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Forecast Period
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2024-2028
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Market Size (2022)
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USD 30.56 Million Tonnes
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CAGR (2023-2028)
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5.10%
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Fastest Growing Segment
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Healthcare
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Largest Market
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Asia Pacific
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Market Overview
Global Industrial Rubber Market has
valued at USD 30.56 Million Tonnes in 2022 and is anticipated to project robust growth
in the forecast period with a CAGR of 5.10% through 2028. The industrial
rubbers market plays a crucial role in the production of rubber molded
products, which find extensive applications in both industrial and household
sectors. Among various uses, one of the largest consumers of rubber is the tire
and tube industry. Additionally, rubber is widely employed in matting,
flooring, hoses, belts, and various other products. Furthermore, due to its
adhesive properties, rubber is extensively utilized in numerous industrial
applications.
Over the past decade, the automotive
industry has experienced significant growth, especially in countries such as
China, the U.S., Japan, India, Germany, and the UK. The rising popularity of
electric vehicles has contributed to this growth, with an expected increase in
sales. Moreover, the decreasing prices of essential electric vehicle components
like batteries, transmissions, and alternators have further propelled the
demand for electric vehicles. Consequently, the automotive sector's expansion
is anticipated to drive the growth of the industrial rubber market. Rubber is
increasingly used in tire manufacturing as well as a component in automobiles.
With the projected surge in vehicle sales, the demand for industrial rubber is
poised to grow, thereby fueling the overall growth of the global industrial
rubber market.
Key Market Drivers
Growing
Demand of Industrial Rubber from Construction Industry
Industrial rubber plays a crucial role
in the construction industry, being utilized in a wide array of forms such as
seals, belts, roofing materials, and vibration dampeners. Its versatility and
unique properties, including flexibility, strength, and resilience, make it an
ideal choice for various construction applications. Rubber products find their
use in insulation, soundproofing, waterproofing, and the creation of flexible
joints in buildings and other structures.
Furthermore, the increasing trend
towards sustainable and green construction practices has significantly boosted
the demand for industrial rubber. Through rubber recycling processes,
particularly from tires, rubber mulch and crumb rubber are produced, which
offer superior insulation properties and environmental benefits. Consequently,
these recycled rubber materials are increasingly finding applications in the
construction industry.
The global construction industry is
currently experiencing a significant boom, with developing countries like
China, India, and Brazil witnessing massive investments in infrastructure
development. This surge in construction activities has consequently led to a
substantial increase in the demand for construction materials, including
industrial rubber.
Moreover, the renovation and maintenance
of existing infrastructure in developed countries such as the US and Germany
are further fueling the demand for industrial rubber. As more buildings,
bridges, roads, and other structures undergo repairs and upgrades, the need for
durable and versatile materials like industrial rubber is expected to witness
substantial growth.
Furthermore, it is worth noting that
technological advancements in rubber manufacturing and processing are
anticipated to create new opportunities in the industrial rubber market. The
development of high-performance synthetic rubbers with enhanced properties is
likely to spur further growth in the coming years.
In conclusion, the growing demand for
industrial rubber from the construction industry is a significant driver for
the global industrial rubber market. As construction activities continue to
increase worldwide, the need for durable, flexible, and environmentally
friendly materials like industrial rubber is set to rise, propelling market
growth. The industry's continuous evolution, coupled with sustainable practices
and technological advancements, further reinforces the promising future of the
industrial rubber market.
Growing
Demand of Industrial Rubber from Automotive Industry
Industrial rubber has extensive
applications within the automotive industry. It is used in the production of
tires, belts, hoses, gaskets, wiper blades, and various engine components. Its
unique properties, including heat resistance, chemical resistance, and noise
and vibration dampening capabilities, make it ideal for these applications.
Tires, undoubtedly, are one of the most
significant applications of industrial rubber in the automotive sector.
High-quality rubber is crucial for making durable, safe, and efficient tires.
The tread pattern, rubber compound, and construction of the tire greatly
influence its performance and longevity. Additionally, rubber components like
seals and gaskets ensure the smooth operation of vehicle engines by preventing
leaks and reducing friction. These components play a vital role in maintaining
the reliability and efficiency of automotive systems.
The global automotive industry is
booming, with both developed and developing countries witnessing increased
vehicle production. This surge in automobile manufacturing has led to a
corresponding rise in demand for industrial rubber. As car manufacturers strive
to meet the demands of consumers for safer and more fuel-efficient vehicles,
they rely on the versatility and reliability of industrial rubber to enhance
the performance and durability of their products.
