The Rubber Processing Chemicals market is projected to reach US$4.8 Billion by 2020, with a CAGR of 5.4% between 2015 and 2020, says a new report by MarketsandMarkets.
The rubber processing chemicals market is mainly driven by the growth in the demand for automobiles. Rubber processing chemicals are used to enhance the properties of rubber used in the manufacture of tires. With the growing population and increased spending by the consumers, the demand for automobiles has increased which in turn has led to the increased demand for rubber processing chemicals. These chemicals add superior qualities to the rubber.
However, the growing environmental concerns and the stringent governmental regulations are the biggest restraints of the rubber processing chemicals market. The processing of natural rubber yields effluents into the air that pollute the environment. The wastewater discharged form rubber processing contains high level of biological oxygen demand compounds. These compounds are biodegradable and lead to high oxygen consumption.
Asia-Pacific is the fastest-growing market for rubber processing chemicals. The growth in the Asia-Pacific region is primarily driven by the increasing domestic demand and rising exports of natural rubber to the western markets. The increasing demand for rubber processing chemicals from the tire industry is further driving the market in this region. The economic development in the region has led to the increased demand for vehicles, which in turn drives the market for rubber processing chemicals.
The leading players in the market include Emerald Performance Materials, Eastman Chemical, Lanxess Corporation, and Arkema SA among several others.