Rubber Vulcanization Sector Predicted to Grow at 5.3% CAGR, Reaching US$ 4.2 Billion

The global rubber vulcanization market is expected to witness good growth due to the increasing demand for rubber-based products across industries. We project this market to reach $4.2 billion by 2033, increasing from its estimated value of $2.5 billion in 2023, with a compound annual growth rate of 5.3%. This growth can be predominately accredited to the tremendous application scope of vulcanized rubber in the medical, automotive, aviation, and oil & gas sectors. The Asia Pacific region enjoys the leading position in the market and is expected to hold more than 60% of the world market in 2023.

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Key Demand Drivers

Healthcare Industry

Thus, the healthcare sector becomes one of the major driving forces for the market of rubber vulcanization because the need for rubber-based goods is constantly on the rise. With its high elasticity, strength, and durability, vulcanized rubber has found a wide scope of applications in the manufacture of medical supplies, surgical gloves, and a host of other products applied in healthcare. Meanwhile, growing demand for medical supplies, especially due to the pandemia of COVD-19, amplifies still the need for high-quality vulcanized rubber products.

Automotive and Aerospace Industries

It is the automotive and aerospace industries that are directly responsible for robust demand for vulcanized rubber. Both these industries have found their way to different uses, such as tires, seals, gaskets, and hoses, since vulcanized rubber is strong, resistant, and heat-stable. The development and growth of the automotive and aerospace industries will cause the demand in these versatile, durable materials like vulcanized rubber to rise.

Oil & Gas Expansion

The growing oil & gas industry further opens doors for players operating in the rubber vulcanization market. Vulcanized rubber finds applications in seals, gaskets, and hoses in the sector that are prone to work under tough conditions and corrosive environments. Growing developments and explorations in the oil & gas sector are expected to foster the demand for the usage of vulcanized rubber products.

Rubber Vulcanization Process

Vulcanization is a chemical process in which, by heating, either synthetic or natural rubber is heated with the addition of sulfur or other vulcanizing agents. It represents a mechanism through which cross-linkage between polymer chains is formed and gives rise to a higher degree of bulk hardness and elasticity. It causes enhancements in the physical properties of the rubber in such a manner that the material becomes physically stronger, more elastic, and tolerant toward many other environmental factors. That is why vulcanized rubber is used in an extremely large market: healthcare, aerospace, automotive, and industrial goods.

List of Key Companies Profiled in The Report

Arkema SA
LANXESS
BASF SE
Eastman Chemical Company
Willing New Materials Technology Co. Ltd.
Sumitomo Chemical Co. Ltd.
King Industries Inc.
Kumho Petrochemical
Others

Challenges and Restraints

Meanwhile, with those optimistic growth prospects run several problems and restraints to the potential development in the vulcanization market for rubber. Foremost amongst these is an industry with rigid regulations, including oil and gas. The injected regulation does result in somewhat reducing the reception of vulcanized rubber by the rate, which stipulates the requisite standards and material needs. It often is very expensive and entails very time-consuming activities for the players in the market, hence holding back growth potential.

Another major pitfall for the rubber vulcanization market is the fluctuation in prices of raw materials. Prices of raw materials, including natural and synthetic rubbers and sulfur, tend to sharply vary, spurred by changes in supply and demand, geo-political unease, and environmental factors. Price fluctuations of this kind may dent the market players' profitability and therefore restrict growth opportunities. Companies can circumvent those challenges by long-term contract approaches to the suppliers and investing in R&D to find alternative materials.

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Competitive Scenario

Major vulcanized rubber manufacturers are spending substantial capital on research and development studies so that they can build an updated supply chain management system and deliver quality products to customers. Manufacturers of vulcanized rubber are aiming to apply the set standards by the respective authorities to help reduce environmental effects during the process of vulcanization.

The companies in the market are focused on new product launches and innovative product development to sustain their business position with a global footprint in the coming years.

For example:

In March 2022, Shin-Etsu Chemical launched its newly developed innovative one-component liquid silicone rubber material. Area, vulcanization treatment is possible in a much safer, simpler, and more efficient manner.

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About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

This release was published on openPR.