South Korea Synthetic Rubber Market Growth, Size, Share and Forecast 2019-2025

 

South Korea synthetic rubber market is expected to show significant market growth during the forecast period. As per South Korea Rubber Industry Association, there are more than 10,000 companies working in the rubber industry in the country. Each year, the country exports a rubber of around $10 billion all across the globe. Moreover, the country is one of the major global automotive manufacturing hubs. Automotive companies such as Hyundai, Kia, SsangYong Motor have headquartered in the country which creates a significant demand for synthetic rubber in the country. The country is the seventh-largest vehicle manufacturer in 2018 and fourth-largest after China, Japan, and India respectively. In 2018, the country manufactured around 4 million vehicles out of which nearly 3.7 million were passenger cars.

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South Korea synthetic rubber market is studied on the basis of type and end-user. By type, the market is further divided into Styrene Butadiene Rubber, Polybutadiene Rubber, Ethylene Propylene Rubber, Isoprene Rubber, and others. Styrene-Butadiene Rubber is expected to have a major market share during the forecast period. By end-user, the market is divided into automobile components, industrial application, footwear, household, and others. Others include electronics, aerospace and so other. The automobile and other segments are expected to have a significant market share in the country. Samsung Electronics, LG Electronics are among the major electronics companies headquartered in the country, it creates a significant demand for electronics in the country.

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The companies which are contributing significantly in the market include LG Chem, Ltd., SABIC, Asahi Kasei Corp., Bridgestone Corp., Denka Company Ltd., Sumitomo Chemical Co., Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various growth strategies including new product launch, merger, and acquisition, collaborations with government, and technological advancements to stay competitive in the market.

South Korea Synthetic Rubber Market- Segmentation

By Type

• Styrene-Butadiene Rubber (SBR)
• Polybutadiene Rubber (BR)
• Ethylene Propylene Rubber (EPDM)
• Isoprene Rubber (IR)
• Others (Nitrile Butadiene Rubber (NBR), Butyl Rubber (IIR), Chloroprene Rubber (CR))

By End-User

• Automobile Component
• Industrial Application
• Footwear
• Household
• Others (Electronics, Aerospace)

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Company Profiles

• Asahi Kasei Corp.
• Bridgestone Corp.
• Denka Company Ltd.
• Kuraray Co., Ltd.
• LG Chem, Ltd.
• SABIC
• Sumitomo Chemical Co., Ltd.
• The Dow Chemical Co.
• The Michelin Group
• Tosoh Corp.
• Trinseo LLC
• Ube Industries, Ltd.

 

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