Industrial rubber demand is majorly driven by East Asia, with rising demand from automobile applications the deciding factor. Growing production facilities with strong end-user consumption will bolster overall demand for industrial rubber even further over the coming years.
The automobile & transportation industry is set to increase demand for industrial rubber, reveals Fact.MR, in the recently published report on this market. As per the report, the industrial rubber market is anticipated to reach nearly US$ 110 Bn valuation in 2030, expanding at a CAGR of more than 5% over the forecast period of 2020 to 2030.
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Key Takeaways from Industrial Rubber Market Study
- The global industrial rubber market is anticipated to add 1.3X value in 2030 as compared to 2020.
- Synthetic rubber captures a major chunk of the market, equivalent to the two-third, and is set to create US$ 44.3 Bn through 2030.
- East Asia is set to hold a leading share by the end of FY2030, and will the fastest-growing region over the long-run forecast period.
- The automotive & transportation sector is anticipated to lose around 366 BPS by 2030, with demand the highest for tires and tubes.
- The injection molding segment under processing method is anticipated to gain around 172 BPS by 2030.
- Due to the COVID-19 pandemic, growth of the market was -2.1 in 2020, with recover expected to be equal to 4.4% growth in 2021.
- The market in the U.S. is projected to expand at a CAGR of over 5%, while that in the U.K. at close to 6%, through 2030.
Key Market Segments Covered in the Report
- Natural Rubber
- Synthetic rubber
- Polybutadiene Rubber
- Butyl Rubber
- Nitrile Rubber
- Chloroprene Rubber
- Ethylene-propylene Rubber
- Silicone Rubber
- Injection Molding
- Compression Molding
- Tires & Tubes
- Hoses, Gaskets & Seals
- Conveyor Belts
- Wires & Cables
- Automotive & Transportation
- Building & Construction
- Industrial Machinery & Equipment
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
What is the Share of Japan in the Industrial Rubber Landscape?
Japan is one of the key countries in industrial rubber production, and plays an important role after China in the region of East Asia. Market players such as Zeon Corporation, Ube Industries, Ltd., Sumitomo Chemical Co. Ltd, JSR Corporation, and Denka Company Limited have occupied major market shares in the country’s industrial rubber space.
Established market players have collaborated with regional tire manufacturers due to high segmental potential across the globe. For instance, key consumers of industrial rubber positioned are Bridgestone Corp. and Yokohama Rubber Co. Ltd. in the Japanese market.