Industrial rubber has enormous potential because it is used in a variety of sectors outside the vehicle industry, including building & construction, industrial machinery & equipment, and others.
In the aforementioned industries, both natural and synthetic rubber varieties are used in a variety of applications.
Diversified uses and the advent of unorthodox uses are expected to boost growth and lower the market risk for industrial rubber. One of the main drivers of market expansion is the rising demand from the automotive industry for tyres and other applications.
Insights into the major variables driving market growth over the next 10 years have been provided in a recent Fact.MR analysis. The research examines patterns in more than 20 high-growth nations, with Asia, North America, and Europe taking the lead.
The paper includes a thorough analysis of the COVID-19 pandemic’s effects as well as predictions for the years to come.
Historical and Projected Data
Industrial rubber has shown moderate growth over the last five years, with a CAGR of 4.9% from 2021 to 2028. A growing number of applications, including tubes and tyres, wires and cables, conveyor belts, hoses, gaskets and seals, etc., are driving the growth.
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The COVID-19 epidemic decreased demand for industrial rubber by 4% and 3%, respectively, in the second and third quarters of FY2020.
A domino effect on the requirements for industrial rubber across areas was caused by the decline in demand for industrial rubber from diverse sectors. However, global demand increased by 1% in the fourth quarter of 2020.
Why is the demand for industrial rubber so strongly influenced by the automobile industry?
Industrial rubber is now being used more frequently to make tyres in end-use industries including automotive and transportation. Hoses, seals, gaskets, and other essential items made from industrial rubber have seen an increase in demand over the previous five years.
Due to its versatile materialistic features, the demand curve for industrial rubber in automotive components has increased.
For instance, certain industry participants, like Asahi Kasei Corporation, are producing tyres using their own proprietary compositions to improve vehicle fuel efficiency.
Analysis by country
Why is China a major producer of industrial rubber?
Due to improved manufacturing facilities and simple access to raw materials, industrial rubber output in China has expanded over the past ten years. One of the main factors luring major participants in the industrial rubber market is favourable climates for the production of natural rubber.
Due to the abundance of resources required for its production, China now holds the largest market share in the production of natural rubber.
What percentage of the industrial rubber market does Japan make up?
Japan, which ranks second in importance to China in East Asia, is one of the major producers of industrial rubber. The industrial rubber market in the nation has been dominated by key companies including Zeon Corporation, Ube Industries, Ltd., Sumitomo Chemical Co. Ltd, JSR Corporation, and Denka Company Limited.
Due to the great segmental potential around the world, established market players have partnered with local tyre makers. For instance, in the Japanese market, Bridgestone Corp. and Yokohama Rubber Co. Ltd. are major consumers of industrial rubber.
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- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa