From 2013 to 2023, the synthetic rubber market in Spain has seen fluctuating trends. The market size peaked at €679.77 million in 2013 and gradually decreased to €420.75 million in 2023. Recent years have experienced variations such as a significant -22.12% drop in 2022 followed by a more moderate -4.04% in 2023, indicating a somewhat stabilizing trend despite a consistent decline. Over the last five years (2018-2023), the compound annual growth rate (CAGR) was -4.52%, revealing an average decline per year.
Looking ahead, the forecasted data shows continued decline through 2028. The CAGR for the next five years is projected at -3.65%, suggesting a yearly average shrinkage. By 2028, the market size is expected to drop around 16.97% from its 2023 value, reaching €334.77 million.
Future trends to watch for include potential impacts from advancements in alternative materials, changes in automotive industry demand, and regulatory shifts towards sustainable products. Innovations in manufacturing technologies and recycling processes may also influence market dynamics.
