Industrial Rubber Market Segmentation By Type (Synthetic Rubber and Natural Rubber); By Product (Rubber Hose, Mechanical Rubber Good, Rubber Belt, Rubber Roofing and Others); By Application (Industrial Manufacturing, Automotive, Wire & Cable, Building & Construction, Coating, Medical & Healthcare and Sealant & Adhesive) - Global Demand Analysis & Opportunity Outlook 2027
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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.
Rubber is hydrocarbon polymer which occurs as milky latex in the sap of the different plants and can also be manufactured synthetically. The main property of the rubber is elasticity which makes it readily available for the application in various industries. The diverse field for the application of the rubber includes transportation, material handling, healthcare and sports activities. The industrial rubber consists of two type namely synthetic and natural rubber. Synthetic rubber is more preferred by the automotive industry on the account of its application in the light weight vehicles.
The global industrial rubber market is anticipated to grow at a CAGR around 4.8% during 2018-2027. It is expected to reach the market size of USD 45 billion by the 2027. The growing application of the industrial rubber in various end-use industries such as automotive, building & construction, industrial manufacturing, polymer modification, wire & cable, electrical & electronics, coating, sealant & adhesive, and medical & healthcare is anticipated to boost the growth of the global industrial rubber market during the forecast period.
The global industrial rubber market can be segmented on the basis of type, product, application and region. On the basis of type, it is sub-segmented into synthetic rubber and natural rubber. Synthetic rubber is anticipated to be the leading sub-segment for the type segment. The rise in the application of the synthetic rubber in the automotive industries on the account of its abrasion-resistant property is anticipated to major reason leading to the expansion of the sub-segment during the forecast period. On the basis of product, it is sub-segmented into rubber hose, mechanical rubber good, rubber belt, rubber roofing and others. On the basis of application, it is sub-segmented into industrial manufacturing, automotive, wire & cable, building & construction, coating, medical & healthcare and sealant & adhesive. Automotive is anticipated to be the leading sub-segment during the forecast period. The various properties of the rubber such as stiffness and abrasion resistance is replacing the traditional material such as metal, glass, and wood parts which are used in the automotive application.
By region, global industrial rubber market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to hold the largest market share for the global industrial rubber market during the forecast period. The increasing application of the industrial rubber in the automotive industry and footwear industry in the region is anticipated to be the major reason for the growth of the industrial rubber market in the region. The increasing sales of the car coupled with the rising application of the industrial rubber are anticipated to boost the growth of the global industrial rubber market. According to International Organization of Motor Vehicle Manufacturers, the total commercial vehicle production was 23.8 million in 2017 whereas it was 22.9 million in 2016. Asia-Pacific region is anticipated to be the fastest developing region for the global industrial rubber market. The Asia-Pacific region is witnessing high industrialization which leads to the expansion of various applications industries such as industrial manufacturing, automotive and building & construction. The increasing number of the construction enterprise in China contributes to the high growth of the construction industry in the country. For instance, in 2014 the total number of enterprise were 81,141 which grew to 83,017. Thus, it is contributing to the high growth of the global industrial rubber market. CLICK TO DOWNLOAD SAMPLE REPORT
Our in-depth analysis segmented the global industrial rubber market in the following segments:
Global industrial rubber market is further classified on the basis of region as follows:
The increasing application of the industrial rubber in the various end-use industries such as automotive, building & construction, industrial manufacturing is anticipated to be the major growth driver for the global industrial rubber market during the forecast period. The rising industrialization in the various regions across the globe leads to the high expansion of the various application industries. This is anticipated to boost the growth of the global industrial rubber market. In Asia-Pacific region, automotive industry is expanding rapidly which leads to high application of industrial rubber in the region. Additionally, the rising production of the rubber tire is increasing the application of the rubber which in turn support the growth of the global industrial rubber market. Moreover, the increasing growth witnessed by the rubber market is anticipated to enhance the application of industrial rubber.
The volatile prices of the raw materials coupled with the stringent environmental regulation are anticipated to restrain the growth of the global industrial rubber market.
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