Press release
Global Rubber Processing Chemicals Market Expected to Reach a Value of US$ 7,000 Mn by 2026
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Demand for rubber in the tires industry is bolstering the global rubber processing chemicals market revenue growth
The worldwide rubber processing chemicals market is growing steadily all over the world due to a growing demand across the tires industry and across other diverse end-use industries. Inherent advantages of using rubber in the automotive industry such as molding and elasticity, which enables the tires to maintain a grip on roads even in adverse conditions and also withstand significant wear and tear and is augmenting global market demand for rubber. Due to an increasing demand for different types of vehicles, especially in the developing countries, the growth in demand for rubber processing chemicals is witnessing a significant boom. Besides the primary application in the tires industry, rubber processing chemicals are finding increasing application in various other end-use industries such as latex products, footwear, belts and hoses, etc. This is also boosting market revenue growth in the global rubber processing chemicals market. However, stringent environment regulations to counter the adverse effects brought about by rubber processing chemicals may hinder revenue growth of this market. In addition, threat from substitutes and fluctuating raw material prices are also likely to negatively impact the global rubber processing chemicals market.
Persistence Market Research has come up with a detailed report on the global rubber processing chemicals market that covers each and every aspect of this market. In this report, all the important regional markets have been covered comprehensively to give a complete picture of this market. The global rubber processing chemicals market report contains a historical analysis of the market from 2012 to 2016. In addition, revenue projections for a time period of nine years starting from 2017 to 2026 are also presented. As per the estimations provided by Persistence Market Research, the global rubber processing chemicals market is slated to display a moderate CAGR. The global rubber processing chemicals market was estimated to be valued at nearly US$ 4,750 Mn in 2017 and is slated to reach a valuation of about US$ 7,000 Mn by the end of the assessment period in 2026.
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Tires and related products to dominate the global market by application
The tires and related products segment in the application category of the global rubber processing chemicals market is expected to register a CAGR of 4.2% during the period of forecast. This is the most attractive segment by value in the application category. As per the data provided by Persistence Market Research, the tires and related products segment was estimated to be valued at nearly US$ 3,300 Mn in 2017 and is slated to reach a value of nearly US$ 4,760 Mn at the end of the year 2026.
Footwear application segment to witness the fastest growth
The footwear segment in the application category is poised to display the fastest CAGR of 5.8% during the period of forecast. This segment was estimated to be valued at nearly US$ 270 Mn in 2017 and is slated to reach a figure close to US$ 450 Mn by the end of the period of forecast in the year 2026.
Competition landscape
The competition landscape section of the global rubber processing chemicals market report studies some of the important companies in this market such as Arkema SA, BASF SE, Crofa International PlC, Eastman Chemical Company, Kumho Petrochemical Co. Ltd., Lanxess AG, NOCIL ltd., Solvay SA, Sumitomo Chemical and The Chemours Co.
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