The Industrial Rubber Market is predicted to experience a moderate expansion of 4.9% between 2023-2028
The industrial rubber market is predicted to see significant expansion in several smaller markets such as India, Thailand, Malaysia, and Brazil. The industrial rubber market in developed markets, such as the United States and Japan, will experience market gains below the world average due to weak expansion in durable goods consumption and automobile production.
The growing call for rubber from the automotive industry is driving the worldwide market for industrial rubber. Most of the industrial rubber is consumed by the tire manufacturing industry, which is employed in cars, trucks, buses, tractors, military vehicles, and others. Furthermore, the rapidly growing urbanization in Asia-Pacific is predicted to drive the call for industrial rubber in the construction sector. In addition to tire applications, the penetration of rubber into non-tire rubber products is predicted to increase significantly over the foreseen period, especially in the automotive industry.
Industrial rubber is widely employed in the automotive industry in various applications, including gaskets, belts, etc. The expansion of the automotive industry in the Asia-Pacific region is driven primarily by escalated automotive production in China supported by a growing call for electric vehicles. Several international companies are investing in China and India to serve local markets, as these will be the most important and dynamic markets in the future. Major industrial rubber producers are establishing their manufacturing base in the Asia Pacific region to meet local calls from automakers. Furthermore, industrial rubber manufacturing companies are locating their manufacturing units in the region, as their customers, such as Volkswagen, Mercedes Benz, and other multinationals, are focusing on increasing the production of motor vehicles locally.
The chemicals employed in the manufacture of industrial rubber are butadiene, styrene, acrylonitrile, and polymerization catalysts, such as hydrogen peroxide, sodium perborate, and organic peroxides. Acrylonitrile is extremely toxic to humans at relatively low levels. Its excessive exposure can be fatal to humans. Exposure to BR also causes adverse health problems. It is considered a substance dangerous to health; when inhaled, it can cause irritation to the nose, throat, and lungs; When in contact with the skin, it can cause irritation and is considered a carcinogen.
The use of industrial rubber continues to grow and is traded in the automotive, electrical and electronics, construction, and medical industries. Industrial rubber is composed and manufactured primarily from raw materials based on fossil fuels to some extent. However, growing environmental awareness and the volatile trend in oil prices are leading to the adoption of sustainable and green programs in the industrial rubber industry. To develop environmentally friendly products, Europe, North America, and Japan have developed guidelines that give preferential treatment to products purchased by public institutions that are classified as bio-preferred, meaning that they meet minimum content standards of renewable raw materials. Therefore, as an alternative, industrial rubber manufacturers are developing bioproducts derived from renewable resources and optimized by environmental regulations.
One of the main challenges in the industrial rubber market is the volatility of raw material prices. The industrial rubber market is very competitive; even small changes in the balance of supply and call are reflected in their prices. Escalating competition among oil producers has forced producers to lower oil prices. This drop-in crude oil price has had an impact on the refining industries, as well as the upstream oil and gas industry. This is considered a major challenge for the industrial rubber market, as synthetic rubber, the largest type of industrial rubber, is synthesized from petroleum by-products.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
4.9% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
LG Chem, Versalis S.p.A., ZEON Corporation, Ansell Ltd, Asahi Kasei Advance Corporation, Sri Trang Agro-Industry Plc., Dow, Cooper Standard, NISHIKAWA RUBBER CO., LTD., Continental AG |
Automotive
Building and Construction
Industrial manufacturing
Polymer modification
Wire & cable
Electrical and electronics
Bitumen modification
Automotive is predicted to be the biggest application sector of the industrial rubber market on the basis of value. Industrial rubbers also replace other materials in various applications, as they possess characteristics such as rigidity and abrasion resistance, making them suitable for replacing metal, glass, and wood parts employed in manufacturing, automotive, and other industrial applications.
Synthetic rubber
Natural rubber
Synthetic rubber is predicted to be the biggest type segment of the industrial rubber market throughout the foreseen period. The expansion of this segment can be attributed to the wide use of synthetic rubber in different applications. Synthetic rubber is employed in large quantities in automotive applications as a replacement for abrasion-resistant natural rubber.
The Industrial Rubber Report includes the segmentation of Regions:
The industrial rubber market in Asia-Pacific is predicted to grow at the highest CAGR, in terms of value, between 2021 and 2026. Escalating call for industrial rubber in the automotive, construction and construction, industrial manufacturing, and other sectors applications in countries such as China and India are driving the industrial rubber market in the Asia Pacific. The industrial rubber market is predicted to grow at the fastest CAGR in the Asia-Pacific region. It is prophesied that it will grow at an average CAGR in North America and Europe. However, these regions are predicted to hold the majority of the worldwide industrial rubber market during the foreseen period. The automotive industry contributes significantly to the GDP of several European countries. Therefore, its slow expansion may be driven by government initiatives during the foreseen period. Population expansion in emerging markets is predicted to drive the Asia Pacific, followed by South America, the Middle East, and Africa.
The coronavirus pandemic has had a significant effect on businesses across the globe and consequently on rubber businesses. Almost all sectors across the globe have reported a decline in calls as containment measures went into effect, hindering economic activities and impacting livelihoods.
The major players covered in the industrial rubber market report are
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