Industrial Rubber Market Analysis | 2023-2028

Market Insights

The industrial rubber market was estimated at USD 26.8 billion in 2022 and is likely to grow at a CAGR of 5.12% during 2023-2028 to reach USD 36.16 billion in 2028.

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Market Dynamics

Introduction

Industrial rubbers are major of two types i.e., synthetic rubber and natural rubber. Synthetic rubber is an elastomer, developed by the process of polymerization of unsaturated hydrocarbons from petroleum by-products. It is more flame resistant as compared to natural rubber.

Industrial rubbers are the most versatile and widely used products, in various applications, such as automotive, adhesives, buildings & construction, wire & cable, and medical & healthcare.

Market Drivers

The prime factors that are contributing to the growth of the industrial rubber market are:

• The increasing usage of versatile materials in various applications, such as automotive, building & construction, medical & healthcare, coating, sealant & adhesives, and wire & cables.
• The use of rubber components like seals, hoses, gaskets, wiper blades, and vibration control devices has propelled the market demand for mechanical automotive rubber in many industries.

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Key Players

Some of the major industrial rubber manufacturers are-

• Lanxess AG
• Sinopec
• Kumho Petrochemical Co., Ltd
• TSRC Corporation
• The Goodyear Tire and Rubber Company

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Type

The industrial rubber market is segmented into natural rubber and synthetic rubber. The synthetic rubber segment held the larger share of the market during the forecast period. Synthetic rubber is an abrasion-resistant replacement for natural rubber, widely used in automotive applications, which is driving the growth of this segment. Further, it is produced in latex form to be used as a rubbery adhesive in manufacturing carpets. The various other applications where synthetic rubber is used are roll coverings, drive couplings, conveyor belts, and adhesives.

By Application Type

The market is segmented as automotive, building & construction, industrial manufacturing, polymer modification, wire & cable, electrical & electronics, bitumen modification, coating, sealant & adhesive, medical & healthcare, and others. The automotive application dominates the market, as industrial rubbers are majorly used in this due to their better performance and easier processing ability. Further, industrial rubbers are used as a replacement for metal, glass, and wood parts used in automotive applications. They also possess various properties such as stiffness and abrasion resistance, which are propelling the growth of the segment.

Regional Insights

Asia-Pacific is estimated to be the fastest-growing industrial rubber market, with lucrative growth opportunities. The growth of the market is driven by the increasing demand for vehicles, automotive components, and substantial infrastructural development, the growing building & construction sector, which is generating huge demand for industrial rubbers, and the presence of a large number of industrial rubber manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer significant growth opportunities.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects industrial rubber market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The industrial rubber market is segmented into the following categories.

By Type

• Natural Rubber
• Synthetic Rubber

By Product Type

• Mechanical Rubber Good
• Rubber Hose
• Rubber Belt
• Rubber Roofing
• Others

By Application Type

• Automotive
• Building & Construction
• Industrial Manufacturing
• Polymer Modification
• Wire & Cable
• Electrical & Electronics
• Bitumen Modification
• Coating, Sealant & Adhesive
• Medical & Healthcare
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, Italy, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.