The Industrial Rubber Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In accordance with The Business Research Company’s Global Market Report for Industrial Rubber in 2024, the industrial rubber sector has experienced robust growth in recent times. This positive trajectory is anticipated to continue, with the market poised to expand from $42.01 billion in 2023 to $44.86 billion in 2024, reflecting a commendable compound annual growth rate (CAGR) of 6.8%. The surge in the historical period can be attributed to factors such as industrialization, automotive industry upswing, a construction boom, advancements in material science, and heightened safety and performance requisites.
Projections for the industrial rubber market size indicate substantial growth over the next several years, reaching $58.05 billion by 2028 at a steady CAGR of 6.7%. This anticipated expansion in the forecast period is underpinned by key drivers such as customization and innovation, supply chain optimization, a burgeoning healthcare and medical sector, integration of Industry 4.0, and the continuous evolution of material science. Noteworthy trends in this forecasted period encompass strict adherence to regulatory standards, strategic collaborations, ongoing product innovations, and the integration of advanced material technologies.
During this forecast period, key trends are anticipated to shape the industrial rubber market landscape, including a heightened emphasis on regulatory compliance, strategic collaborations, product innovations, and the integration of advanced material technologies.
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.
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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
Top 5 Major Players:
A pivotal trend gaining prominence in the industrial rubber market is technological advancements. Major industry players are spearheading initiatives to introduce cutting-edge products and technologies, with a particular focus on sustainability. For instance, in August 2022, Global Rubber Industries (GRI), a leading tire manufacturer based in Sri Lanka, unveiled the innovative Green XLR Earth series of radial agricultural tires. This groundbreaking product represents the industry’s first sustainable tire series for agriculture, built on eco-friendly technology. Comprising 37.5% sustainable materials and incorporating a substantial amount of recycled carbon black to reduce its carbon footprint, the tire also features soybean oil—a renewable and sustainable resource. This unique composition ensures that natural rubber retains more of its original properties, ultimately enhancing the tire’s overall performance and contributing to a more sustainable industrial rubber landscape.
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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
List of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Industrial Rubber Market, Segmentation By Rubber Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Industrial Rubber Market, Segmentation By Processing Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Industrial Rubber Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: LANXESS AG Financial Performance
Table 76: Bridgestone Corporation Financial Performance
Table 77: Taiwan Synthetic Rubber Corporation Financial Performance
Table 78: JSR Corporation Financial Performance
Table 79: Zeon Corporation Financial Performance
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