Burnaby, British Columbia,, Canada, October 15, 2015 --(PR.com
)-- According to a recently published TechSci Research report “China Synthetic Rubber Market Forecast & Opportunities, 2020,” the synthetic rubber market in China is projected to cross US$ 12 billion by 2020. Synthetic rubber imparts high mechanical strength and abrasion resistance and accounts for roughly 22% of the total weight of raw materials used in manufacturing tyres. China, being the largest manufacturer of tyres in the world, is also the largest consumer of synthetic rubber. On account of the growing application of synthetic rubber in asphalt modification and adhesives industry, the demand for synthetic rubber in China is expected to increase over the next five years. Sinopec Corporation, PetroChina, TSRC Corporation, LCY Chemical Corp. and Lanxess are few of the leading players operating in the country’s synthetic rubber market.
The majority of tyre manufacturing facilities are located on the Eastern coast of the country, on account of which the region accounts for a lion’s share in the country’s synthetic rubber market. Styrene Butadiene Rubber (SBR), Polybutadiene Rubber (PBR) and Styrenic Block Copolymer (SBC) hold the largest share in the China’s synthetic rubber market. Other segments of synthetic rubber include Ethylene Propylene-Diene Monomer Rubber (EPDM), Nitrile Butadiene Rubber (NBR), Butyl Rubber or Isobutylene Isoprene Rubber (IIR) and Poly-isoprene or Isoprene Rubber (IR). Rising demand for various grades of synthetic across diverse industries is expected to drive the market for synthetic rubber in China.
“Since 2012, synthetic rubber production in China exceeded the demand emanating across the country, which created an oversupply scenario. In order to overcome this problem, domestic producers have lowered the utilization rates considerably over the last couple of years, as a result of which the stocks of synthetic rubber piled up in the inventories have started declining,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.