Industrial Rubber Market Poised for Steady Growth in the Future 2015-2025
Rubber industry is more than 100 years old. Industrial rubber industry is dominated by one major product tires. Tires are used in large numbers on bicycles, trucks, aircrafts, and automobiles. Automobile tires, inflatable rafts, conveyor belts, rain coats and waterproof cloth tents are produced by impregnating fabrics with rubber, using calendaring process. Molding is another important process in the tire production. Tires are the principal product of industrial rubber industry. It accounts for approximately three-fourth of total rubber tonnage.
Production of rubber goods comprises of two stages- first stage is the production of rubber, either by the natural rubber (which is an agricultural crop) or from the petroleum products. Second stage is processing of the rubber so produced into the finished goods form. Processing of rubber into the finished goods like tires and other products is usually designated as rubber industry. Synthetic rubbers are produced from petrochemicals by polymerization method.
Rapidly growing automotive sector in developing economies and increased demand for high-performance tires, sealing products, and tire adhesive are expected to contribute to the growth of the global industrial rubber market. As on date, Asia Pacific is the largest producer and consumer of industrial rubber, with its tire sector exhibiting promising growth rate. Manufacturers have shifted their production facilities to emerging economies, due to the low labor and operating costs.
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In the industrial rubber industry, construction market is estimated to post the strongest gain during the forecast period. Other construction-related products like rubber roofing are projected to register the healthy growth. Mechanical goods is expected to account for the largest share of total demand. Suppliers of hose and belts will gain benefits from increased consumer demand of the durable goods, particularly machinery and equipment.
Industrial Rubber Market: Drivers & Restraints
Growing automotive industry, rising construction output and manufacturing activities are some of the key factors driving the growth of the industrial rubber market.
Volatility of the oil prices, environmental concerns and associated government regulations, limited number of suppliers and increasing threat from the substitutes are probable factors negatively impacting the growth of the industrial rubber market.
Industrial Rubber Market: Segmentation
The global industrial rubber market is broadly classified on the basis of product type, market and geographies.
Based on product type, the global industrial rubber market is segmented into:
- Gaskets
- Hoses
- Conveyor belts
- Sealing products
- Footwear
Based on market, the global industrial rubber market is segmented into:
- Construction
- Manufacturing
- Aerospace
- Automotive
Industrial Rubber Market: Overview
With rising automotive sales, growing population, increasing disposable income and rising urbanization the need for industrial rubber products are increasing. The global industrial rubber market is expected to expand at a promising CAGR during the forecast period (2015-2025).
Industrial Rubber Market: Region-wise Outlook
The global industrial rubber market is expected to register a double-digit CAGR for the forecast period. Depending on geographic regions, global industrial rubber market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. As of 2015, North America dominated the global industrial rubber market in terms of market revenue followed by Europe. Asia Pacific & Japan are projected to expand at a substantial growth and will contribute to the global industrial rubber market value exhibiting a robust CAGR during the forecast period, 2015?2025.
Industrial Rubber Market: Key Players
Some of the key market participants in global industrial rubber market are Goodyear Tire and Rubber Company, Greenville Industrial Rubber & Gasket Co, Industrial Rubber & Gasket Inc, Continental AG, Bridgestone Corp, Yokohama Rubber Company Ltd, Toyo Tire and Rubber Co. Ltd.