Industrial Rubber Market -Overview
The global demand for industrial rubber is projected to witness moderate growth of 4.6% between 2021 and 2027.
The surging use of conveyor belts is projected to create a promising scope for the industrial rubber market in the upcoming period. The polymers & plastics industry reports are conceived by Market Research Future, targeting market forecasts for evolution. A solid CAGR surge is estimated to empower market development in the forecast period.
The rising requirement for eco-friendly industrial rubber is estimated to observe an augmented growth as per industrial rubber market COVID-19 impact analysis. Additionally, the recommencing construction activities around the world are estimated to add further impetus to the industrial rubber market in the approaching period.
Segmental Analysis
The segments considered in the industrial rubber market are created based on type, product processing, end-use industry, region, and product. The industrial rubber market segment consists of tires, conveyor belts, seals, hoses, roofing, adhesives & sealants, shock-absorbing parts, sports equipment, and others. The industrial rubber market's end-use industry segment consists of electrical & electronics, building & construction, industrial manufacturing, automotive, and others. The type segment of the industrial rubber market is split into synthetic and natural. The regions encompassed in the industrial rubber market are Asia Pacific, North America, the Middle East, Europe, Latin America, and Africa. The industrial rubber market's product processing segment consists of roller die, extrusion, coating, molding & casting, and calendaring.
Detailed Regional Analysis
The regional study of the industrial rubber market encompassed are Asia Pacific, North America, the Middle East, Europe, Latin America, and Africa. The Asia Pacific industrial rubber market led the overall market in 2016 due to the elevated requirement for industrial rubber from major end-use industries coupled with swift urbanization. The North American industrial rubber market accounted for the subsequent principal market in 2016 because of elevated demand for industrial rubber from the resuscitating construction activities. The collective demand for fuel-efficient automotive parts due to ecological concerns is anticipated to drive industrial rubber market growth. The European industrial rubber market is expected to flourish due to elevated production and transactions related to automotive parts. The elevated investment in healthcare to recommend safe and better facilities is likely to stimulate the industrial rubber market growth. The Middle Eastern and African region is projected to witness elevated demand for industrial rubber due to the expanding infrastructural and building activities in the GCC nations.
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Competitive Analysis
The broadening of risk & resources owned is seen as a significant trend in the approaching stage. The stockholders' role in revitalizing the market's operation and growth is anticipated to be vital. The inclusion of social impact goals by the companies in the market is estimated to usher in a new development phase in the upcoming period. The enhanced necessity of e-commerce platforms to drive the sales level is estimated to be an extra influence that will urge the global market's development in the approaching period. The augmentation of commercial interests in the forthcoming period is assessed to create a more advantageous position in the forecast period. In the forecast period, the market is appraised to derive a great deal from the market signals while scrutinizing their consumer base to meet their needs better. The market is on the verge of transforming its development shortly by implementing new strategies. The recent growth ventures are foreseen to improve the company's future goal achievement trajectory and are thus essential to growth. The digital elements of business functioning are estimated to emerge more prominently in the period ahead.
The renowned companies in the industrial rubber market are LG Chem (South Korea), Sinopec (China), JSR Corporation (Japan), PJSC "Nizhnekamskneftekhim" (Russia), The Goodyear Tire & Rubber Company (U.S.), Bridgestone Corporation (Japan), KUMHO PETROCHEMICAL (South Korea), TSRC (Taiwan), Versalis S.p.A. (Italy) and ZEON CORPORATION (Japan).
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