Vietnam Industrial Rubber Market to Grow with a CAGR of 4.02% through 2028
Surge in research and development activities is expected to drive the Vietnam
Industrial Rubber Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Vietnam
Industrial Rubber Market– By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Vietnam Industrial Rubber Market stood at USD188.35
million in 2022 and is anticipated to grow with a CAGR of 4.02% in the forecast
period, 2023-2028. The initiatives taken by government based on industrial rubber
has led to favorable market conditions for the Vietnam Industrial Rubber Market.
Several factors contribute to the growth of various industrial rubber market products.
Vietnam's
government recognizes the paramount importance of robust infrastructure in
driving economic growth. As a result, it has made significant investments in
the development of industrial parks that cater specifically to the textiles,
electronics, and rubber-plastic industries. These meticulously planned and
well-equipped parks provide a wide range of amenities and facilities, fostering
an environment conducive to the growth and success of these industries,
including the thriving rubber sector.
The Vietnam
Rubber Association (VRA) plays a pivotal role in promoting and advancing the
interests of the country's rubber industry. As an active member of esteemed
international organizations such as the Vietnam Chamber of Commerce and Industry
(VCCI) and the International Rubber Association (IRA), the VRA ensures valuable
that Vietnam remains at the forefront of global trends and practices in the
rubber industry. This valuable membership enables the country to stay connected
with international counterparts, facilitating knowledge exchange, and fostering
collaborations that drive the growth and competitiveness of the rubber sector.
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Research and
development (R&D) initiatives in Vietnam have played a crucial role in
boosting the country's natural rubber exports. These initiatives have not only
resulted in quality improvements but have also enhanced the competitiveness of
Vietnamese rubber in the global market. As a result, there has been a
significant increase in exports, and this positive trend is expected to
continue over the next decade. The continuous investment in R&D, coupled
with the commitment to innovation, positions Vietnam as a key player in the
natural rubber industry, poised for sustained growth and success in the
international market.
The Vietnam
Industrial Rubber Market is segmented in type, application, regional
distribution, and company.
Based on its type, the synthetic rubber segment held
the largest share in the market. Synthetic rubber's application area is
expanding rapidly, driven by its exceptional properties that make it a dominant
player in the market. Besides its extensive use in tire manufacturing,
synthetic rubber finds its way into various industrial rubber goods, including
hoses, belting, footwear, and wire and cable insulations. The versatility of
synthetic rubber, with its ability to withstand extreme temperatures and resist
chemicals, has made it the preferred choice in a wide range of industries, such
as automotive, construction, and electronics. As a result, the market demand
for synthetic rubber continues to rise steadily, reflecting its indispensable
role in modern manufacturing and infrastructure development.
Based on region, Central segment is expected to grow
during the forecast period.
The development of rubber processing industries in the
central region has significantly boosted the demand for industrial rubber.
These industries, ranging from tire manufacturing to rubber product production,
heavily rely on a steady supply of high-quality rubber to support their
operations.
As a result, the rubber market in this region has
experienced substantial growth, became a key driver of economic activity and created
employment opportunities for the local community. This surge in demand has also
led to investments in the expansion of rubber plantations and the adoption of
advanced technologies in rubber processing, further fueling the growth of the
industry. The central region has emerged as a prominent hub for the rubber
market, attracting both domestic and international players to capitalize on the
increasing demand and favorable business environment.
Major companies operating in Vietnam Industrial Rubber
Market are:
- LANXESS Corp
- TSRC Corporation
- Sinopec, Zeon Corporation
- JSR Corporation
- Versalis S.P.A.
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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 Vietnam
Industrial Rubber Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Vietnam Industrial Rubber Market By Type (Natural
Rubber, Synthetic Rubber), By Application (Automotive, Building &
Construction, Healthcare, Coating, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Vietnam 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 Vietnam Industrial Rubber Market.
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