Global rubber processing chemicals market is expected to grow over the forecast period owing to its increasing demand in automotive industry. The product is used in the automobile industry as it helps in enhancing the product characteristics against effects of mechanical stress, ozone, sunlight, oxidation, and heat.
The product enhances the overall process of vulcanization. These products can be segmented into different groups including anti-scorch agents, blowing agents, polymerization regulators, shortstops, processing aids, accelerators, and anti-degradants. The rising use of these products in manufacturing of tires is expected to augment its usage in automobile industry over the forecast period.
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The product adds quality and improves the process of manufacturing the raw material for its further applications including production of door mats. However, increasing environmental concerns coupled with government regulations are expected to be a major restraint for market growth over the next seven years.
Rubber is a polymer, which is segmented broadly into synthetic and natural. Natural type has monomers of isoprene and is coagulated latex extracted from trees that are grown in tropics. Synthetic type has varying kinds of monomers and is obtained by mixing styrene and butadiene, which is the by-product of petroleum refining.
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Over 70% of the global consumption is dominated by synthetic type as it easily adapts to chemical formulation to meet up explicit requirements of the end-use industries. Thus, demand for the product is expected to remain high over the forecast period. Moreover, growth of end-use industries is expected to fuel the demand for the product over the next seven years.
Increasing demand for natural type due to its inherent antioxidative properties, which requires fewer loadings is one factor is expected to attribute to faster growth compared to its synthetic counterparts.
The product goes through various development procedures utilizing several chemicals to produce constructive products including automobile tires and mats. Thus, demand will be increased by its varying applications in industrial products and tires, and continued efforts to enhance the performance of these products leading to increase in its usage in various end-use industries over the projected period.
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