Press release
Industrial Rubber Market Poised for 7 % Growth, Set to Hit $62.95 Billion by 2029
Industrial Rubber Market Size
The ascension exhibited in the automotive sector is projected to expedite the expansion of the industrial rubber market. This sector is comprised of various industries associated with automobile production, retail, wholesale and repair. The growth can be credited to various factors such as an enhanced standard of living and burgeoning economies, which have substantially increased spending power. The global pandemic has unexpectedly led to a surge in the requirement for private transportation on a global scale. Factors such as environmental concerns and a global move towards achieving net-zero emissions have spurred changes in transportation. This encompasses a rise in the production of electric and hybrid vehicles. This boost in the automobile sector demand has conversely hiked the production and need for industrial rubber, which is utilized extensively in auto interiors and exteriors. In 2023, data from the Organisation Internationale des Constructeurs d'Automobiles (OICA), a French-based global automobile manufacturers association, demonstrated that the worldwide automotive industry had gone through impressive growth, with total vehicle production reaching 84.83 million units - up from 80 million units in 2021, signifying a 6% year-on-year increase. This statistic validates the resilience of the industry and its ability to recover even during tough economic circumstances. Hence, the escalating growth in the automotive industry is anticipated to invigorate the industrial rubber market.
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What is the projected compound annual growth rate (CAGR) of the industrial rubber market from 2025 to 2034, and what factors influence it?
In recent years, the size of the industrial rubber market has experienced significant growth. The market, which is slated to increase from $44.58 billion in 2024 to $47.61 billion in 2025, is expected to register a compound annual growth rate (CAGR) of 6.8%. The historic growth is attributed to factors such as industrialization, expansion of the automotive industry, a surge in construction activities, progress in material science, as well as safety and performance requirements.
In the forthcoming years, the industrial rubber market is projected to experience robust expansion and is likely to expand to a size of $62.95 billion in 2029 with a compound annual growth rate (CAGR) of 7.2%. Factors contributing to this increase during the estimated period include the enhancement and personalization of products, optimization of the supply chain, growth in the healthcare and medical sectors, integration of industry 4.0, and advancements in material science. During this forecast period, adherence to regulatory standards, strategic partnerships, innovation in products, and advances in material technology will be the key trends.
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How are the latest trends influencing the growth of the industrial rubber market?
Innovations in technology are becoming a significant trend in the industrial rubber market. Firms dominating the industrial rubber sector are rolling out novel products and technologies such as those based on green and sustainable practices, in order to maintain their market standing. For instance, Global Rubber Industries (GRI), a tire company based in Sri Lanka, released its latest Green XLR Earth series of radial agricultural tires in August 2022. Designed as the agricultural industry's first sustainable tire series powered by green tech, it consists of 37.5% sustainable materials. The inclusion of a substantial proportion of recycled carbon black greatly reduces the tire's carbon footprint. The tire also incorporates soybean oil, a renewable and sustainable resource, allowing the natural rubber to maintain more of its innate properties, thereby enhancing the tire's overall performance.
What are the major segments of the industrial rubber market and their role in driving growth?
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
Subsegments:
1) By Natural Industrial Rubber: Ribbed Smoke Sheet (RSS), Technically Specified Rubber (TSR), Crepe Rubber, Liquid Natural Rubber
2) By Synthetic Industrial Rubber: Styrene-Butadiene Rubber (SBR), Ethylene Propylene Diene Monomer (EPDM), Neoprene, Nitrile Rubber (NBR), Butyl Rubber, Polyurethane Rubber
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Which regions are key players in the growth of the industrial rubber market?
Asia-Pacific was the largest region in the industrial rubber market share in 2024. The regions covered in the industrial rubber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the industrial rubber market?
Major companies operating in the industrial rubber market 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.
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What Is Covered In The Industrial Rubber Global Market Report?
• Market Size Forecast: Examine the industrial rubber market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the industrial rubber market for a structured understanding.
• Key Players Overview: Analyze major players in the industrial rubber market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the industrial rubber market.
• Segment Contributions: Evaluate how different segments drive overall growth in the industrial rubber market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the industrial rubber market.
• Industry Challenges: Identify potential risks and obstacles affecting the industrial rubber market.
• Competitive Landscape: Review strategic developments in the industrial rubber market, including expansions, agreements, and new product launches.
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