Industrial rubber market growth steady at 4.6% CAGR to 2022

March 30, 2018

rubber-marketThe industrial rubber market is predicted to reach US$33.82 billion by 2022 from US$26.99 billion in 2017 at a CAGR of 4.6%. The growth is driven by the increasing demand from the automotive and building and construction industries in the Asia Pacific, as the region has the largest number of automotive production plants globally and is witnessing significant infrastructural developments.

The industrial rubber market in the Asia Pacific is expected to grow at the highest CAGR of 5.1%, in terms of value, between 2017 and 2022. The Asia Pacific is expected to lead the industrial rubber market, in terms of both volume and value, in 2017. In terms of value, the Asia Pacific is estimated to account for the largest share of the global industrial rubber market in 2017. The increased demand for industrial rubber from non-tyre automotive, building and construction, industrial manufacturing, and other applications in countries such as China and India is driving the industrial rubber market in the Asia Pacific.

The key players operating in the industrial rubber market are LANXESS (Germany), Sinopec (China), Goodyear Tire and Rubber Company (US), Kumho Petrochemical (South Korea), TSRC Corporation (Taiwan), Nizhnekamskneftekhim (Russia), JSR Corporation (Japan), LG Chem (South Korea), Versalis S.p.A. (Italy), and ZEON Corporation (Japan).

 Among applications, the automotive segment is expected to lead the industrial rubber market during the forecast period. Based on application, the industrial rubber market has been segmented into automotive, building and construction, industrial manufacturing, polymer modification, wire and cable, electrical and electronics, medical and healthcare, bitumen modification, coating, sealant and adhesive, and others. Automotive is expected to be the largest application segment of the industrial rubber market. In terms of value, the automotive segment is projected to continue its dominance during the forecast period. Industrial rubbers are replacing other materials in several applications, as they have improved performance characteristics such as stiffness and abrasion resistance making them a suitable replacement for metal, glass, and wood parts used in the automotive application.

Among types, the synthetic rubber segment is expected to lead the Industrial Rubber Market during the forecast period. Based on type, the industrial rubber market has been segmented into natural rubber and synthetic rubber. The growth of the synthetic rubber segment can be attributed to its wide use in different applications. Synthetic rubber is used in large quantities in the automotive application due to its abrasion-resistant property. Synthetic rubber produced in the latex form is used as a rubbery adhesive in carpet manufacturing. Its other applications include drive couplings, haul-off pads, conveyor belts, adhesives, roll coverings, and various other moulded rubber goods.

The industrial rubber market in developed economies, such as the US and Japan will witness market gains below the global average, owing to sluggish growth in durable goods consumption and automotive production. One of the major restraints for the industrial rubber market growth is environmental regulations and health hazards associated with the industrial rubber and its manufacturing. There are a number of regulations for the industrial rubber manufacturing; for example, butadiene was listed as a toxic substance under the Canadian Environmental Protection Act, 1999 (CEPA 1999). Such regulations have restricted the growth of the global industrial rubber market.

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Rubber Prices
(Last Updated: 22 Jan 2019)

Monthly The prices shown above do not include VAT @4% on purchase and expenses towards packing, transportation, warehousing  and other incidentals

Source: Latex India
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