Rubber Market
The global rubber market size stood at USD 40.77 billion in 2019 and is projected to reach USD 51.21 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period. Asia Pacific dominated the Rubber Market with a market share of 54.18% in 2019. The rubber market in the U.S. is projected to grow significantly, reaching an estimated value of USD 7.45 billion by 2032, driven by rising demand in automotive and footwear applications. The heavy demand from the automotive industry owing to its insulation property, and will propel the growth of the market during the forecast period, states Fortune Business Insights, in a report, titled “Rubber Market Size, Share & Industry Analysis, By Type (Natural, and Synthetic), By Application (Tire, Non-Tire Automotive, Footwear, Industrial Goods, and Others), and Regional Forecast, 2024-2032.”
The rubber market plays a critical role in various industries, including automotive, construction, aerospace, footwear, and consumer goods. Rubber, both natural and synthetic, is a versatile material with applications ranging from vehicle tires to medical devices. As industries expand and technological advancements fuel innovation, the global rubber market is witnessing significant growth and transformation.
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The Report lists the Main Companies in the Rubber Market:
- ARLANXEO (Netherlands)
- Kumho Petrochemical Co., Ltd. (South Korea)
- PetroChina (China)
- TSRC Corporation (Taiwan)
- LG Chem (South Korea)
- Versalis (Italy)
- Dow Chemicals (U.S.)
- Von Bundit (Thailand)
- Sri Trang Agro-Industry (Thailand)
- Southland Holding Lonza (Thailand)
- Vietnam Rubber Group (Vietnam)
- Tradewinds Plantation Berhad (Malaysia)
- Tong Thai Rubber Group (Thailand)
- Ravasco (India)
- Halcyon Agri (Singapore)
- Unitex Rubber (Thailand)
The report on the rubber market incorporates:
- All-embracing evaluation of the Industry
- Latest developments
- Emerging trends and drivers
- Controlling regions in the global market
- COVID-19 impact on the industry
Market Driver:
Rising Application of Rubber in Numerous Industries to Boost Market
The growing demand for tire and other automotive parts will simultaneously spur opportunities during the forecast period. The growing utilization of rubber in wide-ranging automotive products such as tires, crap tubes, adhesives, hoses, pipes, gaskets, and roll coverings will further enhance the scope of the market. Moreover, the increasing application in footwear, industrial goods, construction, textiles, and other consumer products will aid the expansion of the market. For instance, the use of latex offers substantial protection against water, chemicals, electricity, impact, and low temperatures. Additionally, its use in a variety of textiles, and consumer products, such as bands, protective covers, mats, and others will further foster the growth of the market.
Disturbed Supply Chain to Dwindle Business Amid Coronavirus
The coronavirus incident has resulted in the shutdown of production facilities, and restrictions on transportation. The disruption in the supply and distribution can further limit the scope of the market. The major impacted countries include China, India, Germany, Italy, Brazil, and Canada. China is a major consumer of rubber. The constraint on export and import activities of industrial rubber goods and tires will act as an inhibiting factor for the development of the global market.
Key Drivers of Market Growth
- Booming Automotive Industry: The automotive sector accounts for the largest share of rubber consumption, particularly in tire manufacturing. The rise of electric vehicles (EVs) and growing vehicle production globally are key contributors to market expansion.
- Infrastructure and Construction: Rubber is widely used in construction materials such as seals, gaskets, and roofing products. Increasing infrastructure projects, especially in developing economies, are boosting demand.
- Technological Innovations: Advancements in synthetic rubber production, such as eco-friendly and sustainable alternatives, are creating new opportunities in the market.
- Expanding Consumer Goods Market: Rubber is a crucial component in the production of footwear, sports equipment, and household items, driving steady market growth.
Challenges in the Rubber Market
Despite robust growth, the rubber industry faces several challenges:
- Fluctuating Raw Material Prices: The prices of natural rubber are highly volatile due to dependency on weather, production cycles, and geopolitical issues in major rubber-producing countries.
- Environmental Concerns: The rubber industry, especially synthetic rubber production, raises environmental concerns due to emissions and non-biodegradable waste.
- Competition from Alternatives: Growing interest in sustainable and bio-based materials poses a challenge to traditional rubber products.
Inforamation Source: https://www.fortunebusinessinsights.com/industry-reports/rubber-market-101612
Regional Analysis:
Rising Construction Activities to Bolster Growth in Asia Pacific
The market size in Asia Pacific stood at USD 22.09 billion in 2019 and is expected to witness an exponential growth rate during the forecast period. The growth in the region is attributed to the rising production and consumption in India and China. Thailand is the largest producing country of natural rubber. The flourishing automotive and construction industry is predicted to enable speedy expansion of the market in the region. The market in North America is expected to rise tremendously owing to the rising demand in footwear applications. The growing automotive, chemical, and textile industries are expected to create opportunities for the market in North America.
The global rubber market remains a cornerstone for industrial and economic development, driven by automotive demand, technological advancements, and infrastructure growth. While the industry faces challenges such as price volatility and environmental concerns, the focus on sustainability and innovation promises a dynamic future. Stakeholders, including manufacturers, policymakers, and investors, must collaborate to harness the potential of the rubber market while addressing its challenges.
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