The global Rubber Market is anticipated to gain impetus from a rise in the demand from tire and non-tire automotive parts sector. This information is published in a report by Fortune Business Insights, titled, “Rubber Market Size, Share & Industry Analysis, By Type (Natural, and Synthetic), By Application (Tire, Non-Tire Automotive, Footwear, Industrial Goods, and Others), and Regional Forecast, 2019-2026.”
List of prominent companies that are operating in the global rubber market. They are as follows:
- LG Chem
- Southland Holding Lonza
- Kumho Petrochemical
- Tradewinds Plantation Berhad
- Unitex Rubber
- TSRC Corporation
- Halcyon Agri
- Vietnam Rubber Group
- Dow Chemicals
- Tong Thai Rubber Group
- Sri Trang Agro-Industry
- Von Bundit
The report further mentions that the rubber market size is projected to reach USD 60.38 Billion by 2026, thereby exhibiting a CAGR of 5.1% during the forecast period. However, the market was valued at USD 40.71 Billion in 2018. Furthermore, rubber consists of numerous crucial properties, namely, high flexibility, insulation property, and weather resistance. Hence, it is used in manufacturing non-flat belts, elevators, and transmission belts.
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The report provides a detailed analysis of the market growth rate and size for all the significant segments. It further offers qualitative and quantitative insights into the industry, such as rubber market trends, growth drivers, hindrances, competitive landscape, and challenges. It also aids in highlighting and analyzing the most important business strategies of the renowned market players. Combined with this, it presents accurate information regarding the market value, size, and volume.
Synthetic Rubber Segment to Dominate Owing to its Various Beneficial Properties
In terms of type, the rubber market is categorized into synthetic and natural. Amongst these, synthetic rubber is exhibiting higher demand due to various applications, namely, industrial goods, footwear, and tire. It is because they possess superior properties, such as toughness, elasticity, high head resistance, and abrasion resistance. All these vital properties have resulted in the rapid inclination of consumers towards synthetic rubber from natural rubber. They are used widely for commercial purposes, especially for manufacturing tires. It is considered to be very cost-effective as compared to natural rubber.
North America to Dominate: Increasing Demand from Automotive and Footwear Industries to Boost Growth
The rubber market is geographically divided into Europe, the Middle East and Africa, North America, Latin America, and Asia Pacific. Out of these regions, North America is projected to dominate the market during the forecast period. It would occur due to the increasing demand for rubber from footwear and automotive applications. Additionally, the ongoing technological advancements and a rise in the applications in textile and chemical industry would contribute to the rubber market growth in this region.
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The Middle East and Africa and Latin America are anticipated to showcase lower growth as compared to the other regions. It is likely to happen due to reduced production of tires, expensive nature of synthetic rubber, and increasing dependency on the imports of natural rubber.
Thailand Expands Export Market for Lower-priced Rubber in India
In May 2019, Thailand’s Ministry of Commerce delegated to penetrate the export market for cost-effective rubber to India which has over a billion population and all types of consumers from several sectors. A prominent tire manufacturer called Emerald Resilient Tire Co., based in Chennai, has promised to purchase the Thai rubber products by the end of this year. According to the officials of Emerald, the company will buy those rubber products to utilize them as raw materials for the tire industry. The Thai authorities have also recommended suitable suppliers for the company. The executive officials of the Department of International Trade Promotion and the Minister of Acting Commerce recently visited India to expand the export market for Thai goods.
Name: Reeti Banerjee
Reeti Banerjee is currently working as a content writer in a prominent market research firm named Fortune Business Insights. She specializes in writing articles, press releases, blogs, and news reports. She believes in maintaining simplicity throughout her content to provide the clients with a seamless reading experience.
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