Industrial Rubber Market Revenue - Growth, Analysis, Share, Overview, Insights and Forecast 2023
Segmentation:
Global Industrial Rubber Market Revenue is segmented by Type, Product, Product Processing, End Use Industry and Region.
On the Basis of the Type, Global Industrial Rubber Market is bifurcated into natural and synthetic.
Based on the Product, Global Industrial Rubber Market is segmented into tires, seals, shock-absorbing parts, conveyor belts, hoses, roofing, adhesives & sealants, sports equipment, and others.
On the Basis of the Product Processing, the market is segmented into extrusion, calendering, roller die, coating, molding & casting.
On the Basis of the End Use Industry, Global Industrial Rubber Market is segmented into automotive, building & construction, industrial manufacturing, electrical & electronics, and others.
Key Players:
Some of the manufacturers operating in the Global Industrial Rubber Market are LANXESS (Germany), Bridgestone Corporation (Japan), LG Chem (South Korea), Sinopec (China), The Goodyear Tire & Rubber Company (U.S.), KUMHO PETROCHEMICAL (South Korea), TSRC (Taiwan), JSR Corporation (Japan), Versalis S.p.A. (Italy), PJSC "Nizhnekamskneftekhim" (Russia), and ZEON CORPORATION (Japan).
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Regional Analysis:
Regionally, Global Industrial Rubber Market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific dominated the Global Industrial Rubber Market in 2016 owing to the growing demand from the automotive, construction, and electronics industries in the region. The high production and sales of automotive coupled with the increased per capita income is expected to drive the demand for Industrial Rubber in the region. The high investments in research & development is another factor likely to fuel the market growth. For instance, Apollo tires formally inaugurated their global research & development center near Chennai, India in 2016.
The Advanced Engineering Centre is working towards the integration of electronics into tire technology. Moreover, Myanmar business circle proposed the government to open rubber sale centers in Mon state, a major rubber producer of the country. According to the Myanmar Rubber Planters and Producers’ Association, the authorities are drawing up Rubber Law for the central rubber markets across the country. The organization also proposed a tax exemption for the imports of formic acid, which is expensive and plays an important role in high-quality rubber production. Rapid industrialization and urbanization in the region is expected to further fuel the market growth over the assessment period.
North America was the second largest region in the Global Industrial Rubber Market in 2016 on account of the growing demand from automotive and reviving construction industries in the region. Rising adoption of fuel-efficient automotive owing to the stringent regulations in the region is likely to boost the market growth further.
Europe is projected to witness a significant growth due to the high production and exportation of various automotive parts in the region. Furthermore, the investments in medical & healthcare to maintain hygienic environment are expected to fuel the market growth.
Latin America is projected to witness a significant growth owing to the high demand for Industrial Rubber from the automotive industry, especially in Mexico.
The infrastructural and construction activities in the GCC countries are likely to fuel the demand for Industrial Rubber in the Middle East & Africa over the assessment period.
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