Canada Synthetic Rubber Market Insights Forecasts to 2033

• The Canada Synthetic Rubber Market Size was valued at USD 1.0 billion in 2023.
• The Market is growing at a CAGR of 4.14% from 2023 to 2033
• The Canada Synthetic Rubber Market Size is expected to reach USD 1.5 billion by 2033

The Canada Synthetic Rubber Market is anticipated to exceed USD 1.5 billion by 2033, growing at a CAGR of 4.14% from 2023 to 2033. The growing demand from the automotive industry and increasing consumption of synthetic rubber in industrial applications are driving the growth of the synthetic rubber market in the Canada.

Market Overview

Synthetic rubber is an artificial elastomer, synthesized from petroleum byproducts. Synthetic rubber has many uses in the automotive industry for tires, door and window profiles, seals such as O-rings and gaskets, hoses, belts, matting, and flooring. They offer a different range of physical and chemical properties that can improve the reliability of a given product or application. They are more resistant to oxidizing agents, such as oxygen and ozone thus, enhances the life of products like tires. Many variations of synthetic rubbers can be prepared with mixtures of monomers and with various catalysts. The environmental consequences of synthetic rubber production extend beyond carbon emissions.  The habitat destruction and decline of biodiversity can result from the extraction of oil-based feedstock and the manufacturing processes that follow. Thus, there are rising investments in research and development and investigating new materials and technologies that might enable them to make high-quality, environment-friendly rubber products. The integration of advanced technologies, such as nanotechnology and artificial intelligence, is revolutionizing the synthetic rubber production market. These innovations are resulting in improved material properties and production efficiency.

Report Coverage

This research report categorizes the market for the Canada synthetic rubber market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the synthetic rubber market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada synthetic rubber market.

Driving Factors                      

Synthetic rubber comprises properties of abrasion and temperature resistance that are ideal for usage in the automotive industry. It is also used for vehicle pedals and flooring mats, and also in doors and windows profiles, hoses, O-rings, gaskets, and belts. Owing to its wide application synthetic rubber surges the market demand for synthetic rubber in the automotive industry. There is a rising need for creative and sustainable rubber products as demand from diverse end-use sectors grows. Further, the growing industrialization drives the market demand to achieve thermal and noise insulation. The presence of rubber products manufacturers in Canada is significantly propelling the synthetic rubber market.

Restraining Factors

The restriction on adopting the product owing to the hazardous impact of synthetic rubber is restraining the market. Further, the rising priority on environmental sustainability in Canada hampers market growth due to its negative environmental effects.

Market Segmentation

The Canada Synthetic Rubber Market share is classified into form type, type, and application.

• The solid segment is anticipated to grow at the fastest CAGR rate during the forecast period.

The Canada synthetic rubber market is segmented by form type into solid and liquid. Among these, the solid segment is anticipated to grow at the fastest CAGR rate during the forecast period. Solid silicone is generally used in everyday consumer products with fewer storage issues. The variety of applications in building and infrastructure also in industrial and manufacturing applications. Thus, an increase in industrial and manufacturing activity and rising collaboration between Canadian and international producers are driving the market.

• The styrene butadiene rubber segment is expected to hold a significant share of the Canada synthetic rubber market during the forecast period.   

The Canada synthetic rubber market is segmented by type into styrene butadiene rubber, polybutadiene rubber, ethylene propylenediene rubber, polyisoprene rubber, neoprene rubber, nitrile rubber, butyl rubber, and others. Among these, the styrene butadiene rubber segment is expected to hold a significant share of the Canada synthetic rubber market during the forecast period. Styrene butadiene rubbers are the most prevalent synthetic rubber derived from the copolymerization of styrene and 1,3-butadiene. The widespread application of styrene butadiene for making tires, automobile parts, footwear, adhesives, and industrial items due to its suitability and resistant properties to wear and tear and temperature leads to drive the market. 

• The tire segment is witnessing the highest CAGR growth of the Canada synthetic rubber market during the forecast period.       

Based on the application, the Canada synthetic rubber market is divided into tire, non-tire automotive, industrial rubber goods, footwear, and others. Among these, the tire segment is witnessing the highest CAGR growth of the Canada synthetic rubber market during the forecast period. A higher proportion of synthetic rubber is enough for less wear and tear in car tires due to lower load and mileage.  Butadiene rubber and styrene butadiene rubber are the two main synthetic rubber polymers used in tire manufacturing.  The growing application of synthetic rubber in making tires is surging the market demand for synthetic rubber in the tire segment.         

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada synthetic rubber market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Camso Inc.
• Fountain Tire Ltd.
• Bridgestone Canada Inc.
• Goodyear Canada Inc.
• AirBoass of America Corp
• Mechelin Amerique du Nord Inc.
• IntraPac Group
• Starcan Corporation
• VPC Group Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada Synthetic Rubber Market based on the below-mentioned segments:

Canada Synthetic Rubber Market, By Form Type

• Solid
• Liquid

Canada Synthetic Rubber Market, By Type

• Styrene Butadiene Rubber
• Polybutadiene Rubber
• Ethylene Propylenediene Rubber
• Polyisoprene Rubber
• Neoprene Rubber
• Nitrile Rubber
• Butyl Rubber
• Others

Canada Synthetic Rubber Market, By Application

• Tire
• Non-Tire Automotive
• Industrial Rubber Goods
• Footwear
• Others