(MENAFN- Comserve)
Shibuya-ku, Tokyo, Japan, Japan, Sep 02, 2022, 07:05 /Comserve / -- The industrial rubber market is projected to grow from USD 26.99 billion in 2022 to USD 33.82 billion by 2031, at a CAGR of 4.6% between 2022 and 2031.
“The Industrial Rubber Market is projected to grow at a CAGR of 4.6% from 2022 to 2031.”
The industrial rubber market is projected to grow from USD 26.99 billion in 2022 to USD 33.82 billion by 2031, at a CAGR of 4.6% between 2022 and 2031.
The application segment of the industrial rubber market includes automotive, building & construction, industrial manufacturing, polymer modification, wire & cable, electrical & electronics, bitumen modification, coating, sealant & adhesive, and medical & healthcare. The growth of the industrial rubber market can be attributed to the robust economic outlook for the Asia Pacific, and the increasing motor vehicle production and sales across the globe. The industrial rubber market is expected to witness significant growth in a number of emerging economies, such as India, Thailand, Malaysia, and Brazil. The industrial rubber market in developed economies, such as the US and Japan will witness market gains below the global average, owing to sluggish growth in durable goods consumption and automotive production. One of the major restraints for the industrial rubber market growth is environmental regulations and health hazards associated with the industrial rubber and its manufacturing. There are a number of regulations for the industrial rubber manufacturing; for example, butadiene was listed as a toxic substance under the Canadian Environmental Protection Act, 1999 (CEPA 1999). Such regulations have restricted the growth of the global industrial rubber market.
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“Among applications, the automotive segment is expected to lead the industrial rubber market during the forecast period.”
Based on application, the industrial rubber market has been segmented into automotive, building & construction, industrial manufacturing, polymer modification, wire & cable, electrical & electronics, medical & healthcare, bitumen modification, coating, sealant, & adhesive, and others. Automotive is expected to be the largest application segment of the industrial rubber market. In terms of value, the automotive segment is projected to continue its dominance during the forecast period. Industrial rubbers are replacing other materials in several applications, as they have improved performance characteristics such as stiffness and abrasion resistance making them a suitable replacement for metal, glass, and wood parts used in the automotive application.
“Among types, the synthetic rubber segment is expected to lead the industrial rubber market during the forecast period.”
Based on type, the industrial rubber market has been segmented into natural rubber and synthetic rubber. The growth of the synthetic rubber segment can be attributed to its wide use in different applications. Synthetic rubber is used in large quantities in the automotive application due to its abrasion-resistant property. Synthetic rubber produced in the latex form is used as a rubbery adhesive in carpet manufacturing. Its other applications include drive couplings, haul-off pads, conveyor belts, adhesives, roll coverings, and various other molded rubber goods.
“The Asia Pacific industrial rubber market is projected to grow at the highest CAGR during the forecast period.”
The industrial rubber market in the Asia Pacific is expected to grow at the highest CAGR of 5.1%, in terms of value, between 2022 and 2031. The Asia Pacific is expected to lead the industrial rubber market, in terms of both volume and value, in 2022. In terms of value, the Asia Pacific is estimated to account for the largest share of the global industrial rubber market in 2022. The increased demand for industrial rubber from non-tire automotive, building & construction, industrial manufacturing, and other applications in countries such as China and India is driving the industrial rubber market in the Asia Pacific.
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Breakdown of Primaries
In the process of determining and verifying the market size gathered through secondary research for different segments and subsegments of the industrial rubber market, extensive primary interviews have been conducted with key industry experts. The break-up of profiles of primary participants has been given below.
BREAK-UP OF PROFILES OF PRIMARY PARTICIPANTS:
• By Company Type: Tier 1 - 50%, Tier 2 - 37%, and Tier 3 - 13%
• By Designation: C Level - 48%, Director Level - 31%, and Others - 21%
• By Region: North America - 33%, Europe - 28%, Asia Pacific - 21%, South America - 10%, and Middle East & Africa – 8%
LANXESS (Germany), Sinopec (China), Goodyear Tire and Rubber Company (US), Kumho Petrochemical (South Korea), TSRC Corporation (Taiwan), Nizhnekamskneftekhim (Russia), JSR Corporation (Japan), LG Chem (South Korea), Versalis S.p.A. (Italy), and ZEON Corporation (Japan), among others, are the key players operating in the industrial rubber market.
Research Coverage:
This report offers an overview of the market trends, drivers, restraints, challenges, and opportunities with respect to the industrial rubber market. It also provides a detailed overview of the industrial rubber market across 5 regions, namely, Asia Pacific, North America, Europe, the Middle East & Africa, and South America. The report categorizes the industrial rubber market based on application, type, product, and region. A detailed analysis of the leading players, along with key growth strategies adopted by them has also been covered in this report on the industrial rubber market.
Reasons to Buy the Report:
This report covers the following key aspects:
• What would be the size of the industrial rubber market by 2031 and what would be its growth rate from 2022 to 2031?
• What are the key market trends in the industrial rubber market?
• What are the factors expected to drive the growth of the industrial rubber market?
• What are the barriers that impact the growth of the industrial rubber market?
• Who are the key players in the industrial rubber market?
• The report on the industrial rubber market covers key regions, namely Asia Pacific, North America, Europe, the Middle East & Africa, and South America, including their key countries.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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