Global Industrial Rubber Product Market Size Worth USD $42.3 Billion By 2028 | CAGR 4.9%| Industry Share, Trends, Forecast Report by Zion Market Research
NEW YORK, April 19, 2022 /PRNewswire/ -- As per Zion Market Research study, The global industrial rubber product market was worth around USD 31.54 billion in 2021 and is estimated to grow to about USD 42.03 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.9 percent over the forecast period. The report analyzes the industrial rubber product market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Zion Market Research published the latest report titled as "Industrial Rubber Product Market By Type (Natural Rubber, Synthetic Rubber), By Product (Mechanical Rubber Goods, Rubber Hose, Rubber Belt, Rubber Roofing, Others), By Application (Automotive, Building & Construction, Industrial Manufacturing, Polymer Modification, Wire & Cable, Electrical & Electronics, Bitumen Modification, Coating, Sealant, & Adhesive, Medical & Healthcare, Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.
Industrial Rubber Product Market: Overview
Industrial rubbers are materials used in almost all industry verticals due to their versatile scope of application in the modern industrial infrastructure. Industry verticals such as automotive, construction, manufacturing, etc. are prime industries that deploy industrial rubber product use on a massive scale.
Increasing demand from the automotive industry, rising scope of application, rapid industrialization, and increasing production of synthetic rubber are prominent trends propelling market growth through 2028.
Increasing strict regulations and government mandates are expected to restrain industrial rubber product market growth.
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Industry Dynamics:
Industrial Rubber Product Market: Growth Dynamics
Increasing demand from Automotive Industry Vertical
Rubber has a massive scope of application in the automotive industry as it is used in making gaskets, seals, and belts as well. Rising automobile production and increasing use of rubber in multiple components are expected to make this industry a major end use vertical for the industrial rubber product market growth over the forecast period. The industrial rubber product market is expected to be majorly driven by this industry through 2028.
Industrial Rubber Product Market: Restraints
Adverse Impact on Environment
Industrial rubber products have proven to be really toxic and harmful to the environment and the increasing focus on sustainability on a global level is anticipated to restrain the use and production of industrial rubber product over the forecast period. The disposal of rubber products creates a major waste hazard and is also often highly toxic not only to humans but also to the environment. Stringent government mandates to reduce waste and conserve the environment are expected to constrain industrial rubber product market potential through 2028.
Global Industrial Rubber Product Market: Segmentation
The global industrial rubber product market is segregated based on product, type, application, and region.
By Type, the market is divided into synthetic rubber and natural rubber. The synthetic rubber segment is expected to lead the market and emerge as a highly lucrative segment over the forecast period. The use of synthetic rubber in large quantities in multiple industries is expected to boost the demand for this segment. Especially this segment will be driven by rising use from the automotive sector. Its better abrasion-resistant quality makes it a good substitute for natural rubber.
By Application, the industrial rubber product market is segmented into automotive, building & construction, industrial manufacturing, polymer modification, wire & cable, electrical & electronics, bitumen modification, coating, sealant, & adhesive, medical & healthcare, others. The rising production of automotive is expected to boost industrial rubber product market growth as it is the major end use vertical.
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Recent Developments
- In September 2017 – PJSC Nizhnekamskneftekhim announced the start of production of concentrated formaldehyde at a new plant and this is expected to be a step to boost production of isoprene. The plant has a capacity of 100,000 tons per year.
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List of Key Players of Industrial Rubber Product Market:
- LANXESS (Germany)
- Sinopec (China)
- Goodyear Tire and Rubber Company (US)
- Kumho Petrochemical (South Korea)
- TSRC Corporation (Taiwan)
- Nizhnekamskneftekhim (Russia)
- JSR Corporation (Japan)
- LG Chem (South Korea)
- Versalis S.p.A. (Italy)
- ZEON Corpo.
Key Industry Insights & Finding of the Industrial Rubber Product Market Reports:
- As per the analysis shared by our research analyst, the Industrial Rubber Product Market is expected to grow annually at a CAGR of around 4.9% (2022-2028).
- Through the primary research, it was established that the Industrial Rubber Product Market was valued approximately USD 31.54 Billion in 2021 and is projected to reach to roughly USD 42.03 Billion by 2028.
- High demand from China and India is expected to be a prominent trend as these emerging economies see rising investments in the industrial sector.
Key questions answered in this report:
- What are the growth rate forecast and market size for Industrial Rubber Product Market?
- What are the key driving factors propelling the Industrial Rubber Product Market forward?
- What are the most important companies in the Industrial Rubber Product Market Industry?
- What segments does the Industrial Rubber Product Market cover?
- How can I receive a free copy of the Industrial Rubber Product Market sample report and company profiles?
Report Scope:
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Regional Dominance:
Asia Pacific region leads the global industrial rubber product market in terms of revenue and volume share owing to high industrial activity and the presence of key industrial rubber product end use industry verticals. The low cost of manufacturing in this region is expected to propel industrial rubber product market growth. High demand from China and India is expected to be a prominent trend as these emerging economies see rising investments in the industrial sector and supportive government initiatives are projected to bolster the market potential as well.
The market for industrial rubber products in North America is expected to exhibit a positive outlook owing to an increase in international trade activities and a developing industrial sector for growing demand. Increasing automotive production is also expected to favor market potential in this region. The United States and Canada are expected to be major markets for industrial rubber product in this region.
Global Industrial Rubber Product Market is segmented as follows:
Industrial Rubber Product Market: By Fiber Type Outlook (2022-2028)
- Natural Rubber
- Synthetic Rubber
Industrial Rubber Product Market: By Product Outlook (2022-2028)
- Mechanical Rubber Good
- Rubber Hose
- Rubber Belt
- Rubber Roofing
- Others
Industrial Rubber Product Market: By Application Outlook (2022-2028)
- Automotive
- Building & Construction
- Industrial Manufacturing
- Polymer Modification
- Wire & Cable
- Electrical & Electronics
- Bitumen Modification
- Coating, Sealant, & Adhesive
- Medical & Healthcare
- Others
Industrial Rubber Product Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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