Industrial Rubber Market

Industrial Rubber Industry Outlook

As per rigorous research by Chem View Consulting, our analysts forecast that the global industrial rubber market is expected to reach a valuation of USD 59050 million and will grow at a 5.1% CAGR during 2023 to 2033.

Key Findings on the Industrial Rubber Sector

1. Which is the largest market for industrial rubber?

The biggest market for industrial rubber is East Asia. As per our analysis, East Asia holds nearly 37.4% industry share.

2. What is the largest end-use industry segment within the industrial rubber market?

As per Chem View Consulting, the largest segment by end-use industry is automotive. As per our analysis, this segment accounts for nearly 45.4% of total revenues.

3. At what rate is the market size expected to grow?

The industry is expected to grow at a CAGR of 5.1% during the period of 2023–2033.

4. What are the major trends influencing the industrial rubber market?

• Sustainability: Eco-friendly and sustainable rubber production methods, such as the utilization of recycled materials and energy-efficient processes, are becoming increasingly important.
• Advanced Materials: Market expansion is driven by rising demand for high-performance rubber compounds and specialized elastomers for a wide range of industrial applications.

5. Who are the leading players in the industrial rubber market?

The key companies in the marketplace are BKT, Cabot Corporation, The Kauchuk Company, Sinopec Corporation, LG Chem Ltd., The Goodyear Tire & Rubber Company, Lotte Chemical Corporation, Arkema S.A., Celanese Corporation, Toyo Tire & Rubber Co., Ltd., Braskem S.A., UBE Corporation, United Rubber Industries India Private Limited, THE YOKOHAMA RUBBER CO., LTD., Rondex Co., Ltd., Parker Hannifin Corporation, Bridgestone Corporation, Nok Corporation, Carlisle Companies Inc., Sumitomo Riko Company Limited, and China Petrochemical Corporation.

Key Drivers for Industrial Rubber Demand

• Urbanisation and infrastructure development projects demand a large number of rubber-based products for construction, roofing, pipelines, flooring, and other applications. As cities grow and infrastructure projects expand, the demand for industrial rubber products will skyrocket.
• In addition, rubber is widely used in the manufacturing industry for conveyor belts, hoses, gaskets, and other industrial purposes. With the rise of manufacturing activities in emerging economies, there will be an increase in the industrial rubber market demand.
• Furthermore, the growth of the e-commerce and logistics sectors has led to increased demand for rubber products used in packing, storage, and shipping. Industrial rubber is essential for the production of packaging materials and conveyor belts, which aids in the expansion of these businesses.

Key Challenges Inhibiting Demand for Industrial Rubber

• Technological advancements and the development of alternative materials, such as plastics and composites, pose a challenge to rubber’s traditional use in a variety of applications. The use of these substitutes may lower the need for industrial rubber products.
• Moreover, limited R&D capabilities, along with insufficient investment in novel technologies, can hinder the industry’s capacity to manufacture new and improved rubber products, reducing market competitiveness.

Key Challenges & Opportunities for Industrial Rubber Market Manufacturers

• Strict safety regulations, as well as the possibility of product liability lawsuits, force businesses to spend on safety and compliance, raising operational expenses.
• However, offering customized rubber solutions and focusing on niche sectors that require specialized rubber products, such as marine, energy, or sports equipment, might result in larger margins and less competition.

Country/Region-wise Insights

US Industrial Rubber Industry Forecast 

• The growing automotive and construction industries, as well as the emphasis on sustainable and environmentally friendly products, in the US market are projected to observe significant growth in the estimated period.
• Additionally, with an ever-expanding manufacturing sector and rising demand for various industrial products, the industrial rubber industry is poised to thrive.

Europe Industrial Rubber Market Outlook 

• Growing awareness of the outstanding qualities of industrial rubber, such as durability, resilience, and cost-effectiveness, in the Europe market is anticipated to drive sales in the market over the assessment period.
• In addition, continuous innovation and technological developments in the sector, as well as a focus on sustainability and environmental concerns, are supporting the expansion of the European market.

Japan Industrial Rubber Market Forecast

• The growing demand for high-performance rubber products in a variety of industries, such as automotive, construction, and electronics, in the Japanese market is anticipated to drive the market over the forecasted period.
• Additionally, Japan’s emphasis on sustainability and environmental responsibility will contribute to the development of eco-friendly rubber solutions, boosting market expansion even further.

