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Global Industrial Rubber Market Overview 2033 : Forecasted Market Size And Growth Rate
Industrial Rubber Global Market Report 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to industrialization, automotive industry growth, construction boom, advancements in material science, safety and performance requirements.
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%. The growth in the forecast period can be attributed to customization and innovation, supply chain optimization, healthcare and medical sector, industry 4.0 integration, evolving material science. Major trends in the forecast period include adherence to regulatory standards, strategic collaborations, product innovations, advanced material technologies.
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Market Drivers and Trends:
The increasing demand of building and construction industry is expected to propel the growth of the industrial rubber market going forward. The building and construction industry refers to the sector of the economy that is involved in the planning, design, development, construction, and maintenance of structures and infrastructure. The use of industrial rubber in the building and construction industry provides durability, weather resistance, water proofing, sealing, insulation, sound damping, and absorbing shock and isolate vibrations. For instance, in September 2021, according to Oxford Economics, a UK-based economic information services company, the global construction output by 2030 is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, the increasing demand of building and construction industry is driving the growth of 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.
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Major Key Players of the Market:
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.
Industrial Rubber Market 2024 Key Insights:
• 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%.
• Automotive Industry Growth Propels Surge In Industrial Rubber Market
• Technological Advancements And Sustainable Solutions In The Industrial Rubber Market
• Asia-Pacific was the largest region in the industrial rubber market share in 2023
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