Rubber Processing Chemicals Market is poised to rise to US$5.1 bn by 2024

LANXESS, Eastman Chemical Company, BASF SE, and Akzo Nobel N.V. were the top four players in the global rubber processing chemicals market in 2015, accounting for about 41% of the overall market. Among these, BASF SE was the torch bearer, owing to its constant efforts towards launching new products and technological innovations, finds Transparency Market Research (TMR) in a new study.

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Their strong brand name and diversified portfolio have helped these companies in maintaining prominence in this highly consolidated arena. Apart from this, a raft of players is paying high attention to long-term contracts in order to stay relevant. “Despite consolidation, these forces have led to high competitive rivalry in the global rubber processing chemicals market. The competition is anticipated to grow fiercer with the entry of numerous regional players,” says TMR’s lead analyst.

The opportunity in the global rubber processing chemicals market was pegged at US$3.4 bn in 2015 and is poised to rise to US$5.1 bn by 2024, exhibiting a CAGR of 4.7% between 2016 and 2024.

Asia Pacific to Remain Frontrunner through 2024

On the basis of application, the tire segment accounted for more than 70% of the overall market value in 2015 and is expected to maintain its leadership until 2024. The expansion of the automotive industry across the globe is one of the primary factors fuelling dominance of the segment. The segment will also register a CAGR higher than any other segment during the forecast period.

Geographically, Asia Pacific held a massive share of 62% in the market in 2015, with China being the leading revenue contributor. Owing to the flourishing growth of the automotive and manufacturing industries, the demand for rubber processing chemicals will remain high in the region throughout the forecast horizon. APAC is poised to remain dominant until 2024.

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Booming Construction Industry in Developing Countries Provides Upthrust to Overall Market

Owing to the unique properties of rubber such as elasticity and molding, it is the primary material used for manufacturing tires. With the spiraling sales of automobiles, owing to the rising spending power of consumers, the rubber industry and its underlying markets are gaining significant momentum. As a result of which, the global rubber processing chemicals market is anticipated to tread along a healthy growth track. “Besides this, the recent developments in the tire industry are also translating into the greater uptake of rubber processing chemicals,” says a TMR analyst.

Besides their application in the tire industry, rubber processing chemicals find extensive usage across construction activities. They are used in the construction industry as roofing materials, floor coverings, sealants, and sound insulators. They also provide protection to joint materials against pollution, corrosion, and harsh weather conditions. Therefore, the robust growth of the construction sector, especially in developing countries, is providing a fillip to the market.

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Adverse Effects of Rubber Processing Chemicals on Environment to Limit their Widespread Adoption

Rubber processing chemicals can potentially have a hazardous impact on the environment. For instance, wastewater discharged during processing contains a significant level of biological oxygen. The rising concerns regarding the environmental degradation due to these chemicals are compelling governments worldwide to impose stringent regulations on rubber processing. Besides this, the advent of green tires is also acting as a major roadblock for rubber processing chemicals manufacturers. These factors are, therefore, inhibiting the growth of the market. Nevertheless, the majority of the leading players are likely to capitalize on the tremendous opportunities offered by Asia Pacific.

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This release was published on openPR.