According to TechSci Research report, “Industrial Rubber Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Industrial Rubber Market stood at USD 30.56 Million Tonnes in 2022 and is anticipated to grow with a CAGR of 5.10% in the forecast period, 2023-2028. The initiatives taken by government based on industrial rubber has led to favorable market conditions for the Global Industrial Rubber Market. Several factors contribute to the growth of various industrial rubber products
Bridgestone, a leading tire manufacturer, is actively working towards achieving sustainable commercial production of guayule-derived natural rubber by the end of the decade. This innovative initiative not only aims to reduce dependence on traditional rubber sources but also promotes environmental sustainability by utilizing an eco-friendlier alternative. By collaborating with various stakeholders and implementing advanced technologies, Bridgestone is paving the way for a greener and more sustainable future in the rubber industry.
In a strategic move to streamline operations and strengthen long-term competitiveness, Goodyear Tire & Rubber has recently approved a comprehensive rationalization and workforce reorganization plan across Europe, the Middle East, and Africa. While this may initially result in significant job cuts, such reorganizations are often undertaken to optimize efficiency and enhance overall performance. By aligning resources and reshaping the organizational structure, Goodyear is positioning itself for sustained growth and success in the dynamic global market.
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One of the primary objectives of research and development (R&D) in the industrial rubber sector is to continually enhance the properties of rubber products. Through relentless research efforts, dedicated scientists and engineers are tirelessly working to develop innovative synthetic rubber grades that possess superior properties. These properties include enhanced heat resistance, superior chemical resistance, and exceptional durability.
For instance, the esteemed researchers at the renowned Leibniz Institute for Polymer Research have made groundbreaking strides in this field. Their latest achievement involves the development of an entirely new type of synthetic rubber. This advanced rubber exhibits outstanding mechanical and damping properties, even under extremely low temperatures. This remarkable breakthrough has the potential to revolutionize the rubber industry by expanding the application range of rubber products.
These advancements in synthetic rubber technology not only contribute to the improvement of existing rubber products but also pave the way for the development of novel applications. As a result, the market for rubber products is expected to experience significant growth driven by these exciting innovations.
The Global Industrial Rubber Market is segmented into type, application, regional distribution, and company.
Based on its application, the automotive segment held the largest share in the market. The demand for rubber is steadily increasing in manufacturing companies across various industries. This surge in demand can be attributed to the crucial properties of rubber, including its exceptional resistance, flexibility, and tear resistance. One particular sector that heavily relies on rubber is the automotive industry, which has an insatiable demand for rubber in the production of tires. In fact, the automotive sector stands as the most dominant market that extensively utilizes rubber. Its unique characteristics make rubber an indispensable material in numerous applications, ranging from industrial machinery to consumer goods. As the need for high-quality rubber continues to grow, manufacturers are constantly exploring innovative ways to meet this demand and ensure a sustainable supply chain.
Based on region, Asia Pacific segment is expected to grow during the forecast period.
The Asia-Pacific region is expected to witness major growth in the Industrial Rubber Market across the globe. With a dominant presence of automotive industries in this region, it becomes a significant contributing factor to the growth of the Rubber segment in Asia-Pacific. Notably, China, India, and Japan are among the countries whose economies are making important contributions to the market’s expansion. India, in particular, has emerged as the fourth-largest producer of rubber in the world, and the country is currently undergoing a transformation to become a significant exporter of rubber products. These developments, coupled with the increasing demand for tires, are anticipated to provide substantial growth opportunities for the Industrial Rubber Market in both Asia-Pacific and Europe.
Major companies operating in Global Industrial Rubber Market are:
- SINOPEC CORPORATION
- LG CHEM LTD.
- THE GOODYEAR TIRE & RUBBER COMPANY
- TOYO TIRE & RUBBER CO., LTD.
- BRIDGESTONE CORPORATION
- LOTTE CHEMICAL CORPORATION
- ARKEMA S.A.
- BRASKEM S.A.
- CELANESE CORPORATION
- UNITED RUBBER INDUSTRIES INDIA PRIVATE LIMITED
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“Growing application of industrial rubber in various end user industries are key drivers of the industrial rubber market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of industrial rubber with every passing year are anticipated to register an impressive growth to Global Industrial Rubber Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Industrial Rubber Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Natural Rubber and Synthetic Rubber), By Application (Automotive, Building & Construction, Healthcare, Coating, Others), By Region and Competition, 2018-2028F”, has evaluated the future growth potential of Global Industrial Rubber Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Industrial Rubber Market.
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