Rubber Processing Chemicals Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Germany, France, Italy, China, Australia, India, Japan, Indonesia, Argentina, Brazil, Saudi Arabia, UAE, Kuwait, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Report ID: GMI1405
Rubber Processing Chemicals Market size is escalating and is projected to rise at a CAGR of over 4% by 2024.
Rubber is a polymer of isoprene, harvested in the form of latex and contains minor impurities. The elasticity of rubber makes it suitable for shock absorbers and other applications to reduce vibrations in machinery. The product is used to increase the commercial viability of rubber in various end user applications. Automotive industry is a major growth driver for rubber industry due to heavy consumption of rubber in manufacturing tires and other small equipment. In 2015, the global sale of cars mounted over 70 million units and is projected to increase further which will heavily contribute towards the rubber processing chemicals market share in the coming future.
The global rubber processing chemicals market size is propelled by positive growth initiators in the construction industry. As the product finds application in floor covering, roofing materials, sealants and sound insulators in the industry. Due to rapid industrialization and urbanization, the construction industry is gaining momentum and is expected to grow at a CAGR close to 4% over the projected timeframe. It is probable to positively influence the rubber processing chemicals market by 2024.
Stringent regulations are imposed by government due to hazardous impact of the product on human health and environment. It is expected to curb the rubber processing chemicals market size in the coming future. Furthermore, the shift in the industry from conventional tires to green tires in future is likely to decrease the footholds and henceforth resulting in hampering the overall rubber processing chemicals market over the forecast timespan. Increasing need to enhance characteristics such as resistance against ozone, heat, sunlight, oxidation in tire industry to develop premium range of tires for high end vehicle segment is a probable opportunity for the growth of industry in the future.
Global rubber processing chemicals market share is divided based on product into accelerators, anti-degradants, flame retardants and processing aids/promoters. Anti-degradants are a major segment in the business and captures over 50% of market size in terms of revenue. During vulcanization process, it is mixed with other products including curing agents, accelerators and crude rubber to obtain exceptional results in terms of finishing, tensile strength and higher resistance from heat. On the other hand, flame retardants help in improving safety measures by preventing rubber from flame incidents. Such safety measures are likely to promote the use of product in various end user applications and will effectively enhance growth of the industry.
Based on application, the global rubber processing chemicals market share is segmented into tire and non-tire industry. Tire industry contributes heavily and captures the largest portion in the rubber processing chemicals market size. With scaling demand of vehicles across the globe, it is predictable to have positive impact on the industry due to increasing use of the product. It was estimated in 2015 that out of the total rubber production, more than half was contributed to tire industry. The non-tire industry is further segmented into building & construction, automotive, industrial and others (aerospace, medical and footwear etc.). The construction industry utilizes the product in roofing material, adhesives and sealant, sound insulators and floor covering. It is likely to boost the rubber processing chemicals market size in the coming future. Other than tires, there is extensive use of rubber in automobile industry including fluid transfer system (hoses), automotive antivibration (shock absorbers), sealants, adhesives & coatings, foam, flat seals etc. Henceforth, growing automotive industry will contribute towards the growth of industry by 2024.
In North America, countries including the U.S. and Canada has growing automobile sector due to consistent technological developments which are likely to scale the growth of rubber usage in the industry. It is expected to contribute towards growing trends in the rubber processing chemicals market. In Asia Pacific, countries including China and India are witnessing rapid industrialization and urbanization and henceforth resulting in booming construction industry. It is probable to improve the utilization of product in the business to meet desired needs for rubber based products.
The key global players of rubber processing chemicals market share are BASF SE, Solvay SA, Lanxess AG, AkzoNobel N.V., R.T. Vanderbilt Holding Company, Inc., Eastman Chemicals Company, Arkema Inc., Sumitomo Chemical Company, China Petroleum & Chemical Corporation, LINKWELL, Merchem. Company and Emerald Performance Materials.
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