Industrial Rubber Products Market to Reach a Valuation of ~US$ 174 bn by 2027
The global industrial rubber products market is set to grow at a CAGR of about 6% from 2019 to 2027. This will take the market worth up from approximately USD 106 billion in the year 2018 to about USD 174 billion by 2027. It is pertinent to note here that significant demand is arising from automotive industry and for performance demanding applications.
As per Transparency Market Research, “A number of growth factors are responsible for growth in the global industrial rubber products market over the forecast period. A notable one is increase in construction volumes anticipated for the coming few years. It is a natural outcome of increase in disposable income and increasing global population that requires houses, offices and so on.”
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Key Findings of Global Industrial Rubber Products Market Study:
• Major consumer of these products, in terms of volume, is the automotive industry and it will be a notable end-use segment over the forecast period
• Increase in construction volumes would lead to higher demand for industrial rubber products
• Region-wise, Asia Pacific (APAC) region is set to be a lucrative market over the forecast period
• Major market share will be held by natural rubber segment under the rubber category
• Process-wise, molded segment is anticipated to emerge as a lucrative segment over the forecast period
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Key Drivers of Growth in Global Industrial Rubber Products Market:
• Growing demand for automotive will lead to growth in industrial rubber products market over the forecast period
• Construction volumes are growing at an impressive pace and this is set to drive demand for industrial rubber products on an upward facing growth curve
• Population of the world is growing and is expected to reach 9.7 billion by 2050 – an increase of 2 billion from the current number
• Higher population means higher demand for housing, offices, recreational spaces, and commercial centers
• New opportunities will be created by increase in rubber recycling rate –currently being noted across the globe
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Regional Analysis of Global Industrial Rubber Products Market:
• A sizeable share of the global industrial rubber products market is held by the Asia Pacific (APAC) region over the forecast period
• China will be a notable contributor to growth, primarily owing to growth in automobiles industry – a result of availability of cheap labor
• Increase in construction volumes in the region will be a notable factor of growth in the regional market over the forecast period
Competitive Landscape of Global Industrial Rubber Products Market:
Top companies, operating in the fragmented vendor landscape of global industrial rubber products market and profiled by Transparency Market Research, are Parker Hannifin Corporation, Carlisle Companies Inc., Bridgestone Corporation, The Goodyear Tire & Rubber Company, Cooper Standard Holdings Inc., Continental AG, Eaton, Freudenberg Group, NOK CORPORATION, Yokohama Rubber Co. Ltd., Sumitomo Riko Company Limited, Delphi Technologies Plc, Hutchinson, Myers Industries Inc., Gates Corporation, and HEXPOL AB, among others. Profiling is inclusive of key developments, financial details, company description, and business overview.
