Luton, Bedfordshire, United Kingdom, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Industrial Rubber Market.
The global industrial rubber market is expected to grow at 4.6 % CAGR from 2020 to 2029. It is expected to reach above USD 46.33 billion by 2029 from USD 30.91 billion in 2020.
Market Overview
Polymers are used to make rubber. Polymers can be found in both natural and synthetic rubbers, making them the foundation of all industrial rubbers. However, as technology has advanced, the use of synthetic materials to create synthetic rubber has become much more common. This allows us to create the ideal materials for specific industries.
Industrial rubber has enormous potential because it is used in many industries other than the automobile industry, including building and construction, industrial machinery and equipment, and others.
Rubber has many unique properties, such as the ability to be stretched and fitted. Natural rubber is still preferred in some industries, such as the medical industry. However, in both cases, rubber is manufactured on a large, industrial scale in a variety of industries.
In Australia, industrial rubber is a much-needed material in a number of critical industries. Common in industries such as mining, paper, agriculture, transportation, and power generation. Rubber is a common material because of its flexibility, durability, and versatility; it is used in a variety of forms and for a variety of purposes. Industrial rubber is designed to be chemically resistant to a variety of chemicals.
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Trends In Industrial Rubber Market
The rubber industry is a dynamic market sector that has grown and changed dramatically through innovation and discovery over the years. A number of rubber industry trends are having an impact on industrial and consumer product manufacturing around the world. These trends include rising synthetic rubber demand, the growing popularity of electric vehicles (EVs), ongoing supply chain disruptions, and consumer demand for environmentally friendly rubber products and materials.
- Increasing Need for Circular Economy
The circular economy concept is on the rise, recycling and reuse mechanisms and technology are thriving, and the technology and application concept of environmentally friendly and low-carbon new materials has become the most important part of supporting the circular economy.
- Implementation of AI in Rubber Formation
Compound development in the rubber industry focuses on new raw material usage, adaptation to changes in processing or quality, and cost performance improvements, among other things. These are frequently, if not always, competing goals. AI and DoE have significant advantages for the modern rubber industry's development.
- Incorporation Of Carbon Nanofillers
Nanocomposites are made up of a multiphase solid material, with one of the phases having dimensions less than 100 nanometers. The material's structures can be made up of nanoscale repeat distances between the different phases.
Rubber nanocomposites are widely used in a variety of industries, ranging from tires to technical components and consumer goods. Its highly advantageous elasticity is an important component that makes this material highly desirable for applications.
| Report Metric | Details |
| Base year considered | 2021 |
| Forecast period | 2023-2029 |
| Forecast units | USD million and kiloton |
| Segments covered | Type, Application, Product, and Region |
| Geographies covered | North America, Europe, Asia-Pacific, Middle East & Africa, and South America |
| Companies covered | 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, Indag Rubber Limited, Harrisons Malayalam LTD, GRP Ltd, Bangkok Synthetics Co., Ltd. (BST) |
Industrial Rubber Segmentation
By Rubber Type
- Natural Industrial Rubber
- Synthetic Industrial Rubber
- SBR
- Polybutadiene Rubber
- Butyl Rubber
- Nitrile Rubber
- Chloroprene Rubber
- EPDM
- Silicone Rubber
- Others
Synthetic rubber is quickly becoming a popular industrial rubber type. Using synthetic rubber is becoming more popular throughout the world, particularly in developing countries where synthetic rubber has the potential to change the market scenario in the coming years due to increased usage in the automotive tire manufacturing industry and other manufacturing industries.
By Processing Type
- Injection Melding
- Compression Melding
- Extrusion
- Others
By End-Use
- Automotive & Transportation
- Marine
- Aerospace and Aviation
- Railways
- Automobile
- Building & Construction
- Industrial Machinery & Equipment
- Textiles & Fabrics
- Others
Automobile and transportation end-use industries have increased their use of industrial rubber in tire manufacturing. Hoses, seals, gaskets, and other key products made from industrial rubber have boosted demand over the last half-decade.
By Applications
- Tires & Tubes
- Hoses, Gaskets & Seals
- Conveyor Belts
- Wires & Cables
- Others
Regional Insights
In 2021, Thailand produced 4.83 million metric tons of natural rubber, accounting for approximately 35% of global natural rubber production. Thailand is now the world's leading producer of natural rubber. Thailand's natural rubber output increased by 1% in 2021 compared to the previous year.
Despite the fact that natural rubber is native to the Amazon basin, Asia produces approximately 90% of the world's supply. Much of it originates in Southeast Asia, specifically Thailand, Indonesia, Vietnam, and Malaysia. In 2021, these four countries accounted for roughly 70% of the global value of natural rubber exports.
China is by far the world's largest consumer of natural rubber. In 2021, China consumed 5.7 million metric tons of natural rubber, accounting for more than 40% of global natural rubber consumption.
The United States is a major consumer of industrial rubber. Industrial rubber sales in the United States are expected to generate $10.5 billion by the end of 2032.
With an annual turnover of around 12,000 crores, the rubber industry is an important sector in the Indian economy. In the Indian rubber industry, there are nearly 6000 companies, with 30 large units, 300 medium-scale units, and 5600 small-scale units.
Industrial Rubber Market Competitive landscape
Major key players engaged in the industrial rubber market 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, Indag Rubber Limited, Harrisons Malayalam LTD, GRP Ltd, Bangkok Synthetics Co., Ltd. (BST), Assoc, s.r.o., SIBUR, DuPont de Nemours, Inc, The Goodyear Tire & Rubber Company, Toyo Tire & Rubber Co., Ltd., Lotte Chemical Corporation, Arkema S.A., Braskem S.A., Celanese Corporation, United Rubber Industries India Private Limited.
- 21 Nov 2022:Asahi Kasei is set to start the sale of sustainable synthetic rubber materials after receiving the internationally recognized ISCC Plus certification
- May 13, 2022: Asahi Kasei to provide carbon footprint data for synthetic rubber, elastomers
- Dec 6,2022: ExxonMobil today announced the successful startup of its new polypropylene production unit at the Polyolefins Plant in Baton Rouge, Louisiana.
- In March 2022, Asahi Kasei announced plans to begin manufacturing polymerized styrene-butadiene rubber using sustainable butadiene at its plant in Singapore.
- On 4th April 2022, Kraton Corporation announced a significant investment in its alpha methyl styrene resins facility in Niort, France. Kraton expects a 15% production increase by 2023.
- August 10, 2022: Bridgestone Corporation (Bridgestone) announced today that it has approved plans to strengthen investments in natural rubber plantations it owns in Southeast Asia.1 Bridgestone will invest U.S.$26.7 million (approximately ¥3.2 billion) in total by 2030.
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