Press release
Transformative Trends Impacting the Rubber Products Market Landscape: Sri Trang Group Launches Traceable Natural Rubber Initiative To Enhance Sustainability And Meet EUDR Compliance
Rubber Products
What Is the Expected CAGR for the Rubber Products Market Through 2025?
The market for rubber products has witnessed significant expansion in the past few years. From being valued at $400.43 billion in 2024, it is projected to reach $428.95 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.1%. Reasons for this growth during the historic period include the expansion of the automotive sector, increasing industrialisation and manufacturing, advances in the tire industry, growth in consumer goods production, the expanding healthcare sector, and the elasticity and versatility of rubber.
What's the Projected Size of the Global Rubber Products Market by 2029?
The market size of rubber products is anticipated to experience robust growth in the subsequent years. The market is projected to increase to $544.5 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.1%. Factors propelling the growth during the forecasted period include an emphasis on sustainable and recyclable materials, development of smart and intelligent rubber products, investment in infrastructure, growth in the renewable energy sector, and sophisticated sealing solutions. The period is also likely to see trends such as the advancement in rubber technologies, tailored rubber solutions, rubber recycling, and 3D printing of rubber parts, as well as innovation in rubber formulations.
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Top Growth Drivers in the Rubber Products Industry: What's Accelerating the Market?
The rise in the manufacturing of vehicles, inclusive of cars, trucks, buses, and motorcycles, is expected to drive the growth of the rubber products market. This escalation in automotive production can be attributed to a variety of factors such as increased global demand, urban development, advancements in technology, government stimulus, and improved infrastructure. These rubber products, utilized in the manufacturing process, are fundamental to the production of tires, seals, hoses, suspension parts, interior details, electrical insulation, and vibration dampening systems. They contribute to enhancing the vehicle's performance, safety and comfort levels. For example, information from the Belgium-based trade association, the European Automobile Manufacturers Association, revealed that in 2022, there was a production of 85.4 million units of global motor vehicles. This reflected a growth rate of 5.7% from the previous year. As a result of these factors, the upswing in the automobile manufacturing industry is fueling the expansion of the rubber products market.
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What Trends Will Shape the Rubber Products Market Through 2029 and Beyond?
Prominent businesses in the rubber products market are working to establish eco-friendly and sustainable rubber solutions, such as traceable natural rubber, in view of the increasing demand for transparency and sustainability in supply chains. Traceable natural rubber is a kind of rubber with a supply chain that is trackable from its initial source, typically a rubber plantation, all the way to the final product. An example of this is when, in March 2024, Sri Trang Group, an engineering services firm based in Thailand, launched the traceable natural rubber (GPS) program, an innovation designed to boost sustainability and comply with global traceability standards, especially with the European Union Deforestation-Free Regulation (EUDR). This strategy offers 100% backward traceability for natural rubber, allowing for products to be tracked to specific plantations and their proprietors. Sri Trang intends to register 100,000 rubber farmers and traders by 2024, expanding this to 220,000 by 2025, using cutting-edge tools like the Sri Trang Friends app to link stakeholders across the supply chain.
What Are the Main Segments in the Rubber Products Market?
The rubber products market covered in this report is segmented -
1) By Type: Tire, Hoses And Belting, Other Rubber Product
2) By Process: Molded, Extruded, Fabricated, Latex-based, Other Processes
3) By End-User Industry: Construction & Infrastructure, Automotive, Electrical & Electronics, Other End Users
Subsegments:
1) By Tire: Passenger Car Tires, Commercial Vehicle Tires, Two-Wheeler Tires, Specialty Tires
2) By Hoses And Belting: Industrial Hoses, Hydraulic Hoses, Rubber Belts, Automotive Hoses
3) By Other Rubber Products: Rubber Seals And Gaskets, Rubber Flooring, Rubberized Fabrics, Rubber O-Rings And Washers
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Which Top Companies are Driving Growth in the Rubber Products Market?
Major companies operating in the rubber products market include U.S. Rubber Supply Co., KA-Glove, Allstates Rubber & Tool Corp., Continental AG, Bridgestone Corporation, The Michelin Group, The Goodyear Tire & Rubber Company, GRT Rubber Technologies, Quick Cut Gasket & Rubber Corp., Yokohama Rubber Company Ltd., Hankook Tire & Rubber Co. Ltd., Toyota Tsusho Corp., Pirelli & C SpA, Trelleborg AB, Toyo Tire & Rubber Co. Ltd., Sri Trang Agro-Industry plc, Cooper Tire & Rubber Company, Southland Global, Myers Industries Inc., Alliance Rubber, HBD Industries Inc., Sumitomo Rubber Group, Ceyenar Chemicals, Thai Hua Rubber PCL, Goodyear Rubber Company of Southern California, Soucy Baron Inc., Redwood Plastics and Rubber, THAI RUBBER LATEX GROUP PUBLIC COMPANY LIMITED, Duratuf Products Private Limited, Von Bundit Co. Ltd., Rolex Reclaim Pvt. Ltd., AirBoss Rubber Solutions,
Which Regions Will Dominate the Rubber Products Market Through 2029?
Asia-Pacific was the largest region in the rubber products market in 2024. North America was the second largest region in the rubber products market. The regions covered in the rubber products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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