber is facing a notable decline in sales. As per Rosstat, in the Q1 of 2020, domestic enterprises generated almost 404,000 tons of synthetic rubbers in primary forms.

Growth Drivers:

  • Growth in tire production worldwide
  • Rising product usage in the end-user industries worldwide

A major part of the positive growth for the liquid synthetic rubber market can be attributed to the expanding automotive sector with companies continuously innovating in tire technology. The current lockdown has led to various companies shutting down production lines. Imports and exports have also been affected due to stringent lockdowns as well as countries imposing tariffs and duties to support local producers. Nonetheless, it has been projected that the post-COVID scenario will see an upsurge in the demand for liquid synthetic rubber.

On a global standpoint, companies like Asahi Kasei Corporation, Evonik Industries, Kuray Co., Synthomer PLC, Nippon Soda Co, HB Fuller, and Efremov Synthetic Rubber are leading the liquid synthetic rubber market by implementing lucrative business strategies like collaborations and product innovations. 

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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