The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026):
- Forecast CAGR (2021-2026): 5%
The demand for industrial rubber is powered primarily by the automotive industry. Industrial rubber is primarily used in the manufacturing of tyres for bicycles, trucks, aircraft and vehicles. The growth of the industrial rubber market will be further impelled by construction activities led by emerging economies around the world. The factors hindering the growth of the industrial rubber market are the volatility of oil prices, environmental issues and related government regulations, the absence of suppliers and the growing challenge of alternatives.
Industry Definition and Major Segments
There are two forms of industrial rubber, namely natural and synthetic. Natural rubber consists of organic compound polymers such as latex-derived isoprene, rubber trees and other plants. Synthetic rubber, on the other hand, is an elastomer formed by polymerizing unsaturated hydrocarbons from by-products of petroleum produced in the petrochemical industry.
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Based on type, the market is bifurcated into:
On the basis of processing method, the market is divided into:
- Injection Molding
- Compression Molding
By end use, the market is categorized into:
- Building and Construction
- Automotive and Transportation
- Machinery and Equipment
- Electrical and Electronics
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The increase in demand for industrial rubber from the automotive industry is expected to raise the global market for industrial rubber. Asia-Pacific is one of the rising markets where rubber is used on a large scale. However, uncertainties associated with rubber production and costly costs are expected to impede the growth of the industry. Nevertheless, its maximum potential has yet to be exploited by the global industrial industry. It is likely that innovation and development in the rubber industry, such as the production of eco-friendly rubber, would give the market an opportunity for growth.
The positive economic outlook of the Asia Pacific market is a major driver that would influence the growth of the global rubber market. For the automotive industry, increased sales are projected to significantly improve the industrial rubber market. In emerging economies, such as Thailand, Malaysia, Brazil and India, the industrial rubber market is projected to make big gains. Moreover, due to the increase in purchasing parity in China, mechanical rubber is also projected to experience a significant growth. In machinery devices and motor vehicles, this type of rubber is widely used.
Key Market Players
The major players in the market are Bridgestone Corporation, LG Chem Ltd., Kumho Petrochemical, Lanxess AG, JSR Corporation, Denka Company Limited and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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