Global demand for rubber mechanical goods is forecast to advance 6.3% per year to US$76.7 billion in 2021. It is in line with the anticipated gains for the market as a whole, although this rate of growth is a major improvement over the weak 2011-2016 pace. Global advances in the rubber mechanical goods segment will be fuelled by: a rebound in global medium and heavy truck and bus production, advances in light motor vehicle output and accelerating machinery shipments, the introduction of state-of-the-art mechanical goods and the growth in the number of motor vehicles in use globally.
Meanwhile, the global demand for hose is projected to climb 6.2% per year through 2021, matching the average worldwide pace. Growth in the segment will be driven by the expansion of the global transportation equipment industry, advances in durable goods manufacturing activity, and rising demand for higher quality, better performing hose. These and other trends are presented in Global Industrial Rubber Products Market, 4th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Also, the global belt demand is projected to rise in line with gains for industrial rubber products overall. Because belts are often subject to intense operating conditions and are vital to the operation of a variety of equipment types, they are frequently replaced. As the global stock of motor vehicles, industrial machinery, and other durable goods grows through 2021, the aftermarket for belts will similarly expand.