The report “Industrial Rubber Market by Application (Automotive, Building & Construction, Industrial Manufacturing, Polymer Modification, Wire & Cable, Electrical & Electronics, Bitumen Modification), Type, Product, and Region – Global Forecast to 2022” has recently been published by MarketsandMarkets.
The report states that the industrial rubber market is projected to grow from US$26.99 billion in 2017 to US$33.82 billion by 2022, at a CAGR of 4.6% from 2017 to 2022. The growing demand from the automotive, and building and construction industries in the Asia Pacific acts as a key growth driver for the industrial rubber market, as the region has the largest number of automotive production plants globally and is witnessing significant infrastructural developments.
Based on type, the synthetic rubber segment is expected to lead the industrial rubber market in 2017. The growing automotive industry is driving the synthetic rubber segment. The demand for fuel efficiency, lightweight vehicles, and eco-friendly automotive components is driving the automotive industry to adopt eco-friendly industrial rubbers. This, in turn, is increasing the demand for synthetic rubber.
Based on application, the automotive segment is expected to lead the industrial rubber market during the forecast period, as most of the emerging economies such as India, Chain, South Korea, and other South-Asia countries, are witnessing significant growth in the automobile and automotive component production. China is a market leader, in terms of industrial rubber consumption. In the automotive industry, industrial rubber is used in applications such as brakes, fuel seals, chassis, headlight seals, electrical, hoses, grommets, HVAC, engine gaskets and seals, and exhaust hangers.
The Asia Pacific region is a lucrative market for industrial rubbers. The Asia Pacific industrial rubber market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific industrial rubber market can be attributed to the continuously increasing demand for vehicles, automotive components from the aftermarket, and significant infrastructural development. The building & construction sector in the Asia Pacific region is growing, thereby leading to the increased demand for industrial rubber from the region. This, in turn, is fuelingthe growth of the Asia Pacific industrial rubber market.
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 N Corporation (Japan), among others, are the key players operating in the industrial rubber market across the globe.