New York, Sept. 02, 2022 (GLOBE NEWSWIRE) -- The global industrial rubber market is anticipated to exhibit a growth rate of about 6.4% between 2022 and 2032. Market growth is attributed to growing demand from various end-use industries such as automotive, building & construction, and textiles & fabrics.
Industrial rubber primarily consists of two types of rubber: natural and synthetic. Natural rubber is made from organic polymer isoprene, which is also present in latex, rubber trees, and other plants. The petrochemical industry uses petroleum byproducts to make synthetic rubber, which is an elastomer made from unsaturated hydrocarbons that are polymerized. Rollers, shoes, sporting goods, hoses, gaskets, seals, conveyor belts, wires, and cables, among other items, are among the many products that employ industrial rubber.
The overall industrial rubber market has expanded with an extensive variety of end uses and execution necessities. Industrial rubber is used in every established and emerging industry, ranging from the automotive industry, construction industry, to the electrical industry.
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The automotive and transportation sectors are expected to remain key end-use industries for industrial rubber owing to substantial production rate of tires. A faster-growing construction sector with new technologies and advanced commercial, industrial, and residential projects is also predicted to fuel demand for industrial rubber over the decade.
Key Takeaways from Market Study
- The global market for industrial rubber is estimated to reach a value of US$ 106.4 Bn by the end of 2032.
- The synthetic rubber segment is estimated to witness a growth rate of 6.9% during the assessment period.
- East Asia is anticipated to create an incremental dollar opportunity of US$ 37.7 Bn by 2032.
- By end use, the automotive & transportation sector is anticipated to witness a CAGR of 7% over the decade.
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“Key market participants are investing a fair share of their revenue in research & development to investigate new applications of industrial rubber, as the market is still in its early developmental stage,” says a Persistence Market Research analyst.
Competitive Landscape
The global market for industrial rubber has been identified as a fragmented space owing to the large number of players operating in the market.
Some of the key market players included in the report are Asahi Kasei Corporation, Exxon Mobil Corporation, Greenville Industrial Rubber & Gasket Co., Eni S.p.A., Kraton Corporation, BRP Manufacturing, Sinopec Corporation, JSR Corporation, Sumitomo Chemical Co. Ltd, Denka Company Limited, Ube Industries, Ltd., Zeon Corporation, Bridgestone Corporation, Goodyear Tire & Rubber Corporation, Ansell Limited, Kossan Rubber Industries Bhd, Yokohama Rubber Company Ltd., Tokyo Zairyo Co., Ltd., Kuraray Co., Ltd, Kumho Polychem, LG Chem Ltd, Industrial Rubber & Gasket Inc., and Indag Rubber Limited.
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Conclusion
The market is anticipated to grow at a healthy rate, especially in East Asia and South Asia Pacific, due to rising demand from numerous end-use sectors, including automotive & transportation, building & construction, industrial machinery & equipment, textiles & fabrics, and many others.
East Asia and South Asia Pacific are very diverse from one another in terms of client base, innovation, and geopolitical circumstances. The industrial rubber market in India, China, and ASEAN nations is anticipated to take off shortly due to rapidly expanding end-use sectors.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global industrial rubber market that contains an industry analysis of 2017–2021 and an opportunity assessment for 2022–2032.
The report provides an in-depth analysis of the market through different segments, namely, rubber type, processing type, end use, and region. The report also provides supply and demand trends along with an overview of the parent market.
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