Thermoset Rubber Market to Grow with a CAGR of 5.16% through 2028
Growing demand of thermoset rubber in medical industry
is expected to drive the Global Thermoset Rubber Market growth in the forecast
period, 2024-2028.
According to
TechSci Research report, “Thermoset Rubber Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the Global
Thermoset Rubber Market is expected to reach at USD32.67 billion by 2028 and is
anticipated to grow with a CAGR of 5.16% in the forecast period, 2023-2028. The
initiatives taken by government based on Thermoset Rubber has led to favorable
market conditions for the Global Thermoset Rubber Market. Several factors
contribute to the growth of various Thermoset Rubber products.
To
address the environmental impact of thermoset materials, several governments
have taken steps to provide financial support and promote proper waste
management practices. For example, they actively encourage the recycling of
waste rubber, which often contains a significant amount of vulcanized rubber
that is not easily reprocessed.
By
incentivizing and supporting tire recovery practices, governments are working
towards minimizing the environmental consequences linked to end-of-life tires
(ELTs). These efforts include monitoring the tire recycling status and
implementing measures to mitigate the potential environmental impacts
associated with ELTs. Through these initiatives, governments aim to create a
more sustainable and eco-friendly approach to managing thermoset waste
materials.
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"Global Thermoset Rubber Market”
In
the medical sector, thermoset rubber is widely utilized for manufacturing a
diverse range of medical devices and equipment. Its exceptional flexibility,
durability, and sterilizability make it an ideal choice for numerous
applications. For instance, surgical gloves, catheters, seals, gaskets, and
stoppers for vials all benefit from the unique properties of thermoset rubber.
Moreover,
thermoset rubber's excellent electrical insulation properties make it highly
suitable for medical devices such as defibrillators and electrocardiogram
machines. The superior insulation capabilities of thermoset rubber ensure safe
and reliable operation of these critical devices. Additionally, thermoset
rubber plays a vital role in the production of advanced drug delivery systems,
including inhalers and insulin pens, where its compatibility with
pharmaceutical formulations and its ability to maintain the integrity of the
drug are of utmost importance.
The Global
Thermoset Rubber Market is segmented into type, end user, regional
distribution, and company.
Based on its end
user, the automotive segment held the largest share in the market.
The automotive
sector is widely recognized as one of the largest consumers of thermoset rubber
materials, owing to their exceptional properties and the indispensable role
they play in vehicle functionality. Rubber components, such as seals, gaskets,
hoses, and insulation, are not only crucial for ensuring the optimal
performance of engine systems, braking systems, transmission systems, and HVAC
(heating, ventilation, and air conditioning) systems, but they also contribute
significantly to the overall safety, reliability, and longevity of automobiles.
This
ever-increasing demand for rubber components in the automotive industry has
fueled the need for high-quality thermoset rubber products. With their
unparalleled combination of flexibility, durability, resistance to extreme
temperatures, and exceptional sealing properties, thermoset rubber materials
have proven to be the go-to-choice for a wide range of automotive applications.
From withstanding harsh weather conditions to providing reliable and
long-lasting seals, these materials have become an integral part of automotive
manufacturing, ensuring the seamless operation and longevity of vehicles on the
road.
Based on region,
Asia Pacific segment is expected to grow during the forecast period.
Many countries
in the Asia-Pacific region, such as China, India, and South Korea, have
experienced rapid industrialization and economic growth over the past few
decades. As a result, the demand for thermoset rubber materials has
significantly increased to support various infrastructure development projects,
urbanization initiatives, and industrial expansion in these countries. The use
of thermoset rubber has become crucial in sectors like construction,
transportation, and manufacturing, where its properties like durability,
flexibility, and resistance to extreme conditions are highly valued.
Furthermore, the
lower labor and production costs in some Asia-Pacific countries, such as
Vietnam, Thailand, and Malaysia, have made it economically attractive for
companies to set up manufacturing operations for thermoset rubber products in
the region. This cost advantage not only reduces production expenses but also
enhances the competitiveness of Asia-Pacific-based manufacturers in the global
market. The availability of skilled labor, favorable government policies, and
robust supply chain networks further contribute to the region's appeal as a
manufacturing hub for thermoset rubber products.
Major companies
operating in Global Thermoset Rubber Market are:
- Dow Chemical Company
- Reliance Industries Limited
- 3M Company
- LANXESS AG
- TSRC Corporation
- Exxon Mobil Corporation
- Sumitomo Chemical Co. Ltd.
- Evonik Corporation
- Huntsman International LLC
- Bayer AG
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“Growing
application of thermoset rubber in various end user industries are key drivers
of the Thermoset Rubber Market. Growth in competitive landscape and presence of
well-established companies in the market who are dedicated to enhance their
productivity of Thermoset Rubber with every passing year are anticipated to
register an impressive growth to Global Thermoset Rubber Market in the forecast
period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Thermoset Rubber Market
By Type (Natural Rubber and Synthetic Rubber), By End User (Automotive, Consumer
Goods, Medical and Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Thermoset Rubber Market and
provides statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Thermoset Rubber Market.
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