Enhanced durability attributed to greater heat and abrasion resistance and external shocks to pivot market growth in forthcoming years
ROCKVILLE, MD / ACCESSWIRE / February 17, 2021 / Fact.MR's global industrial rubber market report offers an in-depth coverage on the growth landscape for the 2021-2031 assessment period. The report concludes that growth prospects for 2021 is expected to regain momentum, albeit gradually. Deceleration was experienced during Q2 & Q3 2020, by 4% and 3% respectively, while a 1% acceleration was witnessed in Q4. A CAGR exceeding 5% is projected through 2031.
In the past half-a-decade, the industrial rubber market exhibited a moderate expansion rate of 4%, on the back of mounting demand across key end use industries as tubes & tires, wires & cables, hoses, conveyor belts and gaskets & seals among others. Manufacturers are emphasizing on the production of synthetic rubber, attributed to its superior heat and abrasion resistance, enhanced tolerance to ozone and sunlight exposure and high malleability.
As the global automotive industry expands, the scope for industrial rubbers is set for further expansion. According to the International Energy Agency (IEA), global automotive sales reached 41 million units by H2 2020, with future sales expected to further proliferate, with a major tilt towards electric vehicle becoming evident. This is broadening the scope for allied industries such as tires, spare parts and other accessories.
"The global industrial rubber market is highly influenced by the fluctuating nature of the automotive industry, which is frequently rocked by price volatility. Therefore, manufacturers are constantly remodeling their business operations to accommodate the same," says a Fact.MR analyst.
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Key Takeaways from Fact.MR's Industrial Rubber Market Study
- By product, synthetic rubber is likely to account for two-thirds of the global market share
- Tires & tubes manufacturing to emerge as the primary industrial rubber application area
- By processing method, injection molding to garner credible momentum through 2031
- Automotive & transportation to register major uptake amongst all end-use industries
- US to capture an impressive revenue share amid extensive application in manufacturing tires, footwear and industrial goods
- UK to witness steady expansion, anticipated to register a strong CAGR in forthcoming years
- Germany and France to emerge strong, attributed to prolific advancements in automotive and industrial goods manufacturing
- China to emerge as a global industrial rubber production hub; Japan to exhibit promising prospects
Industrial Rubber Market- Prominent Drivers
- Growing applications as polymer mortars to enhance waterproofing and bonding in the construction industry to boost industrial rubber sales
- Increasing automobile ownership across developing countries to widen applications in the automotive sector
- Manufacturers are tapping into the Indian, Brazilian, Malaysian and Thai markets as they are amongst the world's leading rubber producers
Industrial Rubber Market- Key Restraints
- Increasing environmental concerns voiced by governments is restricting production of synthetic industrial rubber
- Adoption of tubeless tires in automobiles due to perceived benefits is expected to hinder applications in tire manufacturing
Discover more about the industrial rubber market with 121 figures and 207 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/industrial-rubber-market
JSR Corporation, Sumitomo Chemical Co. Ltd., ExxonMobil, Ube Industries Ltd., LANXESS, Asahi Kasei Corporation and Zeon Corporation are some prominent industrial rubber manufacturers profiled by Fact.MR. Besides these, numerous small-scale and medium-scale players operate in the landscape, rendering the market highly fragmented.
In March 2019, JSR Corporation developed a new styrene-butadiene copolymer rubber (SBR) material for automotive tires. This new material exhibits significantly improved mechanical strength, wear resistance and durability. The design has also proven useful in reducing CO2 emissions by improving fuel efficiency.
In June 2018, ExxonMobil unveiled a new manufacturing facility in Singapore to initiate production of hydrogenated hydrocarbon resin and halobutyl rubber with a capacity of 90,000 tons and 140,000 tons respectively on an annual basis.
More Insights on the Industrial Rubber Market
Fact.MR, in its new offering, presents an unbiased analysis of the global industrial rubber market. The study divulges essential insights on the market on the basis of product (natural rubber and synthetic rubber), processing method (injection molding, compression molding, extrusion, and others) application (tires & tubes, hoses, gaskets & seals, conveyor belts, wires & cables, and others), and end-use industry (automotive & transportation, building & construction, industrial machinery & equipment, and others), and across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa).
Key Questions Covered in the Report
- How will the industrial rubber market expand in the short-run?
- What drivers underpin the industrial rubber market growth?
- Which are the likely challenges expected to hinder future market expansion?
- Why are synthetic industrial rubbers acquiring popularity?
- How lucrative is the opportunity in the automotive & transportation segment?
- Why is the US a highly popular industrial rubber market?
- What growth opportunities exist across the German and French markets?
- How competitive is the global industrial rubber market?
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