The market players in the global synthetic rubbers market have been on the lookout for effective business strategies that can generate returns for them. The global market is fragmented into two major sections; the first being the chunk of market share dominated by the established players while the remaining market share is heterogeneously distributed amongst the medium and small-sized players. It is expected that the leading market players would introduce several new business hacks in order to strengthen their roots in the global market for synthetic rubber. Furthermore, product innovation is also anticipated to be amongst the key strategies of the established market players. The growth of the market players largely relies on the agility and nimbleness of their supply chain. Marketing and advertising is also expected to play an important role in the growth of the market vendors. Referrals from clients shall also be a hugely beneficial avenue of growth for the market players who are struggling to get a regular flow of demand. The top market players are expected to consider expanding their geographical reach as the next business step. Mergers, acquisitions, strategic alliances, and partnerships are prophesied to be the key highlights of the global market over the forthcoming years. Some of the leading players in the global market for synthetic rubbers are TSRC Corporation, ExxonMobil Corporation (ExxonMobil), DuPont, Sumitomo Chemical Co., Ltd., LANXESS AG, The Dow Chemical Company, China National Petroleum Corporation (CNPC), Asahi Kasei Corporation, Dynasol Elastomers, KUMHO PETROCHEMICAL, Versalis S.p.A., and China Petroleum & Chemical Corporation (Sinopec Corporation).
The global market for synthetic rubbers is expected to expand at a steady CAGR of 5.1% over the period between 2015 and 2023. The market was valued at US$ 29,121.2 Mn in 2014 and is expected to touch a value of 45,767.1 Mn by 2023.
Unavailability of Synthetic Rubber to Drive Demand
The demand within the global market for synthetic rubber is primarily driven by the substitution of natural rubber by synthetic rubber. The scantiness of rubber plantations across the world has made it difficult to cater to the needs of an ever-expanding population. In this scenario, synthetic rubbers have emerged as a viable alternative to natural rubber, and the people have readily accepted the former. Furthermore, the hassles associated with the transport of natural rubber over large distances have also brought synthetic rubbers to the fore. The manufacturers of synthetic rubbers have attained expertise and deftness with their production processes, and this has also aided the growth of the global market for synthetic rubber.
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Growth of Constructions Industry to Expand Market
The constructions industry has undergone an overhaul in recent with the development of new town centers, high rise buildings, and better residential areas. This has directly contributed to the growth of the global market for synthetic and has created tremendous opportunities to market players. Besides this, the government has been steadfast in urbanizing their territories, which has underhanded driven demand within the global synthetic rubber market. The cost benefits served by synthetic rubber have helped stakeholders in the constructions industry in expanding their profit margin.