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Rubber Processing Chemicals Market - Global Industry Analysis 2020
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Growing population coupled with increase in purchasing power among consumers has boosted the overall demand for automobiles. Rubber processing chemicals play a crucial role in enhancing the properties of rubber for its use in the manufacturing of automotive tires. Thus, the growing automobile industry is projected to boost the overall growth of rubber processing market. Rubber processing chemicals not only adds superior qualities to rubber but also enhances the overall process of manufacturing the raw material for other applications such as manufacturing of door mats. However, the growing environmental concerns coupled with stringent governmental regulations are expected to restrain the overall growth of the rubber processing market. The development of bio based rubber is expected to open new avenues for the rubber processing chemicals market.
China is the largest manufacturer as well as consumer of the rubber processing chemicals. The presence of huge secondary processed products manufacturing industries in China is expected to boost the demand for rubber which in turn is estimated to drive the rubber processing chemicals market. Europe is anticipated to be the next largest consumer of rubber processing chemicals owing to the presence of huge automobile industry in the region. Rubber processing chemicals are widely used by the automobile industry to manufacture the rubber tires having superior properties. The demand for rubber processing chemicals is expected to decline in North America owing to the presence of stringent government regulations in the region. Rest of Asia Pacific is expected to experience rapid growth in the demand for rubber processing chemicals in the near future. However, Rest of the World is expected to exhibit sluggish growth in the overall demand for rubber processing chemicals during the forecast period.
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The market of rubber processing chemicals is highly consolidated in nature. Emerald Performance Materials, Eastman Chemical, Chemtura Corporation, R.T. Vanderbilt Company, Inc. and LANXESS Corporation among others are some of the major participants of the rubber processing chemicals market. Owing to the consolidated nature of the tire industry, leading tire manufacturers are in a strong position to demand for low prices for rubber processing chemicals. The tire manufacturers also demand for product improvements, efficient delivery, high quality and strong technical support.
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