Considerable market growth in Brazil synthetic rubber market is expected during the forecast period. Brazil is one of the major economies of Latin America. Rising application of synthetic rubber in tiers, consumer electronics is expected to augment the market in the country. Brazil is among the few major economies that registered positive growth in 2019 in vehicle production and registration. As per the National Association of Motor Vehicle Manufacturers, around 2.45 million passenger cars were produced in Brazil in 2019 as compared to 2.38 million in 2018. A growth of 2.6% is registered YoY in 2019 in passenger car production whereas passenger car registration has increased by 7.6% YoY. Moreover, significant expansions by the tire companies have been witnessed in the country. For instance, in April 2019 Sumitomo Rubber Industries Ltd.
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