Impact of COVID-19 on Industrial Rubber Products Market
Global Industrial Rubber Products Market: Key Highlights
- The global industrial rubber products market was valued at ~US$ 106 Bn in 2018, and is anticipated to expand at a CAGR of ~6% from 2019 to 2027. The demand for synthetic rubber has increased in industrial, automotive, and performance-demanding applications due to their unique properties.
- In terms of volume, the automotive industry is a major consumer of industrial rubber products, which are used in various dynamic and static seals, belts, and hoses. Thus, rise in the demand for rubber products in various industries is driving the global industrial rubber products market.
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Key Drivers of Global Industrial Rubber Products Market
- According to the European Construction Industry Federation (FIEC), the global construction sector is expected to reach US$ 8 Trn by 2030. China, the U.S., and India account for more than 50% share of the global construction sector.
- Rubber is widely used in construction in the production of window seals, bearings, expansion joints, facade seals, belts, sheets, floorings, and mountings, due to its excellent physical properties such as temperature resistance, flame retardancy, low smoke & toxicity, absorption, environmental resistance, and water resistance.
- Growth of the construction & infrastructure industry is driving the global industrial rubber products market.
Increase in Recycling Rate of Rubber to Create Opportunities in Global Market
- Recycled rubber is environment-friendly. Commonly recycled rubber is used in the manufacturing of tires, tennis shoes, rubber beach balls, and hot water bottles, etc.
- Environment-friendly rubber products can be used in the automotive and construction sectors. They are commonly used as a type of flooring product, such as rubber flooring, playground surfaces, rubber matting, recycled rubber mulch, and rubber pavers. These factors are likely to create lucrative opportunities for the global industrial rubber products market.
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