Press release
Rubber Market Size Is Expected to Reach USD 51.21 Billion By 2027 | Rubber Emerging Opportunities: Navigating Industry Shifts with Strategic Research
Rubber Market
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The report on the rubber market incorporates:
All-embracing evaluation of the Industry
Latest developments
Emerging trends and drivers
Controlling regions in the global market
COVID-19 impact on the industry
Market Driver:
Rising Application of Rubber in Numerous Industries to Boost Market
The growing demand for tire and other automotive parts will simultaneously spur opportunities during the forecast period. The growing utilization of rubber in wide-ranging automotive products such as tires, tubes, adhesives, hoses, pipes, gaskets, and roll coverings will further enhance the scope of the market. Moreover, the increasing application in footwear, industrial goods, construction, textiles, and other consumer products will aid the expansion of the market. For instance, the use of latex offers substantial protection against water, chemicals, electricity, impact, and low temperatures. Additionally, its use in a variety of textiles, and consumer products, such as bands, protective covers, mats, and others will further foster the growth of the market.
Disturbed Supply Chain to Dwindle Business Amid Coronavirus
The coronavirus incident has resulted in the shutdown of production facilities, and restrictions on transportation. The disruption in the supply and distribution can further limit the scope of the market. The major impacted countries include China, India, Germany, Italy, Brazil, and Canada. China is a major consumer of rubber. The constraint on export and import activities of industrial rubber goods and tires will act as an inhibiting factor for the development of the global market.
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Regional Analysis:
Rising Construction Activities to Bolster Growth in Asia Pacific
The market size in Asia Pacific stood at USD 22.09 billion in 2019 and is expected to witness an exponential growth rate during the forecast period. The growth in the region is attributed to the rising production and consumption in India and China. Thailand is the largest producing country of natural rubber. The flourishing automotive and construction industry is predicted to enable speedy expansion of the market in the region. The market in North America is expected to rise tremendously owing to the rising demand in footwear applications. The growing automotive, chemical, and textile industries are expected to create opportunities for the market in North America.
Key Development:
June 2018: Kumho Petrochemical announced that it has extended its NB Latex production capacity by 400 KT to 550 KT per annum at its manufacturing plant in Ulsan.
The Report lists the Main Companies in the Rubber Market:
ARLANXEO (Netherlands)
Kumho Petrochemical Co., Ltd. (South Korea)
PetroChina (China)
TSRC Corporation (Taiwan)
LG Chem (South Korea)
Versalis (Italy)
Dow Chemicals (U.S.)
Von Bundit (Thailand)
Sri Trang Agro-Industry (Thailand)
Southland Holding Lonza (Thailand)
Vietnam Rubber Group (Vietnam)
Tradewinds Plantation Berhad (Malaysia)
Tong Thai Rubber Group (Thailand)
Ravasco (India)
Halcyon Agri (Singapore)
Unitex Rubber (Thailand)
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