Rubber is a hydrocarbon polymer that occurs as milky latex in the sap of different plants. It can also be manufactured synthetically. Rubber is majorly used by the tire manufacturing industry, which is used in trucks, buses, automobiles, tractors, military vehicles, and others. It is also used in matting, hoses, belts, flooring, and many other applications. Some of the physical properties of rubber include tear resistance, abrasion resistance, compression set, tensile modulus & strength, elongation, hardness, and others.
According to a study, “Global Rubber Products Market to reach USD XX million by 2026” the key companies operating in the global rubber products market are Nitta Corporation, Zhejiang Double Arrow Rubber Company Limited, LORD Corporation, Fenner plc., ZF Friedrichshafen AG, Eaton Corporation plc., Yokohama Rubber Company Limited, Semperit AG Holding, Trelleborg AB, CQLT SaarGummi Holding Sarl and Continental AG. Key companies are focusing on expanding their business in the Asian-Pacific region as the region is likely to progress rapidly in terms of market volume share due to the easy availability of raw materials and labor. Owing to favorable government tax incentives & subsidies, low-cost destinations in the region are attracting foremost rubber recyclers to set up their manufacturing base.
Based on type, market is segregated as hoses, roofing, gear shift bellow, conveyor belt, and others. Based on rubber type, the market is segregated as natural rubber and synthetic rubber. Moreover, natural rubber has low rolling resistance that provides enhanced fuel economy. Synthetic rubber is used in automobile, chemical processing, building & design, silicone modification, electrical & electronics, wire & cable, bitumen modification, sealant & adhesive, insulation, medical & healthcare, and other applications. Based on product processing, the market is segregated as extrusion, roller dies, molding & casting, and coating. Based on application, the market is segregated as hydraulic systems, automotive wiring harness, chemical plant machinery & equipment, automotive systems, material handling machinery, and others. In addition, based on industry verticals, the market is segregated as the manufacturing industry, aerospace industry, construction industry, automotive industry, textile industry, medical industry, and others.
The market is driven by rising in demand for rubber products from end-use industries followed by a surge in consumption of rubber in the tires manufacturing industry, an increase in demand in motor vehicle application and component manufacturing. However, price fluctuations in the rubber industry, and the adverse effects of industrial rubber products on the environment may impact the market. Moreover, growth in advancement in the products made by synthetic rubber is a key opportunity for the market. Furthermore, the increase in the use of synthetic rubber in the construction and building industry is a major trend for the global market.
Based on geography, the Asian-Pacific region dominates the global market owing to the rise in demand for industrial rubber from construction, automotive, industrial production, and other applications in countries like India and China. Whereas, the North-American and European regions are estimated to witness a higher growth rate due to an increase in demand for fuel-efficient automotive parts because of environmental concerns & stringent regulations over the forecast period.
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Ankur Gupta, Head Marketing & Communications