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Industrial Rubber Market Report 2024: Growth, Trends, Analysis, Demand, Forecast 2033
Industrial Rubber Market Report
As per the report, the industrial rubber market size has grown strongly in recent years. It will grow from $42.01 billion in 2023 to $44.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The industrial rubber market size is expected to see strong growth in the next few years. It will grow to $58.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
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Automotive Industry Growth Propels Surge In Industrial Rubber Market
The growth in the automotive industry is expected to propel the industrial rubber market going forward. The automotive industry comprises industries involved in manufacturing, wholesale, retailing, and repairing automobiles. The improving level of living and expanding economy have altered purchasing power. Furthermore, the economic impact of COVID-19 has resulted in a dramatic spike in demand for personal mobility worldwide. Moreover, climate change and the desire to attain net-zero emissions are drive the global shift to emission-free transportation. These adoptions have increased production of EVs and hybrid vehicles. Such a surge in automotive demand has led to increased production and demand for industrial rubber used in a wide range of vehicle interiors and exteriors. For instance, in April 2022, a report published by European Automobile Manufacturers Association, 79.1 million motor vehicles were produced worldwide in 2021. Therefore, the growth in the automotive industry will drive the industrial rubber market.
Technological Advancements And Sustainable Solutions In The Industrial Rubber Market
Technological advancements are a key trend gaining popularity in the industrial rubber market. Major companies operating in the industrial rubber market are introducing new products and technology, such as green and sustainable technology-based product to sustain their position in the market. For instance, in August 2022, Global Rubber Industries (GRI), a Sri Lanka-based tire manufacturer, launched the new Green XLR Earth series of radial agricultural tires. This new product is the first sustainable tire series for the agricultural industry based on sustainable technology. It is made of 37.5% sustainable materials and is made with a high percentage of recycled carbon black to lessen its carbon footprint. It also contains soybean oil, which is renewable and sustainable, and ensures that natural rubber retains more of its original properties to improve the tire's overall performance.
The industrial rubber market covered in this report is segmented -
1) By Rubber Type: Natural Industrial Rubber, Synthetic Industrial Rubber
2) By Processing Type: Injection Melding, Compression Melding, Extrusion, Others Processing
3) By Product: Mechanical Rubber Good, Rubber Hose, Rubber Belt, Rubber Roofing, Others Products
4) By Application: Automotive, Building and Construction, Industrial Manufacturing, Polymer Modification, Wire and Cable, Electrical and Electronics, Bitumen Modification, Coating, Sealant, and Adhesive, Medical and Healthcare, Others Applications
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Major companies operating in the industrial rubber market report are LANXESS AG, Bridgestone Corporation, Taiwan Synthetic Rubber Corporation, JSR Corporation, Zeon Corporation, LG Chem Co. Ltd., Toyo Tire & Rubber Co. Ltd., The Yokohama Rubber Co. Ltd., Kumho Petrochemical Co. Ltd., Cooper-Standard Holdings Inc., The Gates Corporation, Asahi Kasei Corporation, Exxon Mobil Corporation, Continental AG, Greenville Industrial Rubber & Gasket Co. Inc., ITT Corporation, Mitsubishi Chemical Corporation, NOK Corporation, Parker Hannifin Corporation, Pirelli & C. S.p.A., PolyOne Corporation, Qingdao Huahan Machinery Co. Ltd., R.D. Abbott Company Inc., Rubberlite Inc., Saint-Gobain S.A., Shin-Etsu Chemical Co. Ltd., Sumitomo Riko Company Limited, Trelleborg AB, Trinseo S.A., U.S. Rubber Corp., Veyance Technologies Inc.
Contents of the report:
1. Executive Summary
2. Industrial Rubber Market Report Structure
3. Industrial Rubber Market Trends And Strategies
4. Industrial Rubber Market - Macro Economic Scenario
5. Industrial Rubber Market Size And Growth
…..
27. Industrial Rubber Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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