China & India Industrial Rubber Industry Overview

• Increasing investments in the industrial, construction, and automotive sectors in the Chinese & Indian markets are anticipated to fuel the market over the forecast period. China & India markets are likely to account for a leading share of the global industrial rubber market.
• In addition, rubber technological developments and increased R&D investments are improving the quality and performance of industrial rubber products, allowing them to meet the needs of a wide range of industries, thereby boosting market growth.

Industrial Rubber Business Outlook & Forecast by Segmentation

By Type 

Based on type, the natural segment is expected to remain at the forefront of the share over the assessment period. The growth is mainly because natural rubber is obtained from the latex of rubber trees (Hevea brasiliensis) and is a sustainable resource. Natural rubber is a desirable option for environmentally conscious consumers and enterprises due to its durability and renewability.

In addition, natural rubber has exceptional properties such as high tensile strength, outstanding tear resistance, and flexibility. These qualities make it appropriate for a wide range of applications, including tire production, automotive components, industrial hoses, conveyor belts, and many more products.

By End-use Industry

Based on the end-use industry, the automotive segment is set to account for 45.4% of the industrial rubber market share over the assessment period. The growth is because the automobile sector is one of the main consumers of industrial rubber, mostly in the form of tires, hoses, gaskets, seals, and numerous other components. There will always be a need for rubber products as long as there is a market for automobiles.

In addition, with growing populations and rising incomes in many parts of the world, automobile ownership is on the rise. This increases the demand for new cars and replacement parts, which pushes the demand for industrial rubber.

Which Company Owns the Largest Share in the Industrial Rubber Industry?

The key companies in the industrial rubber market are BKT, Cabot Corporation, The Kauchuk Company, Sinopec Corporation, LG Chem Ltd., The Goodyear Tire & Rubber Company, Lotte Chemical Corporation, Arkema S.A., Celanese Corporation, Toyo Tire & Rubber Co., Ltd., Braskem S.A., UBE Corporation, United Rubber Industries India Private Limited, THE YOKOHAMA RUBBER CO., LTD., Rondex Co., Ltd., Parker Hannifin Corporation, Bridgestone Corporation, Nok Corporation, Carlisle Companies Inc., Sumitomo Riko Company Limited, and China Petrochemical Corporation.

Recent Developments:

• In April 2023, BKT, an Indian multinational tire manufacturer, launched the Multiforce BK T91, a line of industrial rubber tracks designed for track loaders with small wheels.
• In February 2023, Cabot Corporation, a specialty chemicals and performance materials company based in the United States, announced a new engineered elastomer composite (e2c^TM) solution to broaden its offerings in commercial tire and industrial rubber applications.
• In October 2021, the Kauchuk Company, a company that produces rubber compounds and molded rubber items, introduced environmentally friendly rubber compounds as part of green innovations for the automotive sector. This is another step towards long-term development.

As per our analysis, the companies that hold the largest share of the market are

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Sinopec Corporation 

Founded in 2000 and with headquarters in Beijing, China, it is the world’s largest conglomerate of oil refining, gas, and petrochemical companies.

LG Chem Ltd.

Founded in 1947 and headquartered in Seoul, South Korea, it was the world’s ninth-largest chemical firm by revenue in 2021.

The Goodyear Tire & Rubber Company

Established in 1898 with headquarters in Akron, Ohio, United States, it is a worldwide tire manufacturer.

Toyo Tire & Rubber Co., Ltd.

Founded in 1945 and located in Itami, Hyogo, Japan, it is a multinational manufacturer of tires and rubber products.

Arkema S.A.

Founded in 2004 and with headquarters in Colombes, Paris, France, it is a publicly traded multi-national manufacturer of specialty materials.

What Makes this Report More Insightful than Others?

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Summary

The industrial rubber market is projected to reach a significant value of USD 59050.0 million by 2033, driven by a robust 5.1% CAGR during the period 2023–2033. Key industry players actively contributing to its growth are BKT, Cabot Corporation, The Kauchuk Company, Sinopec Corporation, LG Chem Ltd., The Goodyear Tire & Rubber Company, Lotte Chemical Corporation, Arkema S.A., Celanese Corporation, Toyo Tire & Rubber Co., Ltd., Braskem S.A., UBE Corporation, United Rubber Industries India Private Limited, THE YOKOHAMA RUBBER CO., LTD., Rondex Co., Ltd., Parker Hannifin Corporation, Bridgestone Corporation, Nok Corporation, Carlisle Companies Inc., Sumitomo Riko Company Limited, and China Petrochemical Corporation. The largest market segment by end-use industry is automotive, while East Asia emerges as the dominant region in this market.

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