The synthetic rubber market in the US has seen a general decline over the past decade, with sales decreasing from 9.2461 billion USD in 2013 to 6.8409 billion USD in 2023. The most significant drop occurred in 2020, with an 18.21% year-on-year decline. In 2021, the market rebounded with a 12.8% increase, followed by a modest rise in 2022. However, the market slightly declined again by 1.44% in 2023. The average compound annual growth rate (CAGR) over the last five years stood at -1.45%.
The forecast for the next five years further indicates a continuous downward trend with a forecasted CAGR of -1.24%, suggesting the market value will reduce to approximately 6.2998 billion USD by 2028, reflecting a cumulative decrease of 6.06% from 2023.
Future trends to watch for include technological advancements in material science, shifts in global supply chains, environmental regulations impacting production practices, and the increasing popularity of sustainable alternatives that may influence the synthetic rubber market's dynamics.
