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The global rubber market size is expected to reach USD 51.21 billion by 2027. The growing adoption of this elastic substance in industrial applications such as transmission belts, elevators, and non-flat belts will promote its demand in the forthcoming years, states Fortune Business Insights, in a report, titled “Rubber Market Size, Share & COVID-19 Impact Analysis, By Type (Natural, and Synthetic), By Application (Tire, Non-Tire Automotive, Footwear, Industrial Goods, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 40.77 billion in 2019 and is expected to exhibit a CAGR of 5.3% between 2020 to 2027.
Amplified Production Capacity of Arlanxeo’s CR Plant to Augment Market Growth
Arlanxeo, the world's largest producer of synthetic rubber announced the competition of its CR plant in Germany, allowing for an annual production of up to 70,000 metric tonnes of CR. The company owns the largest NBR facility in the world. The company is constantly spending on high-performance elastomer products CR (chloroprene rubber) and NBR (nitrile butadiene rubber) and laying the foundation for production improvement to cater to the increasing global demand of these polymers. The multiple million Euro investment will upgrade and enhance the plant, in turn boosting the flexibility and capability of the plant to produce specialty products. The substantial development in the NBR plant in La Wantzenau, France is aimed to aid the establishment of the latest technology standards. Through this investment, the company will cater to the high-quality NBR rubbers demand and strengthen its position as the leading global NBR supplier.
Rising Development of Novel Products to Boost Market Sales
The rising demand from packaging, manufacturing, engineering, and construction industries will create opportunities for the market in the forthcoming years. The combination of rubber, polymers and chemicals offers robust capabilities in the production of surgical supplies, respirators, pacemakers, and feeding nipples. Thus, numerous companies are applying this polymer in the manufacturing of products like drive belts, air brake diaphragms, and conveyors. These products are built from calendared or coated rubber on a revolving or stationary drum. Similarly, non-reinforced ones are formed and cured for the formation of sponge rubber. Hence, the growing demand for various products will directly influence its production, which, in turn, will favor the market.
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Key Players are Focused on Establishing Strong Footprint in the Industry
The major players in the industry are focused on expanding their production capacities to cater to the increasing demand from industries. The key players are constantly working to establish a strong presence in developing nations. The prominent companies in the market are focused on enhancing distribution channels, product offerings, and regional presence to improve their footprint in the market. Besides, the companies are also adopting strategies to have a competitive edge over other players.
The Report Lists the Main Companies in the Rubber Market:
Further Report Findings:
The Market is Segmented into:
Value (USD Billion) and Volume (Million Tons)
Type; Application; and Geography