The Synthetic Rubber Market is Estimated to Be USD 28.88 Billion in 2017 And is Projected to Reach USD 37.82 Billion By 2022, Registering a CAGR of 5.5% Between 2017 And 2022.
Synthetic rubber is mostly produced from crude oil and natural gas, by the polymerization of monomers. Although used in a wide range of applications, its major application is in tires. There has been a growing demand for synthetic rubber from applications, such as tire, non-tire automotive, footwear, industrial, and others. Environmental regulations related to synthetic rubber may act as a restraint for the synthetic rubber market.
Based on type, the NBR (nitrile butadiene rubber) segment is projected to witness the highest growth during the forecast period. NBR is mostly used in applications where high oil resistance is required. Increasing demand for hoses, belts, and cables in the manufacturing and automotive industries in APAC, is likely to fuel the growth of the NBR segment over the forecast period. Rapid industrialization in China and India is anticipated to drive the demand for NBR in APAC over the next six years.
Continental celebrated the Foundation Stone Laying Ceremony last November 21, marking the start of construction of its new Greenfield tire plant in Rayong, Thailand. The ceremony was attended by Mr. Chalee Chotiwong, Chief of Provincial Administration Organization for Maenamkoo district, as well as Continental management, the local project team, and suppliers.
On November 16, Michelin North America announced the retirement of Chairman and President Pete Selleck, effective Dec. 31, 2017, after six years in that role. His impact to the industry is praised and recognized by the USTMA among others.
Selleck is known for his dedication and service to the tire industry. Anne Forristall Luke, president and CEO of the U.S. Tire Manufacturers Association (USTMA), say Selleck “leaves a lasting legacy of visionary leadership” in the industry.
Nominations have opened for the 2018 Tire Technology International Awards for Innovation and Excellence – the world’s biggest celebration of endeavor in the field of tire development and manufacturing. Nominations are open in the following five categories until December 1, 2017:
Environmental Achievement of the Year
In recognition of environmental advances in the tire industry
Tire Technology of the Year
In recognition of important advances in technology
The Goodyear Tire & Rubber Company has announced that its Houston chemical plant has earned certification to Voluntary Protection Program (VPP) Star Status by the Occupational Safety & Health Administration (OSHA).
Goodyear Houston is the fourth of the company’s four U.S. chemical plants to achieve VPP certification, underscoring Goodyear’s long-term commitment to safety leadership.