Press Release

UAE Industrial Rubber Market to Grow with a CAGR of 3.87% through 2028

Surge in research and development activities is expected to drive the UAE Industrial Rubber Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “UAE Industrial Rubber Market– By Region, Competition, Forecast and Opportunities, 2018-2028F”, the UAE Industrial Rubber Market stood at USD156.25 million in 2022 and is anticipated to grow with a CAGR of 3.87% in the forecast period, 2023-2028. The initiatives taken by government based on industrial rubber has led to favorable market conditions for the UAE Industrial Rubber Market. Several factors contribute to the growth of various industrial rubber market products.

Operation 300bn is a significant initiative by the UAE government, aiming to develop the industrial sector and enhance its role in stimulating the national economy. This comprehensive program encompasses various industries, including the production of industrial rubber, which plays a vital role in the larger industrial landscape that the initiative targets. The goal is ambitious yet promising to more than double the contribution of industrial manufacturing to the UAE's GDP, raising it to an impressive 25 percent.

The UAE government's commitment to reducing industrial emissions is evident in the recently released Third Update of Second NDC for the UAE. This comprehensive plan addresses the environmental impact of various industries, including industrial rubber manufacturing, as it recognizes their potential contribution to CO2 emissions. By implementing sustainable practices and adopting cleaner technologies, the UAE aims to strike a balance between economic growth and environmental stewardship.

In a related and forward-thinking development, the UAE and the U.S. have forged a strategic partnership to invest in clean energy projects and reduce fossil fuel emissions. Although this agreement is not specific to the industrial rubber sector, its ripple effects are likely to influence all sectors, including the industrial rubber market. As the UAE and other nations transition towards cleaner energy sources, the demand for sustainable rubber products is expected to grow, presenting new opportunities and challenges for manufacturers.

 

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In recent years, there has been a significant rise in research and development (R&D) activities in line with the growing demand for industrial rubber across key sectors such as automotive, manufacturing, and construction. This surge is primarily driven by the automotive industry, which heavily relies on industrial rubber for the production of various critical components.

These components include not only tires but also belts, hoses, gaskets, and seals, which play vital roles in ensuring the overall performance, safety, and efficiency of vehicles. The increased focus on R&D in the industrial rubber sector aims to further enhance the durability, versatility, and sustainability of these components, meeting the evolving needs and stringent requirements of the modern automotive, manufacturing, and construction industries.

The UAE 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. One of the significant factors influencing the shift towards synthetic rubber is the volatility in the supply of natural rubber. The worldwide decline in rubber plantations, caused by various factors such as diseases and climate change, is leading to a gradual decrease in the availability of natural rubber. As a result, the price of natural rubber has been experiencing an upward trend, making it more expensive for industries that heavily rely on this material.

The price instability of natural rubber, combined with concerns about the resilience of the supply chain, has prompted industries to explore alternative options. Synthetic rubber, which is derived from petroleum products through a complex manufacturing process, offers a more stable and reliable supply. This stability in supply makes synthetic rubber an attractive choice for industries seeking a consistent and affordable material.

Furthermore, synthetic rubber has the advantage of being customizable to meet specific requirements. Its properties can be tailored to suit different applications, such as automotive tires, industrial belts, and consumer products. This versatility adds to the appeal of synthetic rubber, as it provides industries with the flexibility to optimize their products for performance and durability.

Based on region, Dubai segment is expected to grow during the forecast period.

Dubai's dominance in the UAE industrial rubber market can be attributed not only to its strategic location and robust infrastructure but also to the extensive use of rubber products across various industries. For instance, the automotive industry, which includes the tire market, heavily relies on industrial rubber for manufacturing high-quality and durable tires. Moreover, other sectors such as construction, manufacturing, and transportation also heavily depend on industrial rubber for various applications. With the rising demand for industrial rubber from these sectors, Dubai's position as a key player in the market is expected to strengthen further in the coming years.

Major companies operating in UAE Industrial Rubber Market are:

  • TSRC Corporation
  • The Goodyear Tire and Rubber Company
  • 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 UAE Industrial Rubber Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

UAE 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 UAE 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 UAE Industrial Rubber Market.

 

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