Industrial Rubber Products Market to Record an Exponential CAGR by 2025
Global
industrial rubber products market is largely dependent upon natural
rubber as a source of raw material. Natural Rubber Market is in a
state of oversupply. Affected by the growing tapping area of natural
rubber in main producing regions, the slowdown in the growth rate of
the tire industry and other factors, there will still be a glut of
natural rubber worldwide during 2016-2025. Consumption of the rubber
in all over the world increased at approximately 3% in 2016.
Industrial rubber products are used in wide range of end use
industries. Automotive industry’s demand for the industrial rubber
products globally constituted major share among all end use
industries. Increasing competition from China eroded profit margin of
all the players in Industrial Rubber Product Market. Strong emergence
of synthetic rubbers in the global industrial rubber products market
can be mainly attributed to numerous interconnected factors. Highly
volatile prices & irregularity in supply of natural rubber has
compelled consumers to shift from natural rubber to synthetic rubber.
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Growing
demand from the automotive industry and rise in the application of
rubber products in the end use industry are the key drivers of the
industrial rubber product market. High growth of autonomous and
battery vehicles is anticipated contribute significantly to the
growth of automotive industry in the forecast period. Volatility in
the raw material supply and fluctuating prices of the rubber is the
main restraint for the industrial rubber products market in the
forecast period. Increasing use of rubber products in construction &
infrastructure industry and innovation in the products manufactured
from synthetic rubber are the key opportunities in the industrial
rubber products market.
Industrial
Rubber Products MarketIndustrial rubber products industry comprises
plethora of rubber products such as automobile tires, inflatable
rafts, conveyor belts, hose, rubber roofing and many other rubber
related products. Tires are the principal product of industrial
rubber products industry. Tires are used in large numbers on
automobiles, aircrafts and bicycles. Rubber products are manufactured
in two stages. In first stage, the rubber goods are manufactured
either by natural rubber or from the petroleum products. In second
stage, the processing of rubber takes place to produce finished
goods. On the basis of rubber, the industrial rubber products market
has been classified into: Natural rubber, Styrene Butadiene Rubber,
Polybutadiene, Ethylene-propylene, Nitrile Butadiene Rubber and
others. Natural rubber holds the major share in industrial rubber
products market owing to its extensive use in the manufacture of
automobile tires all over the world.
However,
with the technology advancement and fluctuations in raw material
prices, synthetic rubbers such as Styrene Butadiene Rubber, Nitrile
Butadiene Rubber, and Ethylene-propylene are expected to grow at a
significant rate during the forecast period. The market for
industrial rubber products also covers various technologies such as:
tire manufacturing, tube manufacturing, molded product manufacturing,
extruded/calendared product manufacturing, fabricated product
manufacturing, latex based product manufacturing and others.
In
terms of products, the industrial rubber product market covers:
Mechanical rubber goods, rubber hose, rubber belts, rubber roofing
and others. Mechanical rubber goods witnessed the largest demand in
2016 and is expected to remain the key product segment through 2025.
Mechanical rubber goods are employed heavily in automobile vehicles
and the growth of the segment is largely attributable to the
increasing motor vehicle output. Rubber roofing is expected to grow
at a promising rate due to the extensive use of rubber roofing
product in commercial and residential buildings. With revival of
construction industry, the rubber roofing segment is expected to
witness huge growth during the forecast period In terms of end use,
industrial rubber products market is largely driven by the automotive
sector. Numerous rubber related products finds applications in
interior, structural and under the hood applications of an
automobile. In developed countries, more than fifty percent of the
rubber used is for automobile tires and tubes. A modern automobile
has more than 300 components made out of rubber. The growth of the
industrial rubber products is also attributable to the
maintenance/repair/operations (MRO) market growth outpacing most
original equipment manufacturer (OEM) segments.
In
terms of region, Asia Pacific held a major share of the global
industrial rubber products market in 2016 accounting for more than
one third of the market share. Large-sized rubber production
facilities in countries such as China, India, Malaysia, Thailand, and
Indonesia augments the demand for industrial rubber products in the
region. Asia Pacific provides tremendous opportunities for the
industrial rubber products market, led by the expanding automotive
and construction industries. Demand for industrial rubber products in
the region is expected to increase significantly during the forecast
period. After Asia Pacific, North America is the dominant region
holding a significant share of the global industrial rubber products
market in 2016. The market in this region is poised to expand at a
steady rate of during the forecast period particularly driven by the
U.S. automotive and manufacturing industry.
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Key
players profiled in the Industrial Rubber Products market include
Bridgestone Corporation, Cooper Standard Inc., Continental AG,
Freudenberg Group, The Goodyear Tire & Rubber Company, HEXPOL AB,
Gates Corporation, NOK CORPORATION, Sumitomo Riko Company Limited,
Eaton, Myers Industries, Inc., and Yokohama Rubber Co., Ltd. In
January 2015, Continental AG concluded acquisition of Veyance
Technologies Inc to increase the proportion of revenue from
non-automotive business. Companies are seeking to minimize their
dependency on automotive sector and expand product portfolio for
other industries.
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