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The global rubber market size was USD 40.71 billion in 2018 and it is projected to reach USD 60.38 billion by 2026, exhibiting a CAGR of 5.1% during the forecast period.
Rubber is a stretchable and shrinkable polymer that is obtained from the natural sources or can be synthesized commercially. Natural rubber, also known as latex, consists of isoprene polymers and other organic compounds. Currently, natural rubber is harvested mainly in the form of the latex from the rubber tree. Whereas, synthetic rubber is an artificial elastomer that is synthesized from petroleum products. The most widely produced synthetic rubbers are styrene-butadiene rubbers (SBR) that are obtained from the copolymerization of styrene and 1,3-butadiene.
Properties such as heat and abrasion resistance make rubber a highly used raw material in various end-use industries. Rubbers are mostly used in manufacturing products, such as tires, crap tubes, adhesives, hoses, gaskets, and roll coverings. The rising demand for rubber from the automotive industry for tire and non-tire applications is one of the current rubber market trends. Rubber is majorly used in the manufacturing of tires due to its possession of numerous properties, such as tear resistance and toughness.
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Rubber also works under low-temperature conditions. It is the perfect material for manufacturing tires and hence, rubber accounts for over 40% of the share in the overall tire composition. Additionally, properties, such as weather resistance, insulation property, and flexibility increase the usage of rubber in industrial applications including transmission belts, elevators, and non-flat belts.
“Growing Demand from Various End-Use Industries Likely to Drive the Rubber Market”
Rubber is dominantly used as a raw material in the automotive end-use industry for the production of a wide variety of products, such as tires, crap tubes, adhesives, hoses, pipes, gaskets, and roll coverings. The increasing demand for rubber from tire and non-tire automotive parts sector is effectively influencing the rubber market analysis and growth.
Rubber is further used in various applications, such as footwear, industrial goods, construction, textiles, and other consumer products. A significant amount of rubber is used in footwear as it provides protection against water, chemicals, electricity, impact, and low temperatures. Rubber is also used in a variety of consumer products, namely, rubber bands, protective covers, mats, and others. The usage of rubber for textiles and industrial goods is expected to serve as a driving factor for the growth of the global rubber market.
“Synthetic Rubber Segment is Expected to Generate the Highest Revenue During the Forecast Period”
The demand for synthetic rubber is increasing from several applications, such as tire, footwear, and industrial goods due to its superior properties including abrasion resistance, high heat resistance, elasticity, and toughness. These properties have caused a large number of consumers to shift from natural rubber to synthetic rubber for a wide range of commercial uses. Synthetic rubber is largely used in the manufacturing of tires. The styrene-butadiene type of synthetic rubber is majorly used in tire production due to its better abrasion resistance and it is considered as a cost-effective replacement of natural rubber.
The increasing demand for natural rubber is due to its automotive applications and latex products. Asia Pacific has been the dominant market for natural rubber. It is because several manufacturers in this region produce and export natural rubber to the other countries in the form of either raw material or as complete products. Thailand is the largest producer of natural rubber globally due to its effective cultivation methods and tropical climate. Natural rubber is a preferred choice over high priced synthetic rubbers in the developing countries.
“Tire Segment is Anticipated to Exhibit a Significant CAGR During the Forecast Period”
Rubber has a high demand from the tire manufacturing companies due to its crucial properties, namely, abrasion resistance, tear resistance, and flexibility. The tire segment would ensure to hold the highest rubber market share owing to the rising production of tires in various regions. This rising production is associated with the growing demand for tires from the automotive industry. Non-tire automotive applications hold the second-largest share in terms of rubber consumptions. These applications include the production of gaskets, floor mats, pads on pedals, crap tubes, adhesives, hoses, bushings, and others.
The demand for rubber for footwear applications is increasing owing to its properties, such as protection against water, chemicals, electricity, as well as its lightweightness. The rubber used in footwear provides comfort, durability, and traction. These factors increase the consumption of rubber in the footwear application.
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In industrial applications, rubber is highly used to manufacture various material handling equipment, such as elevator belts, hoses, seismic bearings, and tubes. Additionally, rubber is also used to manufacture pressure bladder, tool sealant, gaskets, and vacuum bags. The other applications of rubber include surgical gloves, catheters, and contraceptives.
North America is anticipated to remain a key region in the rubber market during the forecast period owing to the rising demand for rubber from the automotive and footwear applications. The market in North America is also driven by factors, such as rising applications in chemical and textile industries, and advancements in technologies.
Asia-Pacific is the largest producer as well as consumer of rubber with Thailand being the largest producing country of natural rubber and China being the largest consumer. The Asia Pacific is expected to witness the highest growth in the market across the globe. Growth in the automotive and construction industries is a key driver of the market in this region. China, Japan, and India are key countries contributing to the market growth in the region owing to the rising tire production and construction activities in these countries.
North America Rubber Market Size, 2018
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On the other hand, Europe is projected to witness significant growth in the market. The increasing demand for tire from the automotive industry would contribute to the growth of market in the region. Additionally, the use of rubber for non-tire automotive and industrial applications are some of the other key factors driving the rubber market growth in Europe.
Latin America and the Middle East & Africa would showcase lower growth in the rubber market value compared to the other regions due to factors, namely, more dependency on import of natural rubber, high cost of synthetic rubber, and less production of tires.
“Market Players like ARLANXEO and Kumho Petrochemical are Expected to Strengthen the Market Position by Offering Various Rubber Solutions”
The major producers of rubber are located in Asia leading to a fragmented market. The producers located in North America and Europe are aiming to increase their presence in China and other countries in Asia Pacific in order to strengthen their position in the market and to drive the business growth of the organization. The key players in the market have therefore, developed strong regional presence, distribution channels, and product offerings.
"A growing trend is observed in the penetration of the rubber market across the industries"
The rubber market report provides qualitative and quantitative insights on the market and a detailed analysis of this market size & growth rate for all possible segments that exist in the market. The market is segmented by type, application, and geography. Based on type, the rubber industry is classified into natural rubber and synthetic rubber. By application, the rubber market is divided into tire, non-tire automotive, footwear, industrial, and others. Geographically, the market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. These regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of the rubber market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in this market, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.
Value (USD Billion/USD Million) and Volume (Million ton/Kiloton)
Fortune Business Insights says that the rubber market was valued at USD 40.71 Billion in 2018 and is projected to reach USD 60.38 Billion by 2026.
The rubber market will exhibit a steady growth at a CAGR of 5.1% in the forecast period (2019-2026).
Tire segment is expected to be the leading application for rubber market during the forecast period.
Increasing demand for automotive rubber products is driving the rubber market growth.
Asia Pacific is expected to hold the highest market share in the rubber market.
Rubber and non-tire automotive are the key applications that would drive the adoption of rubber.
Rising demand for tire, growing automotive, consumer goods, and construction industries are the rubber.
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