Sep 7 Oct, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Industrial Rubber Market.
It was estimated prior to this unanticipated outbreak that the Industrial Rubber Market was expected to grow at a CAGR of 5.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Industrial rubbers are majorly of two types i.e. synthetic rubber and natural rubber. Synthetic rubber is an elastomer, developed by the process of polymerization of unsaturated hydrocarbons from petroleum byproducts. It is more flame resistant as compared to natural rubber.
Industrial rubbers are most versatile and widely used products, in various applications, such as automotive, adhesives, buildings construction, wire cable, and medical healthcare.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the type, the market is segmented as natural rubber and synthetic rubber. The synthetic rubber segment held the larger share of the market during the forecast period. The synthetic rubber is an abrasion-resistant replacement for natural rubber, widely used in the automotive application, which is driving the growth of this segment. Further, it is produced in the latex form to be used as a rubbery adhesive in manufacturing carpet. The various other applications where synthetic rubber is used are roll coverings, drive couplings, conveyor belts, and adhesives.
Based on the application type, the industrial rubber market is segmented as automotive, building construction, industrial manufacturing, polymer modification, wire cable, electrical electronics, bitumen modification, coating, sealant adhesive, medical healthcare, and others. The automotive application dominates the market, as industrial rubbers are majorly used in this due to their better performance and easier processing ability. Further, industrial rubbers are used as a replacement for metal, glass, and wood parts used in the automotive application. They also possess various properties such as stiffness and abrasion resistance, which are propelling the growth of the segment during the forecast period.
In terms of regions, Asia-Pacific is estimated to be the fastest-growing industrial rubber market during the forecast period, with lucrative growth opportunities. The growth of the market is driven by the increasing demand for vehicles, automotive components, and substantial infrastructural development, growing building construction sector, which is generating huge demand for industrial rubbers, and the presence of a large number of industrial rubber manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer significant growth opportunities during the forecast period.
Key players operating in the global Industrial Rubber market are-
- Lanxess AG
- Kumho Petrochemical Co., Ltd
- TSRC Corporation
- The Goodyear Tire and Rubber Company
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Industrial Rubber analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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