The ‘Global Rubber Market Price, Share, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global rubber market, assessing the market on the basis of its segments like type, application, and major regions.
Rubber Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.0%
The robust growth in the automotive industry is propelling the growth of the rubber market, owing to the surging demand for rubber for making tyres. Non-tire applications of rubber are also flourishing due to the growing demand for roll coverings, hoses, and adhesives. The increasing construction activities coupled with the growing popularity of electric vehicles are major factors driving the growth of the market for rubber. There is a surging demand for rubber in the footwear industry owing to the various properties of rubber like protection from electricity, water, and low temperatures.
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The prevailing use of rubber to manufacture products like surgical gloves, pacifiers and pacemakers is likely to create a boom in the pharmaceutical applications of the market for rubber. The demand for synthetic rubber is likely to boost due to its better abrasion resistance and cost-effective nature. The growing demand for sports protection equipment like pads and gears, has surged the demand for vulcanised rubber and aided the growth of the overall market for rubber. Furthermore, rubber has vast applications in households, due to the growing demand for items of daily-use like rubber bands, erasers, shower mats, cooking spatulas, and balloons which is further expanding the rubber market.
Industry Definition and Major Segments
Rubber is an elastic polymer made either from plant latex or through artificial means by linking polymer molecules. The various processes involved in making rubber include compounding, mixing, shaping, and vulcanising. The distinct physical properties of rubber like hardness, tear resistance, and abrasion resistance make it suitable for a variety of applications in numerous industries.
On the basis of type, the market is bifurcated into:
• Natural Rubber
• Synthetic Rubber
Based on application, the market is segmented into:
• Auto-Tyre Sector
• Non-Tyre Automotive
• Electrical and Electronics
On the basis of region, the market is classified into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Rising industrialisation has triggered the demand for rubber products, bolstering the global rubber market. The key trends of this market include the increased applications of rubber in various industries and the growing awareness and shift to natural rubber, in order to prevent pollution.
The adoption of sustainable practices like the use of renewable oils like canola oil in the production of rubber, is likely to be a key trend of this market. Furthermore, the use of recycled rubber as infill on synthetic turfs and for making tracks and athletic surfaces is adding to the robust growth of the rubber market. The growing trend of DIY projects and eco-furniture have surged the demand for rubber moulds, further bolstering the market for rubber.
Increasing investments towards research and development of rubber formation is significantly contributing to the growth of this market. Rubber nanocomposites are widely being deployed in tires and various consumer goods, where flexibility is needed, which is enhancing the future growth prospects of this market. The use of rubber to coat reinforced products like seatbelts, conveyor belts, and air brake diaphragms is likely to create opportunities for the market in the coming years.
Key Market Players
The major players in the global rubber market report are Arlanxeo, Kumho Petrochemical, TSRC Corporation, LG Chem, Von Bundit Co., Ltd., Sri Trang Agro-Industry Plc., and Southland Holding Company, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.