Moreover, there's a growing demand for
rubber components in the automotive aftermarket. As vehicles age, parts like
tires, belts, and hoses need replacement, driving the demand for industrial
rubber. The aftermarket industry provides opportunities for manufacturers to
supply high-quality rubber components that meet the specific needs of vehicle
owners looking to maintain or upgrade their vehicles.
Emerging trends such as the rise of
electric vehicles (EVs) and autonomous cars are also expected to fuel the
demand for industrial rubber. These vehicles require specialized rubber
components that can withstand the unique challenges posed by electric
drivetrains and autonomous driving technologies. Innovations in rubber
technology, including the development of new rubber compounds and materials, are
essential to meet the evolving demands of these advanced vehicle technologies,
creating new opportunities for growth in the industrial rubber market.
In conclusion, the growing demand for
industrial rubber from the automotive industry is a significant driver of the
global industrial rubber market. As vehicle production continues to increase
worldwide, along with the rising demand from the automotive aftermarket, the
need for high-quality industrial rubber is set to rise, propelling market
growth. Manufacturers and suppliers in the industrial rubber industry should
anticipate and adapt to these market trends to stay competitive and capitalize
on the expanding opportunities in the automotive sector.
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Key Market Challenges
Volatility
in Cost of Raw Materials
The global industrial rubber market,
amidst its significant growth, is currently grappling with the challenge of
volatility in the cost of raw materials. This fluctuation in price has a direct
impact on the production costs and overall profitability of companies operating
in this sector. The raw materials used in the production of industrial rubber,
which include natural rubber, synthetic rubber, and various additives, play a
crucial role in determining the quality and performance of the final products.
The prices of these raw materials often
experience market volatility, driven by factors such as supply disruptions,
pent-up demand, or significant peaks and troughs in the global market. These
fluctuations can have far-reaching consequences, affecting not only the
industrial rubber market but also a wide range of industries. The rising and
volatile raw material prices not only influence the manufacturing costs but
also have implications for the pricing strategies of the products.
In response to the increased costs,
companies may be compelled to pass on the price hikes to consumers, which could
potentially lead to a decrease in demand. This, in turn, creates a challenging
environment for companies in the industrial rubber market as they navigate the
delicate balance between maintaining profitability and ensuring market
competitiveness.
Therefore, it becomes crucial for
companies in this sector to closely monitor the trends and developments in the
raw material market and explore strategies to mitigate the impact of price
fluctuations. By adopting proactive measures such as diversifying their supply
chain, exploring alternative raw materials, or implementing cost-saving
initiatives, companies can better position themselves to withstand the
challenges posed by the volatile cost of raw materials and maintain a
competitive edge in the global industrial rubber market.
Key Market Trends
Advancements
in Rubber Technologies
The advent of high-performance synthetic
rubbers has truly revolutionized the industrial rubber market. These remarkable
synthetic rubbers, derived from petroleum byproducts, exhibit an array of
enhanced properties that surpass those of natural rubber. Notably, one of the
remarkable advancements is the production of styrene-butadiene rubber (SBR),
which demonstrates exceptional abrasion resistance and aging stability. As a
result, it has become the go-to-choice for various applications such as tires
and conveyor belts. Additionally, the ethylene propylene diene monomer (EPDM)
rubber boasts outstanding weather and ozone resistance, leading to its growing
popularity in automotive weather-stripping and seals.
In line with the pursuit of
sustainability, significant progress has been made in rubber recycling.
Traditional methods of rubber disposal, such as landfilling and incineration,
present environmental challenges. However, the emergence of new technologies
now allows for the efficient recycling of rubber, particularly from used tires.
For instance, devulcanization technology enables vulcanized rubber to be
reverted back to its original, flexible state, enabling its reuse. Furthermore,
through pyrolysis, a thermochemical decomposition process, waste tires can be
converted into valuable products such as carbon black, fuel oil, and steel
wire.
Looking ahead, the future of the
industrial rubber market holds even more excitement and promise. Ongoing
research aims to develop "smart" rubber materials that can
dynamically change their properties in response to environmental stimuli, such
as temperature or pressure. This groundbreaking development opens up a whole
new realm of possibilities for rubber applications. Additionally,
nanotechnology has emerged as a game-changer in the rubber industry. The
incorporation of nanoparticles into rubber matrices can significantly enhance
properties like tensile strength and thermal stability, paving the way for the
production of truly high-performance rubber products.
In conclusion, the advancements in
rubber technologies stand as a significant trend in the global industrial
rubber market. From the introduction of high-performance synthetic rubbers to
the implementation of innovative recycling techniques and the potential of
smart rubber materials, technological innovations continue to propel the market
forward, offering improved products and sustainable solutions that meet the
evolving needs of various industries.
