Industrial rubber market at $33.8 billion by 2022

A recent report by MarketsandMarkets, "Industrial Rubber Market by Application (Automotive, Building & Construction, Industrial Manufacturing, Polymer Modification, Wire & Cable, Electrical & Electronics, Bitumen Modification), Type, Product, and Region - Global Forecast to 2022," provides a positive scenario for the global industrial market as it estimates the market to grow from $26.99 billion in 2017 to $33.82 billion by 2022, at a CAGR of 4.6% from 2017 to 2022. 

 

The growing demand from the automotive, and building & construction industries in the Asia Pacific acts as a key growth driver for the industrial rubber market, according to the report, as the region has the largest number of automotive production plants globally and is witnessing significant infrastructural developments.

 

Based on type, the synthetic rubber segment is expected to lead the industrial rubber market with growing automotive industry driving this segment. The demand for fuel efficiency, lightweight vehicles, and eco-friendly automotive components is driving the automotive industry to adopt eco-friendly industrial rubbers. This, in turn, is increasing the demand for synthetic rubber. 

 

Based on application, the automotive sector is expected to let industrial rubber market during the forecast period, as most of the emerging economies such as India, China, South Korea, and other South-Asia countries, are witnessing significant growth in the automobile and automotive component production. China is a market leader, in terms of industrial rubber consumption. In the automotive industry, industrial rubber is used in applications such as brakes, fuel seals, chassis, headlight seals, electrical, hoses, grommets, HVAC, engine gaskets and seals, and exhaust hangers.

 

The Asia Pacific region is a lucrative market for industrial rubbers and will post the highest growth due to the continuously increasing demand for vehicles, automotive components from the aftermarket, and significant infrastructural development. The building & construction sector in the Asia Pacific region is growing, thereby leading to the increased demand for industrial rubber from the region. This, in turn, is fueling the growth of the Asia Pacific Industrial Rubber Market.

 

LANXESS (Germany), Sinopec (China), Goodyear Tire and Rubber Company (US), Kumho Petrochemical (South Korea), TSRC Corporation (Taiwan), Nizhnekamskneftekhim (Russia), JSR Corporation (Japan), LG Chem (South Korea), Versalis S.p.A. (Italy), and ZEON Corporation (Japan), among others, are the key players operating in the Industrial Rubber Market across the globe.