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The rubber compound refers to the finished rubber material obtained by processing the mixture of raw rubber, fillers, and other chemicals. The chemicals are used optimize the properties of raw rubber to meet the given set of performance requirements. The chemicals such as polymers, fillers, antioxidants, curing agents, oil, and accelerators are used in various concentrations to produce compound rubber. They improve the physical properties, processability, prevent long-term deterioration, and affect the vulcanization of the rubber. The rubber compound is available in several types including silicone rubber, fluoro rubber, and butyronitrile rubber, and finds wide application in tire, and automotive industries.
The rubber compound market is growing at its rapid pace owing to rising demand from the automotive industry. The compound rubber is majorly used in the manufacturing of tires and seats of the automotive vehicles. It aids in providing abrasion resistance, chemical and grease resistance, excellent resistance to petroleum and oil, hot and cold temperature sustainability, high tear strength, and ozone resistance to the automotive rubber parts. The development in the automotive parts and introduction of electric vehicles will provide lucrative growth in the automotive industry, which will further propel the demand for rubber compounds.
Key Market Driver -
Rising demand for compound rubber in the automotive sector to drive the market growth
Key Market Restraint -
Hazardous impact on the environment due to the decomposition of rubber to restrict the market growth
However, the decomposition of rubber can cause a hazardous environmental impact. The rubber contains plasticizers and accelerators, which can affect the plant, soil, and water. Also, rubber softeners such as polyaromatic hydrocarbons are toxic to aquatic life and it is released continuously during rubber decomposition. Hence, these are the factors, that hamper the market growth.
Based on rubber type, the rubber compound market is segmented into silicone rubber, fluoro rubber, butyronitrile rubber, EPDM rubber, chloroprene rubber, and others. Based on end-user, the market is segmented into tires, hose & belting, roofing & geo membranes, footwear, wire & cable insulation, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the rubber compound market includes Hexpol Compounding HQ sa., RUBBERATKINS, PJSC KAUCHUK, The Hygenic Corporation, M.Barnwell Services Limited, ERIKS nv, Yokohama Rubber Co., Ltd., Wacker Chemie AG, Omega Rubber Industries, PARAA RUBBER, Gestión Mediambiental de Neumáticos, S.L., and NOCIL LIMITED.
The Asia Pacific is anticipated to witness the highest growth in the rubber compound market during the forecast period. The growth is attributed to the rising demand for rubber products from the rapidly growing automotive industry. In North America, the US is a leading country in rubber compound consumption. The rising demand for compounded rubber in the footwear application has surged the market growth in this region. Europe witnessed a sustainable growth in the market, owing to the growing demand for tires from automotive industry in this region. The Middle East & Africa and Latin America will register signification growth, owing to rising demand for compounded rubber for production of tires, electrical wires & cables, and various consumer products.
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