The Industrial Rubber Market is expected to reach USD 38.31 Billion by 2026, according to a new report by Reports and Data.
Industrial rubber market is driven principally by the automotive industry. Industrial rubber is primarily used for making tires. Construction activities led by developing economies across the world will generate demand. The volatility of the oil prices, concerned government regulations and environmental concerns, lack of suppliers, and the growing threat of alternative are factors hindering the growth of the industry.
The North America region accounted for the second largest share of 30.3% of the market in 2018. The growing demand for fuel-efficient automotive parts due to environmental concerns and strict regulations is anticipated to drive growth in this region. In the United States, currently, 111 companies are working within the tire and rubber industry. When combined, they are accountable for more than 42,000 direct employment possibilities.
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The Key players in the industry include:
Sinopec, Lanxess, The Goodyear Tire and Rubber Company, ExxonMobil, Kumho Petrochemical, TSRC Corporation, Nizhnekamskneftekhim,JSR Corporation, LG Chem, Versalis S.P.A., Zeon Corporation, PetroChina, Sibur, Group Dynasol, Kraton Corporation.
Further key findings from the report suggest
- The Industrial Rubber Market is estimated to reach USD 38.31 Billion by 2026, at a CAGR of 4.3% during the forecast period.
- The synthetic rubber type accounts for a larger share of 63.8% in 2018.
- The Mechanical Rubber Good product type is anticipated to grow at the highest rate of 4.4% during the forecast period.
- The building and construction end user segment is anticipated to grow at the highest rate of 4.6% during the forecast period.
- Increasing construction activities in developing economies is also an essential factor enhancing the current demand. Several governments in the Asia Pacific are investing in both public and private enterprises to support infrastructure in countries like India and China.
- Numerous airports, highways, metros, other smart city projects are initiated in these economies. These projects are assumed to increase demand during the forecast period in the Asia Pacific region.
- Demand for fuel-efficiency, light-weight vehicles, and environment-friendly automotive parts also has been influencing the automotive industry in adopting eco-friendly industrial rubber.
- Asia Pacific region accounts for the largest share of 31.3% in 2018. The industry is anticipated to witness increasing demand from India, China, and other countries of the region. It is a leading region in terms of consumption and production of rubber.
- An emerging trend in this region is to manufacture bicycle and motorcycle tires. Many stakeholders are showing interest in the production of car and truck tires, and this is projected to overhaul the manufacturing of motorcycle and bicycle tire business in the region. In economies such as Sri Lanka, India, and Bangladesh, there is a substantial demand for automobiles used for industrial purposes.
- Various players are developing strategies to mark their presence in the industry. For instance, Midwest Industrial Rubber acquired New England Belting Company (NEBCO) on May 08, 2018. This acquisition has increased Midwest’s growth strategy for development and immediate access to new and untapped areas.
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For the purpose of this study, Reports and Data have segmented the market on the basis of Product Type, Type, End Users, Process, and region:
Product Type Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Mechanical Rubber Good
- Rubber Belt
- Rubber Hose
- Rubber Roofing
Type Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Synthetic Rubber
- Natural Rubber
Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Building & Construction
- Industrial Manufacturing
- Electrical & Electronics
Process Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Molding & Casting
- Roller Die
Regional Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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