Press release
Rubber Processing Chemicals Market Report 2024: Strategies And Recent Developments | Sinopec Corporation, BASF SE, Sumitomo Chemical Company, Solvay Group, Arkema S.A., Sinochem Group Co. Ltd
Rubber Processing Chemicals Market Size
The Business Research Company offers in-depth market insights through Rubber Processing Chemicals Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The rubber processing chemicals market size has grown strongly in recent years. It will grow from $5.44 billion in 2023 to $5.8 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to growth of the automotive industry, industrialization and infrastructure development, consumer goods production, advancements in tire technology.
The rubber processing chemicals market size is expected to see strong growth in the next few years. It will grow to $7.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to emerging markets growth, sustainable rubber production, innovations in rubber compounding, automotive trends. Major trends in the forecast period include bio-based rubber chemicals, high-performance additives, digitalization and industry 4.0, recycling and circular economy.
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Market Segmentation:
The main types of rubber processing chemicals are antidegradants, accelerators, flame retardants, processing aids and others. Antidegradants are chemicals used in various industries, including rubber processing, to protect materials from degradation caused by factors such as oxidation, heat, light and ozone exposure. They are used in tire and non-tire applications by automotive, electronics and semiconductors, aerospace and defense, industrial, healthcare and others.
Major Driver - Automotive Industry Expansion Fuels Demand For Rubber Processing Chemicals
The growth in the automotive sector is expected to propel the growth of the rubber processing chemicals market going forward. The automotive industry refers to the business sector that involves the design, development, production, marketing and sale of motor vehicles, including cars, trucks, motorcycles and other types of vehicles. Rubber processing chemicals are used in the automotive sector to enhance the properties of rubber materials, such as tires, seals, gaskets, hoses and other rubber components used in vehicles. For instance, in May 2023, according to a report shared by the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, the global production of motor vehicles increased by 5.7% in 2022 to 85.4 million, up from 2021. Therefore, the growth in the automotive sector is driving the development of the rubber processing chemicals market.
Competitive Landscape:
Major players in the rubber processing chemicals market are Sinopec Corporation, BASF SE, Sumitomo Chemical Company, Solvay Group, Arkema S.A., Sinochem Group Co. Ltd., Akzo Nobel N.V., Eastman Chemical Company, Lanxess AG, The Chemours Co., Kumho Petrochemicals, Nouryon B.V., Chemtura Corporation, Emery Oleochemicals Group, Behn Meyer Holding AG, Oceanchem Group Limited, Emerald Performance Materials LLC, Nocil Limited, Merchem Limited, PMC Group Inc., Velsicol Chemical Corporation, Vanderbilt Chemicals LLC, Linkwell Rubber Chemicals Co. Ltd., DayGlo Color Corp., Yasho Industries Ltd., Sovereign Chemical Co., IRO Group Inc., Finornic Chemicals Pvt Ltd., Swarup Chemicals Pvt. Ltd.
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Top Trend - Innovative High-Performance Elastomers Drive Growth In Rubber Processing Chemicals Market
Major companies operating in the rubber processing chemicals market are developing innovative products, such as high-performance elastomers, to drive revenues in the market. A high-performance elastomer is an elastic material that exhibits exceptional mechanical, thermal, chemical and environmental properties compared to standard elastomers. For instance, in June 2023, Denka Company Limited, a Japan-based chemical manufacturing company, in collaboration with ChemSpec Ltd, a US-based chemical company, launched Evolmer. This high-performance elastomer consists of a chloroprene and acrylonitrile (NCR) copolymer that has an excellent balance of physical characteristics, oil and ozone resistance and better dynamic qualities and durability with exceptional abrasion resistance, lower heat build-up and excellent flex-fatigue resistance.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Rubber Processing Chemicals Market Characteristics
3. Rubber Processing Chemicals Market Trends And Strategies
4. Rubber Processing Chemicals Market - Macro Economic Scenario
5. Rubber Processing Chemicals Market Size And Growth
…..
27. Rubber Processing Chemicals Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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