Global Industrial Rubber Products Market: Snapshot
The global industrial rubber products market is poised to expand at a healthy rate over the next few years, thanks to the growing application of industrial rubber products, such as tire, hose, belts, and roofing, in the automotive, construction, and the manufacturing industries. The significant growth in the automotive industry, especially, is likely to influence the sales of these products in the near future. The market is expected to proliferate at a CAGR of 5.80% between 2016 and 2024, rising from US$47.7 bn in 2015 to US$79.5 bn by the end of 2024.
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Although the market’s future looks thriving, the volatility in the prices of the raw materials utilized in the manufacturing of industrial rubber and the overdependence of suppliers on OEMs may obstruct the progress of this market over the forthcoming years.
Mechanical Rubber Goods to Continue Witnessing Strong Demand
Mechanical rubber goods, rubber hose, rubber belts, and rubber roofing are the key industrial rubber products available across the world. Among these, mechanical rubber goods have been witnessing a stronger demand and are expected to remain the leading contributor to this market over the next few years, thanks to the heavy deployments of these goods in automobile vehicles. The increasing motor vehicle output is the main factor behind the growing demand for mechanical rubber goods across the world.
The demand for rubber roofing is also anticipated to be fueled in the years to come, thanks to their increasing application in commercial and residential buildings and other infrastructure. With the revival of the construction industry, the rubber roofing segment is projected to experience a significant rise in the near future.
Expanding Automotive and Construction Industries to Propel Asia Pacific Industrial Rubber Market Further
Asia Pacific, among all the regional markets for industrial rubber products across the world, stood first in 2015 with a share of more than 40% in the global market. The presence of many large-sized rubber production facilities in various Asian countries, such as China, India, Malaysia, Thailand, and Indonesia, have reflected positively on the market for industrial rubber products in the region. Over the coming years, the expansion in the automotive and the construction industries is likely to provide tremendous growth opportunities to the vendors of industrial rubber products in Asia Pacific, influencing this regional market substantially.
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The Asia Pacific market for industrial rubber products is closely followed by the market in North America, which is slated to expand at a moderate rate in the near future. Similarly, the Europe market for industrial rubber products is also projected to witness sluggish growth over the forthcoming years on the grounds of maturation and recovering economic condition.
The Middle East and Africa, on the other hand, is expected to surface as a lucrative market for industrial rubber products, thanks to the considerable rise in the commercial and infrastructure sectors and the increasing production of crude oil in this region. Latin America is also estimated witness a stable growth in the next few years, mainly due to the expansion in its automotive and construction industries.
Bridgestone Corp., Cooper Standard Inc., Continental AG, Freudenberg Group, The Goodyear Tire & Rubber Co., HEXPOL AB, AirBoss Rubber Compounding, Gates Corp., TOYODA GOSEI Co. Ltd., SaarGummi, HENNIGES AUTOMOTIVE, Trelleborg AB, Johns Manville, HUTCHINSON, NOK CORP., Parker Hannifin Corp., Sumitomo Riko Co. Ltd., Preferred Compounding Corp., Eaton, Delphi Automotive LLP, Myers Industries Inc., The Yokohama Rubber Co. Ltd. are some of the prominent industrial rubber product manufacturers across the world.
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