North American synthetic rubber market is expected to show a significant growth rate during the forecast period. Wide application of synthetic rubber is one of the major factors augmenting the market. However, the unstable crude price at the international market is one of the major restraints to the market.  The region is one of the largest consumers of rubber and is an extensive market for synthetic rubber and its products.

The demand for synthetic rubber is majorly dependent on the automobile industry as it the chief purchaser of tires. As per the International Organization of Motor Vehicle Manufacturers, in North American, around 13.3 million vehicles were manufactured in 2018. The share of the production of commercial vehicles is much higher as compared to passenger vehicles in the region. Apart from demand from OEM, a significant demand from the aftermarket is generated in the region.

North American synthetic rubber market is divided based on type and end-user. By type, the market is further divided into Styrene Butadiene Rubber, Polybutadiene Rubber, Ethylene Propylene Rubber, Isoprene Rubber, and others. In the region, Styrene-Butadiene Rubber will hold the largest market share during the forecast period. By end-user, the market is further divided into tires & other automobile components, industrial application, footwear, household, and others. Tires and other automobile components will hold the major market share during the forecast period. Geographically, the market is segmented into the US and Canada. The US is expected to have a major market share during the forecast period. In the US, the production of synthetic rubbers is contained in standard industry classification (SIC) grouping 2822.

The companies which are contributing significantly in the market include Asahi Kasei Corp., Bridgestone Corp., Exxon Mobil Corp., Firestone Polymers, LLC, JSR Corp., LG Chem, Ltd., SABIC, The Dow Chemical Co., The Goodyear Tire & Rubber Co., The Michelin Group, Ube Industries, Ltd. and others. The market players are considerably contributing to the market growth by the adoption of various growth strategies including new product launch, merger, and acquisition, collaborations with government, and technological advancements to stay competitive in the market.

Research Methodology

The market study is incorporated by extensive primary and secondary research conducted by the research team.  Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts to brings authenticity to the reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report is intended for rubber companies, chemical companies, automotive & auto-ancillary companies, footwear companies, electronics companies, aircraft manufacturing companies, vendors, government organizations, and venture capitalists for the comprehensive market analysis. The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. North American Synthetic Rubber Market Research and Analysis by Type
2. North American Synthetic Rubber Market Research and Analysis by End-User

The Report Covers

• Comprehensive research methodology of the North American Synthetic Rubber Market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the North American Synthetic Rubber Market.
• Insights about market determinants which are stimulating the North American Synthetic Rubber Market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.