The global demand for industrial rubber is projected to witness moderate growth of 4.6% between 2017 and 2022. The industrial rubber market is expected to grow from USD 26.99 billion in 2017 to USD 33.82 billion by 2022. Industrial rubbers are some of the most versatile materials used in almost every industry. Industrial rubber is increasingly being used in the automotive, building & construction, industrial manufacturing, polymer modification, wire & cable, electrical & electronics, bitumen modification, coating, sealant, & adhesive, medical & healthcare, and other applications. However, the growth of the industrial rubber industry is restrained by the health hazards associated with it and the environmental regulations imposed on its manufacturing.
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Based on type, synthetic rubber is estimated to be the largest segment of the industrial rubber market. The growth of this segment can be attributed to the wide use of synthetic rubber in different applications. Synthetic rubber is used in large quantities in the automotive application as an abrasion-resistant replacement for natural rubber. Synthetic rubber produced in the latex form is used as a rubbery adhesive in carpet manufacturing. Its other applications include drive couplings, haul-off pads, conveyor belts, adhesives, roll coverings, and various other molded rubber goods.
Based on application, electrical & electronics is expected to be the fastest-growing segment of the industrial rubber market in terms of value. The increasing spending on electrical & electronics products across the globe due to rapid urbanization and technological advancements in every industry is expected to drive the consumption of industrial rubber in the electrical & electronics application during the forecast period.
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Based on product, the rubber roofing is expected to be the fastest-growing segment of the industrial rubber market during the forecast period. This segment is expected to witness steady growth, owing to increasing investments in the building & construction industry in the Asia Pacific, and the rise in spending towards infrastructure enhancement in developed countries such as the US, and Japan.
The Asia Pacific industrial rubber market is projected to grow at the highest CAGR during the forecast period. The Asia Pacific led the industrial rubber market, in terms of both volume and value, in 2016. In terms of value, the Asia Pacific accounted for the largest share of 53.5% of the global industrial rubber market in 2016. The increased demand for industrial rubber from non-tire automotive, building & construction, industrial manufacturing, and other applications in countries such as China and India is driving the industrial rubber market in the Asia Pacific.
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.
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