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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- Category: Business
- Tags: global industry trends, market size