In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
On March 01, 2018: Saint Gobain Performance Plastics acquired HyComp LLC (manufacturer of advanced components for industrial markets). The joining of HyComp’s with Saint Gobain gives HyComp’s an opportunity to broaden their portfolio of critical parts for high temperature along with long life applications in industrial applications and aerospace.
Cellular rubber or foam rubber is a porous rubber that is produced with foaming agent which creates an air filled matrix structure. The cellular rubber is manufactured using expansion process with the help of gas developing agents and is available in various resistance densities. The rubber is watertight and airtight owing to the non linkage of cells with each other. Oil resistance, good insulation property, chemicals resistance, limited water absorption, high tear strength and weather resistance are some of the benefits related to cellular rubber.
The market for cellular rubber is anticipated to record a CAGR of around 6% over the forecast period, 2020-2028. The major key factor anticipated towards the growth of the market includes the rise in the rubber, space, electronics and automotive industries. The cellular rubber is used for sealing purpose, along with shock absorption and confinement among others in space industry. Moreover, foam blanks made from cellular rubber is used for transportation and fitting of solar components. In addition, in space industry, cellular rubber is used for engine seals and light seals. Hence, these factors are expected to account for the rise in cellular rubber market over the forecast period.
The market is segmented by product type, by material type, by application type, by end user and by region. The material type is further segmented into neoprene, SBR blend, EPDM (Ethylene Propylene Diene Monomer), silicone, natural, chloroprene and others. The natural cellular rubber market is predicted to hold the leading share on the account of well targeted research & development in the automotive, chemical and other industries to expand the uses of cellular rubber. CLICK TO DOWNLOAD SAMPLE REPORT
The top manufacturers in the automotive industry have partnered with the sealing properties of the material with the noise reduction property and have come up with a means of automotive applications for the EPDM type of cellular rubber. In order to seal the doors and tubes of the vehicle, for making tyres and other components of the vehicle, the manufacturers use cellular rubber. Moreover, the rubber has a property to bond quickly with the metal and provide strong shield against weather.
In addition, the cellular rubber is used in many electronic devices for sealing and isolation of the vibrations in the devices. Further, there are certain properties of the cellular rubber which can be customised to cater the specific requirements in range of applications for electronic devices. The increasing demand from many small and medium enterprises is giving enough cushion to the market. Hence, these factors are anticipated to account for the growth of the cellular rubber market.
To dominate the market and to gain the market share, many companies are adapting unstable prices of raw materials. Unexpected fluctuations in the prices of raw materials and unstable weather conditions affect the market for cellular rubber. Further, the increase or decrease in the prices of raw materials, directly impact the production of most of the industries. These factors are expected to hamper the market growth of cellular rubber over the forecast period.
Our in-depth analysis of cellular rubber market includes the following segments:
On the basis of regional analysis, the cellular rubber market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific and North America is anticipated to be the most potential markets for growth on the back of presence of major rubber and automotive industries in the region. The Asia Pacific is estimated to witness relatively high growth in terms of value on the account of customizable properties catering for specific requirements. In addition, the investments in automotive industry are rising daily. India and China are two major regions in Asia Pacific which are scaling up the size of their manufacturing sector and India is progressing into major cellular rubber exporter. These reasons are expected to fuel the market growth of cellular rubber over the forecast period.
The cellular rubber market is further classified on the basis of region as follows: