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Rubber Processing Chemicals Market is Expected to Achieve US$ 7.14 Billion at CAGR of 3% by 2032

02-13-2024 07:14 AM CET | Chemicals & Materials

Press release from: Fact.MR

Rubber Processing Chemicals Market

Rubber Processing Chemicals Market

The rubber processing chemicals market in the United States is expected to exceed US$ 1.2 billion by 2022, driven primarily by its widespread use in the automotive sector. The nation's growth prospects are further bolstered by increased construction activities, especially in flooring and roofing applications.

In fiscal year 2022, sales of rubber processing chemicals reached a valuation of US$ 5.15 billion, with a projected year-on-year expansion rate of 3.1%, expected to culminate in US$ 5.31 billion by the end of 2022. Looking ahead, the market is anticipated to maintain a compound annual growth rate (CAGR) exceeding 3%.

๐ƒ๐จ๐ฐ๐ง๐ฅ๐จ๐š๐ ๐š ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐‚๐จ๐ฉ๐ฒ ๐จ๐Ÿ ๐“๐ก๐ข๐ฌ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ:
https://www.factmr.com/connectus/sample?flag=S&rep_id=6401

The global rubber processing chemicals market is experiencing a significant surge, driven by the resurgence of the automotive industry. As the automotive sector rebounds from the challenges posed by the COVID-19 pandemic, the demand for rubber processing chemicals, vital in tire manufacturing and other automotive applications, has witnessed a remarkable upswing.

๐‘๐ž๐œ๐จ๐ฏ๐ž๐ซ๐ฒ ๐จ๐Ÿ ๐ญ๐ก๐ž ๐€๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ž ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:

The automotive industry, a key consumer of rubber products, faced unprecedented disruptions during the COVID-19 pandemic, including supply chain constraints, production halts, and fluctuating consumer demand. However, as vaccination efforts progress and economic activities resume, the automotive sector is experiencing a robust rebound. Increased consumer confidence, pent-up demand, and government stimulus measures have contributed to a surge in vehicle sales, driving the need for rubber-based components such as tires, hoses, and seals.

๐“๐ข๐ซ๐ž ๐Œ๐š๐ง๐ฎ๐Ÿ๐š๐œ๐ญ๐ฎ๐ซ๐ข๐ง๐  ๐ƒ๐ซ๐ข๐ฏ๐ข๐ง๐  ๐ƒ๐ž๐ฆ๐š๐ง๐:

Tire manufacturing accounts for a significant portion of the demand for rubber processing chemicals. With the revival of the automotive industry, tire production has ramped up to meet escalating demand. Rubber processing chemicals play a crucial role in enhancing the performance, durability, and safety characteristics of tires. Antioxidants, antiozonants, accelerators, and curing agents are among the key chemicals used in tire compounding, ensuring optimal performance and longevity.

๐„๐ฑ๐ฉ๐š๐ง๐ฌ๐ข๐จ๐ง ๐ข๐ง ๐„๐ฆ๐ž๐ซ๐ ๐ข๐ง๐  ๐Œ๐š๐ซ๐ค๐ž๐ญ๐ฌ:

The surge in the global rubber processing chemicals market is particularly pronounced in emerging economies, where rapid urbanization, infrastructural development, and increasing vehicle ownership rates are driving demand for automobiles and related components. Countries in Asia-Pacific, Latin America, and the Middle East are witnessing a surge in automotive production, fostering a favorable environment for the rubber processing chemicals market to thrive.

๐‚๐ก๐š๐ฅ๐ฅ๐ž๐ง๐ ๐ž๐ฌ ๐š๐ง๐ ๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ:

While the resurgence of the automotive industry presents lucrative opportunities for the rubber processing chemicals market, challenges persist. Volatility in raw material prices, regulatory compliance, and intensifying competition are among the key challenges facing industry players. However, proactive strategies, such as diversification of product portfolios, strategic partnerships, and investments in technological innovation, can help companies navigate these challenges and capitalize on emerging opportunities.

๐Š๐ž๐ฒ ๐๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ:

BASF SE
Arkema Group
Behn Meyer Holding AG
China Petroleum & Chemical Corporation (SINOPEC)
Eastman Chemical Company
Emerald Kalama Chemical LLC
Emery Oleochemicals Group
Kumho Petrochemical Co. Ltd. (KKPC)
LANXESS AG
Merchem Limited
Sinochem Group Co. Ltd.

๐‘๐ž๐š๐ ๐Œ๐จ๐ซ๐ž:https://www.factmr.com/report/rubber-processing-chemicals-market

๐‚๐จ๐ฆ๐ฉ๐ž๐ญ๐ข๐ญ๐ข๐ฏ๐ž ๐‹๐š๐ง๐๐ฌ๐œ๐š๐ฉ๐ž:

Prominent manufacturers in the rubber processing chemicals industry are employing various strategies such as new product launches, extensive research and development (R&D) activities, collaborations, mergers, and acquisitions to bolster their market presence.

In October 2020, BASF made a significant investment of 16 million Euros in Pyrum Innovations Inc., specializing in waste tire pyrolysis. This strategic move aims to extract oil from waste tires for the production of new products, thereby expanding BASF's offerings.

Eastman Chemical Company completed the de-bottlenecking of its St. Gabriel Diethyl hydroxylamine (DEHA) production facility in June 2019. DEHA is a crucial component in the manufacturing of styrene-butadiene rubber (SBR), and this enhancement is geared towards meeting the escalating demands of customers in the western hemisphere.

Furthermore, in June 2021, Eastman Chemical Company unveiled plans to divest its rubber additives business, encompassing CrystexTM insoluble sulfur and SantoflexTM anti-degradants, to an affiliate of One Rock Capital Partners LLC for a staggering US$ 800 million. This strategic decision aims to streamline Eastman's Additives & Functional Products business.

Key Segments Covered in Market Study

By Product :
Anti-Degradant
Accelerators
Rubber Flame Retardant Chemicals
Aids/Promoters
OtherS

By Application :
Tire Applications
Non-Tire Applications

By Regions :
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa

The global rubber processing chemicals market is experiencing a robust surge as the automotive industry rebounds from the impact of the COVID-19 pandemic. With increasing vehicle sales and tire production, the demand for rubber processing chemicals is expected to continue on an upward trajectory. Embracing sustainability and innovation will be key to driving growth and staying competitive in this dynamic market landscape.

๐“๐จ๐ฉ ๐‘๐ž๐ฅ๐š๐ญ๐ž๐ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐ข๐ง ๐ญ๐ก๐ž ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ

Rubber Additives Market
https://www.factmr.com/report/1785/rubber-additives-market
Rubber Processing Aids and Anti-Tack Agent Market
https://www.factmr.com/report/rubber-processing-aids-and-anti-tack-agent-market
Rubber Accelerators Market
https://www.factmr.com/report/3654/rubber-accelerators-market

๐‚๐จ๐ง๐ญ๐š๐œ๐ญ:

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