Industrial Rubber Market to Grow with a CAGR of 5.10% through 2028
Growing research and development activities are expected
to drive the Global Industrial Rubber Market growth in the forecast period,
2024-2028.
According to
TechSci Research report, “Industrial Rubber Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the Global
Industrial Rubber Market stood at USD 30.56 Million Tonnes in 2022 and is anticipated
to grow with a CAGR of 5.10% in the forecast period, 2023-2028. The initiatives
taken by government based on industrial rubber has led to favorable market
conditions for the Global Industrial Rubber Market. Several factors contribute
to the growth of various industrial rubber products
Bridgestone,
a leading tire manufacturer, is actively working towards achieving sustainable
commercial production of guayule-derived natural rubber by the end of the
decade. This innovative initiative not only aims to reduce dependence on
traditional rubber sources but also promotes environmental sustainability by
utilizing an eco-friendlier alternative. By collaborating with various
stakeholders and implementing advanced technologies, Bridgestone is paving the
way for a greener and more sustainable future in the rubber industry.
In a
strategic move to streamline operations and strengthen long-term
competitiveness, Goodyear Tire & Rubber has recently approved a
comprehensive rationalization and workforce reorganization plan across Europe,
the Middle East, and Africa. While this may initially result in significant job
cuts, such reorganizations are often undertaken to optimize efficiency and
enhance overall performance. By aligning resources and reshaping the
organizational structure, Goodyear is positioning itself for sustained growth
and success in the dynamic global market.
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"Global Industrial Rubber Market”
One
of the primary objectives of research and development (R&D) in the
industrial rubber sector is to continually enhance the properties of rubber
products. Through relentless research efforts, dedicated scientists and
engineers are tirelessly working to develop innovative synthetic rubber grades
that possess superior properties. These properties include enhanced heat
resistance, superior chemical resistance, and exceptional durability.
For
instance, the esteemed researchers at the renowned Leibniz Institute for
Polymer Research have made groundbreaking strides in this field. Their latest
achievement involves the development of an entirely new type of synthetic
rubber. This advanced rubber exhibits outstanding mechanical and damping
properties, even under extremely low temperatures. This remarkable breakthrough
has the potential to revolutionize the rubber industry by expanding the
application range of rubber products.
These
advancements in synthetic rubber technology not only contribute to the improvement
of existing rubber products but also pave the way for the development of novel
applications. As a result, the market for rubber products is expected to
experience significant growth driven by these exciting innovations.
The Global
Industrial Rubber Market is segmented into type, application, regional
distribution, and company.
Based on its application,
the automotive segment held the largest share in the market. The demand for
rubber is steadily increasing in manufacturing companies across various
industries. This surge in demand can be attributed to the crucial properties of
rubber, including its exceptional resistance, flexibility, and tear resistance.
One particular sector that heavily relies on rubber is the automotive industry,
which has an insatiable demand for rubber in the production of tires. In fact,
the automotive sector stands as the most dominant market that extensively
utilizes rubber. Its unique characteristics make rubber an indispensable
material in numerous applications, ranging from industrial machinery to
consumer goods. As the need for high-quality rubber continues to grow,
manufacturers are constantly exploring innovative ways to meet this demand and
ensure a sustainable supply chain.
Based on region,
Asia Pacific segment is expected to grow during the forecast period.
The Asia-Pacific
region is expected to witness major growth in the Industrial Rubber Market
across the globe. With a dominant presence of automotive industries in this
region, it becomes a significant contributing factor to the growth of the
Rubber segment in Asia-Pacific. Notably, China, India, and Japan are among the
countries whose economies are making important contributions to the market's
expansion. India, in particular, has emerged as the fourth-largest producer of
rubber in the world, and the country is currently undergoing a transformation
to become a significant exporter of rubber products. These developments,
coupled with the increasing demand for tires, are anticipated to provide
substantial growth opportunities for the Industrial Rubber Market in both
Asia-Pacific and Europe.
Major companies
operating in Global Industrial Rubber Market are:
- SINOPEC CORPORATION
- LG CHEM LTD.
- THE GOODYEAR TIRE & RUBBER COMPANY
- TOYO TIRE & RUBBER CO., LTD.
- BRIDGESTONE CORPORATION
- LOTTE CHEMICAL CORPORATION
- ARKEMA S.A.
- BRASKEM S.A.
- CELANESE CORPORATION
- UNITED RUBBER INDUSTRIES INDIA PRIVATE
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“Growing
application of industrial rubber in various end user industries are key drivers
of the industrial rubber market. Growth in competitive landscape and presence
of well-established companies in the market who are dedicated to enhance their
productivity of industrial rubber with every passing year are anticipated to
register an impressive growth to Global Industrial Rubber Market in the
forecast period.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Industrial Rubber Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Natural Rubber and Synthetic Rubber), By Application (Automotive, Building & Construction, Healthcare, Coating, Others), By Region and Competition, 2018-2028F”,
has evaluated the future growth potential of Global Industrial 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 Industrial Rubber Market.
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