Rubber is a hydrocarbon polymer that is elastic and water-resistant in nature. It comes off as a milky latex in the sap of numerous plants and can be even manufactured in a synthetic manner. Some of the properties of rubber that make it highly preferable for different applications are resistance to tear, hardness, elongation, compression set, resistance to abrasion, tensile modulus & strength, and others. Rubber comprises thousands of loosely joined molecules to make long and tangled chains. The Global Industrial Rubber Market is expected to attain a striking CAGR during the forecast period between 2018 – 2023.
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The proliferating demand for rubber in the automotive industry is expected to proliferate the Industrial Rubber Market. A majority of the industrial rubber is utilized or consumed by the tire manufacturing industry and is subsequently used in the military vehicles, trucks, buses, automobiles, tractors, others. The growing urbanization in the Asia-Pacific region is projected to drive the market growth for Industrial Rubber in the building & construction sector. Aside from its application in the tire manufacturing industry, an expected penetration of rubber in non-rubber products is also believed to substantially expand the market during the forecast period, particularly in the automotive industry. Mechanical automotive rubber parts like hoses, vibration control devices, gaskets, seals, and wiper blades are few of the rubber products with revenue generating capacity for the market. In addition to all these, an emerging vehicle parc, particularly in developing countries, has witnessed subsequent growth in the automotive aftermarket, thereby further ameliorating the demand for industrial rubber products.
Market Segmentation:
The Global Industrial Rubber Market Segmentation is done in terms of Product, Type, Product Processing and User-Industry.
By Type, the market is bifurcated into synthetic and natural type.
By Product, the market includes shock-absorbing parts, hoses, adhesives & sealants, tires, seals, sports equipment, roofing, conveyor belts, and others.
By End-Users, the market includes electrical & electronics, automotive, building & construction, industrial manufacturing, and others.
By Product Processing, the market includes roller die, molding & casting, extrusion, calendaring, and coating.
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Regional Analysis:
The Global Industrial Rubber Market is geographically segmented into five regions North America, Latin America, the Middle East & Africa, Europe, and Asia Pacific.
Asia-Pacific is the dominant holder of the market as per the 2016 market study due to the high demand from various end-user industries like construction, automotive, and electronics. High production and automotive sales volume alongside the rapid urbanization in the region are all expected to cumulatively drive the market growth herein.
North America accounts for the second-most dominant market in 2016 due to the high rate of demand for industrial rubber from the automotive and construction industries. Environmental concerns and strict government regulations have proliferated the need for fuel-efficient automotive parts, which is expected to subsequently drive the Industrial Rubber Market in North America.
Europe is said to experience major growth during the forecast period because of the high production and sales of automotive parts across developed Western European nations like the UK, France, and others. Add to this, increasing investment in healthcare in order to provide safer and enhanced facilities is also projected to fuel the market growth. Due to the booming growth of the automotive industry, Latin America is anticipated to see considerable growth in the near future. Finally, increasing activities surrounding infrastructural and constructional needs in GCC countries is expected to result in higher demand for industrial rubber, thereby pushing the Middle East & Africa region towards the growth circle.
Competitive Landscape:
The Global Industrial Rubber Market comprises various noteworthy players, including KUMHO PETROCHEMICAL (South Korea), Versalis S.p.A. (Italy), Sinopec (China), LG Chem (South Korea), The Goodyear Tire & Rubber Company (U.S.), PJSC “Nizhnekamskneftekhim” (Russia), Bridgestone Corporation (Japan), LANXESS (Germany), JSR Corporation (Japan), TSRC (Taiwan), and ZEON CORPORATION (Japan).
Feb 28th, 2019, Elasto Proxy, one of the leading distributors and custom-made fabricators of industrial rubber goods, announced that it is moving its branch to a much bigger facility. The expansion doubles the size of the company’s existing location, and it will enable the company to keep more customer products on hand as well as remain close to major transportation corridors.
Feb 28th, 2019, Wynnchurch Capital LLC announced its acquisition of Mid-America Fittings Inc., which produces industrial fittings and valves, as well as Buchanan rubber Ltd., a major distributor of couplings, industrial hoses, and sheet rubber. The acquisitions are believed to further expand the capabilities of Wynnchurch as a leading platform in the specialty distribution and manufacturing landscape.
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