Rubber Market Price Trends 2023, Global Size, Share, Growth Drivers, Latest Development, and Forecast 2028

According to IMARC Group's latest research report, titled "Rubber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the rubber market. The global rubber market size reached US$ 42.97 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 57.45 Billion by 2028, exhibiting a growth rate (CAGR) of 4.87% during 2023-2028.

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Rubber Market Overview:

Rubber represents a natural polymer created synthetically from the sap of the Hevea Brasiliense tree. It consists of polyisoprene and contains other materials, such as resins, proteins, and inorganic substances. Rubber offers durability, low density, elasticity, high tensile strength, and resistance to water and chemicals. It can stretch and return to its original shape without permanent deformation. Rubber is used in the production of conveyor belts to transport products through changes in elevation or in a straight line. In addition to this, it is also utilized manufacturing footwear, including soles and boots, to provide cushioning and support for the feet. As a result, rubber finds widespread applications in the production of tires, adhesives, industrial components, etc.

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Rubber Market Trends:

The escalating product demand in the automotive industry to manufacture numerous vehicle components, such as hoses, seals, gaskets, belts, tires, engines, and exhaust systems to improve the durability and performance of the automobile, is primarily driving the rubber market. Besides this, the elevating requirement for this polymer for roofing, waterproofing, flooring, soundproofing, and insulation, owing to the increasing construction projects in the residential, commercial, and industrial areas, is further augmenting the market growth.

Moreover, the growing popularity of rubber in the production of several medical equipment and devices, including face masks, respirators, and gowns, is also catalyzing the global market. Apart from this, the rising product need in manufacturing orthotics and prosthetics, such as braces and supports for joints and limbs, is acting as another significant growth-inducing factor. Furthermore, the introduction of smart materials that are integrated with advanced technologies, including actuators, sensors, microcontrollers, and communication systems to detect changes in the environment, send signals, and adjust the shape or stiffness of the polymer is expected to bolster the rubber market in the coming years.

Key Market Segmentation:

Competitive Landscape with Key Players:

• Arlanxeo (Saudi Arabian Oil Co.)
• Kumho Petrochemical Co. Ltd.
• LG Chem Ltd.
• Southland Holdings LLC
• Sri Trang Agro-Industry Plc
• TSRC Corporation
• Unitex Rubber Co. Ltd.
• Vietnam Rubber Group
• Von Bundit Co. Ltd.

Type Insights:

• Synthetic Rubber
• Natural Rubber

Application Insights:

• Tire
• Non-Tire Automotive
• Footwear
• Industrial Goods
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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