Liquid Synthetic Rubber Market - By Product (Isoprene, Polybutadiene, SBR and Others), By Application (Adhesive, IRM, Tires, Polymer Modification and Others) & Forecast, 2024 – 2032

Liquid Synthetic Rubber Market Size

Liquid Synthetic Rubber Market was valued at USD 10.6 billion in 2023 and is expected to grow at a CAGR of 3.9% from 2024 to 2032. This product is used in many industries, including adhesives, tire manufacturing, industrial rubber production, and polymer modification.
 

Liquid synthetic rubber is getting a lot of attention in research across different sectors. Recent studies show its potential in biomaterials to improve the mechanical properties of dental composites and fractures. According to the U.S. Department of Energy, advancements in synthetic rubber technology are crucial for improving energy efficiency in manufacturing processes. Additionally, the European Commission has highlighted the importance of synthetic rubber in reducing the environmental impact of tire production.
 

The liquid synthetic rubber market faces challenges due to fluctuating raw material prices, stringent government regulations, and growing environmental concerns. Volatility in petrochemical-derived raw material prices increases production costs, causing uncertainty for manufacturers. Strict regulations in the chemical industry, particularly regarding emissions and waste management, add pressure to comply with environmental standards. Concerns about the limited recyclability of synthetic rubber further intensify these regulations, raising sustainability issues and prompting the industry to explore eco-friendly alternatives, potentially reshaping market dynamics.
 

Liquid Synthetic Rubber Market Trends

The liquid synthetic rubber industry is experiencing a surge in demand due to advancements in construction and infrastructure projects, particularly in developing regions. Its rising adoption in the construction industry is largely due to its pivotal role in waterproofing membranes, adhesives, and sealants. In the automotive sector, a heightened emphasis on fuel efficiency and reducing vehicle weight has spurred the use of lightweight materials, prominently featuring liquid synthetic rubber in tire formulations. Furthermore, technological innovations, including enhanced formulations for superior performance, are paving the way for new applications in burgeoning industries such as electronics and medical devices, thereby expanding the market's horizons.
 

Liquid Synthetic Rubber Market Analysis

Based on product, the market is segmented into isoprene, polybutadiene, SBR and others. The styrene-butadiene rubber segment currently leads the market, generating about USD 6 billion revenue in 2023. Its versatility, excellent abrasion resistance, and superior performance make it a top choice for applications like adhesives, sealants, and tire manufacturing. SBR enhances product longevity and durability, solidifying its preference in industries, especially automotive and construction. While Isoprene and Polybutadiene find significant use in specialized areas like high-performance tires and coatings, they lag behind SBR in market share.
 

Based on application, the market is segmented into adhesive, IRM, tires, polymer modification and others. The tire industry leads the liquid synthetic rubber market, underscoring the material's pivotal role in boosting tire performance, durability, and fuel efficiency. In tire formulations, liquid synthetic rubber enhances grip, minimizes rolling resistance, and extends overall tire longevity, solidifying its importance for tire manufacturers worldwide. The adhesive segment commands a notable market share, fueled by its widespread use in construction, automotive, and industrial sectors. Moreover, industries are increasingly turning to liquid synthetic rubber for industrial rubber manufacturing (IRM) and polymer modification, seeking enhanced flexibility and resilience in their offerings.
 

Asia Pacific accounted for over 50% of the liquid synthetic rubber market share in 2023 due to rising vehicle sales. The region attracts manufacturers with its abundant raw materials and cost-effective labor. Government initiatives to boost domestic vehicle production and reduce import dependence are expected to enhance revenue generation. For instance, in 2021, the Indian government launched the Production Linked Incentive (PLI) scheme to promote domestic manufacturing of vehicles and auto components. The Middle East & Africa market, still in its early stages, is set for steady growth. Investments from public and private sectors in construction and plastic manufacturing drive this growth.

Liquid Synthetic Rubber Market Share

The liquid synthetic rubber industry is highly competitive. Industry players are ramping up investments in research and development to craft innovative formulations that captivate the market. Manufacturers are forging more collaborations and partnerships, streamlining product development, and expediting patent applications.
 

Liquid Synthetic Rubber Market Companies

Major players operating in the liquid synthetic rubber industry include:

• Asahi Kasei
• ENEOS Corporation
• Evonik Industries AG
• JSR Corporation
• Kumho Petrochemical
• Kuraray Co., Ltd
• Nippon Soda Co., Ltd
• Puyang Linshi Chemical New Material Co., Ltd
• Royal Adhesives & Sealants
• Sinopec
• Synthomer PLC
   

Liquid Synthetic Rubber Industry News

• In May 2023: Idemitsu Kosan, Kumho Petrochemical, and Sumitomo Corporation have signed an MOU to collaborate on the development of sustainable polymers and chemicals in Asia. Idemitsu will produce bio-SM using the mass balance method, while Kumho Petrochemical will create bio-SSBR (Solution Styrene Butadiene Rubber) for high-functional tires
   
• In May 2022: ENEOS Corporation signed an agreement to acquire JSR Corporation's elastomers business, which focuses on the manufacture and sale of synthetic rubber. JSR's elastomers division is known for producing high-performance materials, particularly Solution Polymerization Styrene-Butadiene Rubber (SSBR), which is essential for the production of fuel-efficient and high-performance tire treads. This acquisition positions ENEOS to expand its presence in the synthetic rubber industry, leveraging JSR’s expertise in advanced tire materials
   

The liquid synthetic rubber market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Billion) (Kilo Tons) from 2021 to 2032, for the following segments:

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By Product

• Isoprene
• Polybutadiene
• SBR
• Others

By Application

• Adhesive
• IRM
• Tires
• Polymer modification
• Others

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa