India Synthetic Rubber Industry: Revenue Analysis & Market Forecast
The India synthetic rubber market has witnessed significant growth in recent years, driven by increasing demand from key industries such as automotive, footwear, and industrial manufacturing. Synthetic rubber, known for its durability, elasticity, and resistance to extreme temperatures, has become a preferred material over natural rubber in various applications. The expanding automotive sector, particularly tire manufacturing, has been a major contributor to market revenue, as synthetic rubber enhances tire performance and longevity. Additionally, government initiatives like "Make in India" and rising foreign investments have further propelled the market's expansion.
In terms of revenue, the India synthetic rubber market is projected to grow at a steady CAGR (Compound Annual Growth Rate) over the coming years. The market's growth is fueled by the rising production of vehicles, increasing infrastructure development, and the growing consumer preference for high-performance rubber products. Styrene-butadiene rubber (SBR) and polybutadiene rubber (BR) are among the most widely used types, accounting…