Market Scenario
The industrial rubber market is estimated to expand at a staggering CAGR during the forecast period. owing to the increasing demand from the automotive industry, asserts Market Research Future (MRFR). Rubber is a hydrocarbon polymer which occurs as a milky latex in the sap of several plants and can also be synthetically manufactured. Industrial rubber can naturally occur or can be synthesized commercially.
Competitive Analysis
Some of the major players operating the global market for industrial rubber are Bridgestone Corporation (Japan), The Goodyear Tire Rubber Company (U.S.), LG Chem (South Korea), Versalis S.p.A. (Italy), PJSC "Nizhnekamskneftekhim" (Russia), ZEON Corporation (Japan), KUMHO PETROCHEMICAL (South Korea), Sinopec (China), JSR Corporation (Japan), TSRC (Taiwan), LANXESS (Germany), and others.
Drivers and Constraints Impacting the Market
The rising demand for rubber from the automotive industry is predicted to foster the market growth during the assessment period. Industrial rubber is highly consumed by the tire manufacturing industry which finds its application in buses, automobiles, trucks, tractors, military vehicles, and others. With the rapid urbanization in Asia Pacific, the Industrial Rubber Market Growth is expected to grow with high demand for industrial rubber in construction and building industry. Moreover, end users entail aerospace, automotive, construction, energy, and infrastructure industry. Demand from such end-user industries has shown significant growth in the market.
On the flip side, the global industrial rubber market is likely to experience a downfall owing to unpredictable and rapid changes in the supply of raw material. Crisis in the market for raw material is also expected to inhibit the market growth during the assessment period. Moreover, the fluctuation in prices leads to instability in the market which is estimated to hamper the growth over the review period.
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Global Industrial Rubber Market: Segmental Analysis
The global industrial rubber market has been segmented on the basis of product, type, product processing, region, and end-use industry.
By mode of type, the global industrial rubber market is segmented into synthetic and natural.
By mode of product, the global industrial rubber market is segmented into roofing, adhesives sealants, conveyor belts, sports equipment, shock-absorbing parts, seals, tires, hoses, and others.
By mode of product processing, the global industrial rubber market is segmented into roller die, coating, extrusion, calendering, molding casting, and others.
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By mode of end-use industry, the global industrial rubber market is segmented into electrical electronics, automotive, building construction, industrial manufacturing, and others.
Regional Insights
Geographically, the industrial rubber market spans across regions namely, North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa.
Among all the regions, the Asia Pacific region dominated the market in 2016 due to high demand from end-use industries like construction, automotive, and electronics. Sales and high production of automotive along with rapid urbanization in this region are predicted to stimulate the market growth over the review period.
The North American region has accounted for the second largest market in 2016 due to high demand from automotive and reviving construction industries. The growing demand for fuel-efficient automotive parts owing to strict regulations and environmental concerns is also estimated to foster the market growth.
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The European region is also predicted to grow at a considerable rate owing to sales and high production of automotive parts in the Western European regions like France, U.K, Germany, and others. Moreover, growing investment in the healthcare sector to provide better and safe facilities is estimated to spur the market growth over the coming years.
Latin America is estimated to showcase a considerable growth rate owing to the rising automotive industry in Brazil and Mexico. Meanwhile, the Middle East and Arica are likely to showcase high demand due to increasing construction and infrastructural activities in GCC countries.
Industry News
Mahansaria Tyres Private Limited has proposed a manufacturing plant for several types of automobiles and tyres ancillary items. The company intends to manufacture off-highway tires for vehicles used in construction, forestry, agriculture, industrial, and mining handling. The company apart from this will also manufacture tyres for motorcycles and passenger cars.
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