Asia-Pacific Synthetic Rubber Market Competitive Landscape & Forecast, 2023–2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Asia-Pacific synthetic rubber market size at USD 9.2 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Asia-Pacific synthetic rubber market size to grow at a CAGR of 3.9% reaching a value of USD 12 billion by 2029. Major factors for the expansion of Asia-Pacific synthetic rubber market include increasing use of synthetic rubber in a variety of applications, increasing penetration of EVs, surging demand from automotive industries, and growing production and demand for consumer and industrial goods. Likewise, the market's rise will be driven by an increase in sports activities such as motor racing competitions and detailed research into tire durability and demand. The growing middle class and rising industrialization have boosted the footwear industry, which will fuel the expansion of Asia-Pacific synthetic rubber market during the pe...