Global Industrial Rubber Market: An Overview
The industrial rubber market is growing at a healthy rate, and is expected to continue its expansion in future. This is mainly due to rising availability of products in developing countries, increasing disposable income, and increasing demand for rubber-made commodities.
Industrial rubber is one of the most versatile and widely used products in the world. Industrial rubber market is increasingly serving a wide range of sectors including building & construction, automotive, wire & cable, coating, medical & healthcare, electrical & electronics, etc.
Synthetic rubber is a petrochemical byproduct. It is an elastic polymer, which is stronger and more flame resistant as compared to the natural variety. Hence, the synthetic rubber provides more flexibility for manufacturers in conceptualizing various different end products.
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Global Industrial Rubber Market: Key Trends
A major driver influencing the growth of the global rubber market is the positive economic outlook of the Asia Pacific market. Increased sales for the automotive industry is expected to boost the industrial rubber market significantly. The industrial rubber market is anticipated to make major gains in emerging economies including Thailand, Malaysia, Brazil and India.
Additionally, the mechanical rubber is also foretold to witness major growth due to increasing in purchasing parity in China. This variety of rubber is commonly used in machinery equipment and motor vehicles.
Growing automotive sales in China and its status as the manufacturing hub for automotive is expected to drive the market further. Increasing household income in emerging countries, lack of adequate public infrastructure, and changing preference for private cars is expected to drive the global industrial rubber market.
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Rising construction activities in emerging economies is also a key factor fueling prosperity for the industrial rubber market. Various governments in Asia Pacific are investing in both public and private initiatives to boost infrastructure in countries such as India and China. Several airports, metros, highways, other smart city projects are being undertaken in these economies. These projects are expected to boost demand for industrial rubber market during the forecast period in Asia Pacific.
Global Industrial Rubber Market: Regional Outlook
The industrial rubber market is expected to grow with the fastest CAGR in the Asia Pacific region. It is prophesized to grow at an average CAGR in North America as well as Europe. However, These regions are expected to hold the largest share of the global industrial rubber market during the forecast period .
The automotive industry contributes to a major contributor to GDP in several European countries. Hence, its sluggish growth can receive a boost from government initiatives during the forecast period. Increasing population in emerging markets is expected to drive Asia Pacific, followed by South America, and the Middle East & Africa.
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Global Industrial Rubber Market: Competitive Dynamics
Main players in the industrial rubber market are TSRC Corporation, Nizhnekamskneftekhim, Kumho Petrochemical, JSR Corporation, Tire, and Rubber Company (US).
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.