The industrial rubber global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Industrial Rubber Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The industrial rubber market size has grown strongly in recent years. It will grow from <b>$42.01 billion in 2023 to $44.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. </b> The growth in the historic period can be attributed to industrialization, automotive industry growth, construction boom, advancements in material science, safety and performance requirements.
The industrial rubber market size is expected to see strong growth in the next few years. It will grow to <b>$58.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. </b> The growth in the forecast period can be attributed to customization and innovation, supply chain optimization, healthcare and medical sector, industry 4.0 integration, evolving material science. Major trends in the forecast period include adherence to regulatory standards, strategic collaborations, product innovations, advanced material technologies.
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Scope Of Industrial Rubber Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Industrial Rubber Market Overview
Market Drivers –
The growth in the automotive industry is expected to propel the industrial rubber market going forward. The automotive industry comprises industries involved in manufacturing, wholesale, retailing, and repairing automobiles. The improving level of living and expanding economy have altered purchasing power. Furthermore, the economic impact of COVID-19 has resulted in a dramatic spike in demand for personal mobility worldwide. Moreover, climate change and the desire to attain net-zero emissions are drive the global shift to emission-free transportation. These adoptions have increased production of EVs and hybrid vehicles. Such a surge in automotive demand has led to increased production and demand for industrial rubber used in a wide range of vehicle interiors and exteriors. For instance, in April 2022, a report published by European Automobile Manufacturers Association, 79.1 million motor vehicles were produced worldwide in 2021. Therefore, the growth in the automotive industry will drive the industrial rubber market.
Market Trends –
Technological advancements are a key trend gaining popularity in the industrial rubber market. Major companies operating in the industrial rubber market are introducing new products and technology, such as green and sustainable technology-based product to sustain their position in the market. For instance, in August 2022, Global Rubber Industries (GRI), a Sri Lanka-based tire manufacturer, launched the new Green XLR Earth series of radial agricultural tires. This new product is the first sustainable tire series for the agricultural industry based on sustainable technology. It is made of 37.5% sustainable materials and is made with a high percentage of recycled carbon black to lessen its carbon footprint. It also contains soybean oil, which is renewable and sustainable, and ensures that natural rubber retains more of its original properties to improve the tire’s overall performance.
The industrial rubber market covered in this report is segmented –
1) By Rubber Type: Natural Industrial Rubber, Synthetic Industrial Rubber
2) By Processing Type: Injection Melding, Compression Melding, Extrusion, Others Processing
3) By Product: Mechanical Rubber Good, Rubber Hose, Rubber Belt, Rubber Roofing, Others Products
4) By Application: Automotive, Building and Construction, Industrial Manufacturing, Polymer Modification, Wire and Cable, Electrical and Electronics, Bitumen Modification, Coating, Sealant, and Adhesive, Medical and Healthcare, Others Applications
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Regional Insights –
Asia-Pacific was the largest region in the industrial rubber market share in 2023. The regions covered in the industrial rubber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the industrial rubber market report are LANXESS AG, Bridgestone Corporation, Taiwan Synthetic Rubber Corporation, JSR Corporation, Zeon Corporation, LG Chem Co. Ltd., Toyo Tire & Rubber Co. Ltd., The Yokohama Rubber Co. Ltd., Kumho Petrochemical Co. Ltd., Cooper-Standard Holdings Inc., The Gates Corporation, Asahi Kasei Corporation, Exxon Mobil Corporation, Continental AG, Greenville Industrial Rubber & Gasket Co. Inc., ITT Corporation, Mitsubishi Chemical Corporation, NOK Corporation, Parker Hannifin Corporation, Pirelli & C. S.p.A., PolyOne Corporation, Qingdao Huahan Machinery Co. Ltd., R.D. Abbott Company Inc., Rubberlite Inc., Saint-Gobain S.A., Shin-Etsu Chemical Co. Ltd., Sumitomo Riko Company Limited, Trelleborg AB, Trinseo S.A., U.S. Rubber Corp., Veyance Technologies Inc.
Table of Contents
1. Executive Summary
2. Industrial Rubber Market Report Structure
3. Industrial Rubber Market Trends And Strategies
4. Industrial Rubber Market – Macro Economic Scenario
5. Global Industrial Rubber Market Size and Growth
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31. Global Industrial Rubber Market Competitive Benchmarking
32. Global Industrial Rubber Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Industrial Rubber Market
34. Industrial Rubber Market Future Outlook and Potential Analysis
35. Appendix
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