Segmental Insights
Type Insights
Based on the category of type, the synthetic
rubber segment emerged as the dominant player in the global market for Industrial
Rubber in 2022. Synthetic rubber, with its diverse applications, finds utility
across various industries where it is utilized in a wide array of parts and
components. Its popularity stems from its advantageous features such as
superior heat resistance and enhanced abrasion resistance, which surpass those
offered by natural rubber. The versatility of synthetic rubber lies in the fact
that it is available in over 200 different variants, each with unique
constituents and qualities, as reported by the International Rubber Study
Group. One particularly widely used variant is nitrile rubber (NBR), known for
its reliability and adaptability in general-purpose applications. The demand
for synthetic rubber continues to grow as it finds its place in almost every
core industry, contributing to overall business growth. With its extensive
range of applications and benefits, synthetic rubber remains an indispensable
material in today's industrial landscape.
Application
Insights
The automotive segment is projected to
experience rapid growth during the forecast period. Industrial rubber products
play a vital role in the manufacturing of vehicles, encompassing a wide range
of components and parts. These include rubber ducts, rubber expansion joints,
rubber flooring/matting, and more. Renowned for their flexibility and
durability, these rubber products offer numerous advantages such as abrasion
resistance, high tear strength, chemical and grease resistance, hot and cold
temperature sustainability, and ozone resistance.
The automotive industry, driven by
factors like the increasing adoption of passenger cars and the booming
transport production, is experiencing accelerated growth. According to the
European Automobile Manufacturers' Association (ACEA), the European Union
region witnessed the production of 2.1 million commercial vehicles in 2021,
marking a notable increase of 1.0% compared to the previous year. This surge in
production has subsequently led to a rise in the demand for industrial rubber.
With their indispensable role in vehicle
manufacturing and their ability to withstand challenging conditions, industrial
rubber products continue to be in high demand, contributing to the overall
growth and success of the automotive industry.
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Regional Insights
Asia Pacific emerged as the
dominant player in the Global Industrial Rubber Market in 2022, holding the
largest market share in terms of value. The surge in the sectoral growth of the
Asia-Pacific countries can be attributed to the expansion of various
industries, including automotive, building & construction, and more. This
growth is fueled by key variables such as the rapid phase of industrialization,
increasing consumer income, and a surge in the demand for heavy commercial
vehicles, among others.
For instance, according to
the Society of Indian Automobile Manufacturers (SIAM), the total automobile
production in India witnessed an increase from 22,655,609 units in 2020 to
22,933,230 units in 2021, indicating a growth of 1.2%. Additionally, data from
the Organisation Internationale des Constructeurs d'Automobiles (OICA) reveals
that the production of light commercial vehicles in the Asia-Pacific region
rose from 4,668,333 units in 2020 to 5,099,264 units in 2021, reflecting a
significant increase of 9%.
As the automotive industry in
Asia-Pacific continues to thrive, the demand for industrial rubber experiences
a significant boost. This growth in the automotive sector further emphasizes
the importance of industrial rubber in meeting the needs of various industries
in the region.
Recent Developments
- In March 2023, Yokohama Rubber Co., Ltd.
proudly introduced the Hamaheat Super 80, the latest addition to their
innovative Hamaheat series. This cutting-edge high-temperature heat-resistant
conveyor belt is specifically designed to withstand extreme temperatures,
allowing for conveyance of materials at surface temperatures of up to 180°C/350℉. With its exceptional heat
resistance, the Hamaheat Super 80 ensures reliable and efficient operation even
in the most demanding industrial settings.
- Continuing their commitment to advancing
rubber technology, Cabot Corporation unveiled their latest breakthrough in
February 2023 - the revolutionary E2C DX9660 solution. This state-of-the-art
product is engineered to deliver unparalleled rubber durability by offering
exceptional high abrasion resistance. Compared to conventional compounds, the
E2C DX9660 solution boasts an impressive 30% increase in abrasion resistance,
making it a game-changer for on-road commercial tire applications and
industrial rubber products. This remarkable addition further expands Cabot's
portfolio of E2C solutions, catering to a wide range of industry needs.
Key Market Players
- 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
LIMITED
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By Type
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By Application
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By Region
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- Natural Rubber
- Synthetic Rubber
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- Automotive
- Building & Construction
- Healthcare
- Coating
- Others
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- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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Report Scope:In this report, the Global Industrial Rubber Market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Industrial Rubber Market, By Type:
o Natural Rubber
o Synthetic Rubber
- Industrial Rubber Market, By Application:
o Automotive
o Building & Construction
o Healthcare
o Coating
o Others
- Industrial Rubber Market, By
Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Global Industrial Rubber Market.
Available Customizations:
Global Industrial Rubber Market report with the
given market data, TechSci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
Global Industrial Rubber Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]