Market Overview:
Rubber is a hydrocarbon polymer occurring as a milky latex in the sap of various plants and can also be manufactured synthetically. Some of the physical properties of rubber include abrasion resistance, tear resistance, compression set, elongation, tensile modulus & strength, hardness, and others.
The increasing demand for rubber from the automotive industry is driving the Global Industrial Rubber Market. Majority of industrial rubber is consumed by the tire manufacturing industry, which is used in automobiles, trucks, buses, tractors, military vehicles, and others. Furthermore, rapidly growing urbanization in Asia Pacific is expected to drive the demand for Industrial Rubber in building & construction industry. Apart from the tire applications, penetration of rubber in non-tire rubber products is expected to grow substantially during the forecast period, especially in the automotive industry. Mechanical automotive rubber components such as hoses, seals, gaskets, vibration control devices and wiper blades are some of the major revenue generating rubber products to look out for. Furthermore, an emerging vehicle parc, especially in the developing nations, has witnessed a subsequent growth in the automotive aftermarket, which is further propelling the demand for industrial rubber products.
The key players involved in the Industrial Rubber Market are focussing on the market development by collaborating with other players. For instance, on May 08, 2018, Midwest Industrial Rubber acquired New England Belting Company (NEBCO). This acquisition has expanded Midwest’s growth strategy for expansion and quick access to new and untapped markets. On May 31, 2018, Bridgestone HosePower, a subsidiary of Bridgestone Corporation, announced the expansion of their hose solutions business in Northeast by the acquisition of Industrial Rubber Co., a company based in New Jersey.
Key Players:
Some of the manufacturers operating in the Global Industrial Rubber Market are LANXESS (Germany), Bridgestone Corporation (Japan), LG Chem (South Korea), Sinopec (China), The Goodyear Tire & Rubber Company (U.S.), KUMHO PETROCHEMICAL (South Korea), TSRC (Taiwan), JSR Corporation (Japan), Versalis S.p.A. (Italy), PJSC "Nizhnekamskneftekhim" (Russia), and ZEON CORPORATION (Japan).
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Segmentation:
The Global Industrial Rubber Market is segmented on the basis of the Type, Product, Product Processing, End Use Industry and Region.
On the basis of the Type, the Global Industrial Rubber Market is bifurcated into natural and synthetic.
Based on the Product, the Global Industrial Rubber Market is segmented into tires, seals, shock-absorbing parts, conveyor belts, hoses, roofing, adhesives & sealants, sports equipment, and others.
On the basis of the Product Processing, the market is segmented into extrusion, calendering, roller die, coating, molding & casting.
On the basis of the End Use Industry, the Global Industrial Rubber Market is segmented into automotive, building & construction, industrial manufacturing, electrical & electronics, and others.
Regional Analysis:
The Global Industrial Rubber Market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific dominated the Global Industrial Rubber Market in 2016 owing to the high demand for industrial rubber from major end-use industries such as automotive, construction, and electronics. High production and sales of automotive coupled with rapid urbanization in the region are expected to drive the market growth over the forecast period.
North America accounted for the second largest market in 2016 on account of high demand for Industrial Rubber from the reviving construction, and automotive industries. The increasing demand for fuel-efficient automotive parts due to environmental concerns and stringent regulations is expected to drive the market growth in this region.
Europe is expected to grow considerably due to high production and sales of automotive parts in Western European countries such as Germany, the U.K, France, and others. Additionally, the high investment in healthcare to offer safe and better facilities is likely to fuel the market growth.
Latin America is projected to witness a considerable growth due to growing automotive industry in Mexico, Brazil, and others.
The Middle East & Africa is expected to witness high demand for Industrial Rubber owing to the increasing infrastructural and construction activities in the GCC countries.
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