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The global rubber market size is projected to reach USD 60.38 Billion by 2026. Rubber accounts for more than 40% of share in the overall tire composition as its possesses certain significant properties. Fortune Business Insights, published this information in a recent report, titled, “Rubber Market Size, Share & Industry Analysis, By Type (Natural, and Synthetic), By Application (Tire, Non-Tire Automotive, Footwear, Industrial Goods, and Others), and Regional Forecast, 2019-2026.” According to the report, the market was valued at USD 40.71 Billion in 2018. But, the rubber market will exhibit a moderate CAGR of 5.1% during the forecast period from 2019 to 2026.
The report classifies the rubber market on the bases of type, application, and geography. In terms of type, the market is categorized into natural and synthetic. By application, the market is grouped into tire, non-tire automotive, footwear, industrial, and others. In terms of geography, the market is fragmented into Europe, Asia Pacific, the Middle East and Africa, Latin America, and North America.
Usage of Rubber for Manufacturing a Wide Range of Products to Drive Market Growth
The automotive end-use industry utilizes rubber the most as a raw material to manufacture a wide range of products, namely, roll coverings, tires, gaskets, crap tubes, pipes, hoses, and adhesives. Hence, a rise in the demand from non-tire and tire automotive sectors is anticipated to influence the rubber market growth positively.
Moreover, rubber is used in several other applications, such as textiles, footwear, construction, industrial goods, and other consumer products. In the production of footwear, significant amount of rubber is used as it offers protection against low temperatures, water, impact, electricity, and chemicals. Besides, rubber is used for manufacturing other products, namely, mats, protective covers, and rubber bands. The industrial goods and textile sectors are projected to drive the rubber market sales by generating more demand.
Increasing Demand for Rubber from Automotive and Construction Industries to Favor Growth in Asia Pacific
Asia Pacific is considered to be one of the largest producers of rubber. Thailand is the biggest producer of natural rubber and China is the largest consumer. The region is projected to exhibit the highest growth in the market. It is likely to occur due to the expansion of construction and automotive industries in this region. India, Japan, and China are the leading nations that are contributing to the market growth due to increasing construction and tire production activities.
Europe, on the other hand, is expected to showcase notable growth. It is because of the rising demand for tire from the automotive industry. Besides, the extensive usage of rubber in industrial and non-tire automotive applications are a couple of important rubber market trends that would augment growth.
Max Group Acquires Rubber Product Limited to Expand Product Range and Improve Quality
In March 2019, Max Group announced that it has successfully acquired the Rubber Product Limited, one of the largest rubber manufacturing companies, based in India. According to Max, this acquisition would help the company to finish the integration process. Hence, Max will be able to expand its product portfolio and enhance quality of products which, in turn, will pose as an advantage to compete in the market.
At present, the new management is reorganizing the manufacturing facilities by introducing novel technologies for its existing products, mainly, extruded items, rubber sheets, and moulding items at the same premises. Overall, the prominent companies present in the market are focusing on strategic collaborations to strengthen their position in the market.
Fortune Business Insights profiles some of the most renowned companies operating in the rubber market. They are TSRC Corporation, Ravasco, ARLANXEO, Tong Thai Rubber Group, Kumho Petrochemical, Tradewinds Plantation Berhad, Petrochina, Unitex Rubber, LG Chem, Halcyon Agri, Versalis, Vietnam Rubber Group, Sri Trang Agro-Industry, Dow Chemicals, Southland Holding Lonza, Von Bundit, and other key players.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/rubber-market-101612
The rubber market can be segmented into the following manner:
Value (USD Billion/USD Million) and Volume (Million ton/Kiloton)