Rubber Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2285
Rubber Market Size is likely to witness a steady growth from 2018 to 2024 due to increasing tire demand in automobile & transportation industry.
Rubber originates from three different sources such as natural, synthetic, and reclaimed rubber. Natural rubber is harvested in the form of latex from trees such as hevea brasiliensis, congo, dandelion and others. It is a natural polymer consisting of organic compound isoprene and water having water proof ability and high resilience and stretch ratio. Synthetic rubber is elastomer polymers which are mainly manufactured from petroleum byproducts. It has extensive application in automobile & transportation industry for hoses, matting, tires, belts, etc. It also finds its usage in other sector such as in industrial application, in packaging, construction, electrical & electronics, and others such as HVAC, oil & gas, bowling, etc. Various types of commercialized synthetic rubber are styrene-butadiene (SBR), nitrile, chloroprene, silicone rubber, etc. Reclaimed or recycled rubber is manufactured by application of heat and chemical agents, and mechanical working on ground vulcanized scarp tubes, tires and other waste products. The major uses of reclaimed rubber is in passenger tire carcass, inner tubes, tubeless tire liners, extruded and calendared products, insulation tiles used in laying pedestrian, in metro railways, etc.
Rubber market has myriad end use domain such as automobile & transportation, electrical & electronics, construction, packing, etc. Automobile & transportation has gathered enough substantiation to widen the product application matrix owing to the maximum use of rubber in tire industry, and other application such as brakes, flooring, interior of passenger cars, bus, etc. Global tire demand in 2016 was more than 1500 million unit and it is likely to grow in forecast timeframe which in turn will propel the growth of rubber market.
Industrial application is also deemed to be profitable quotient for product market owing to its unique characteristics such as good weather resistance, insulation property, high stability, flexibility, etc. The use of product in inner lining of equipment, sealant, adhesives, flooring, hoses, pipes, gaskets, roll covering, elevators, geo-membrane, transmission belts, non-flat belt, and other rubber fabricated products will contribute to a healthy growth in rubber market in coming years.
Various rules and regulation of the U.S government regarding emission of hazardous air pollutants such as hexane, styrene, toluene, methanol etc. which is associated with adverse health effects will hamper the rubber market growth. The other factor that will encumber the growth of product market is volatility of oil prices, and decreasing number of rubber plants.
On basis of product, the rubber market is segmented as natural, synthetic, and reclaimed rubber. Synthetic rubber is further classified into styrene butadiene (SBR), butyl (BR), nitrile (NR), ethylene propylene diene (EPDM), silicone, chloroprene polyurethane, fluorocarbon, and others such as acrylic, epichlorohydrin, polysulfide, etc. Among all, the global product market share will be led by synthetic segment, followed by reclaimed rubber. Further in the synthetic segment, SBR will account for a substantial consumption and production owing to use in the production of tires and other items required in the automobile & transportation industry. The unique characteristics such as excellent resistance against heat and generation of cracks, high abrasion, and low rolling resistance will surge the use of SBR which will propel the rubber market growth.
Based on end-user, rubber market is classified as automobile & transportation, industrial application, electrical & electronics, construction, packaging and others which include HVAC, oil & gas, etc. Rising disposable income of consumer will increase the sales of automotive which will propel the automobile & transportation industry. This will lead to increase in demand for product such as tires, tubes, belts, etc.; hence, escalating the growth of product industry. The use of product in industrial applications as an insulating material, adhesives, sealant, hoses, gaskets, etc. will upsurge the product market growth.
Asia Pacific will have a significant contribution in global rubber market in terms of production as well in consumption owing to rapid urbanization and industrialization in this region. Moreover, manufacturers based in the developed countries of North America and Europe are shifting their production bases to developing economies owing to low raw material, operation & labor costs, which will result in a robust growth for the product market.
The key participants in the rubber market are Lanxess, ExxonMobil Chemical Co., LG Chem, Sibur International Gmbh, Carst & Walker, Kuraray Co. Ltd, Karbochem, Reliance Industries Limited, Kraton, Dow Chemicals, BRP Manufacturing Company, Asahi Kasei Corp., Sinopec, Showa Denko, PetroChina Company ltd, etc
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