Stratview Research has published a new report titled “Industrial Rubber Market” which is segmented by Type (Natural Rubber, Synthetic Rubber), by Product Type (Mechanical Rubber Goods, Rubber Hose, Rubber Belt, Rubber Roofing, and Others), by Application Type (Automotive, Building & Construction, Industrial Manufacturing, Polymer Modification, Wire & Cable, Electrical & Electronics, Bitumen Modification, Coating, Sealant & Adhesive, Medical & Healthcare, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, the market was estimated to grow from US$ 25.5 Billion in 2021 to US$ 36.48 Billion by 2028 at a CAGR of 5.12% during the forecast period of 2022-2028.
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the industry’s market dynamics. It thoroughly analyzes the market segments, including products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis -
The Synthetic Rubber segment held the larger share of the market.
The market is segmented into natural rubber and synthetic rubber. Synthetic rubber is an abrasion-resistant replacement for natural rubber, widely used in the automotive application, 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 Automotive Application Dominates the market, as industrial rubbers are majorly used in this due to their better performance and easier processing ability.
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. 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.
Which Region is expected to remain the largest market?
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.
Who are the Key Players in the Market?
This report provides market intelligence most comprehensively. It also provides critical insights into the key players active in the market, enabling strategic decision-making for the existing market players and those willing to enter the market. The following are the key players acting in the Industrial Rubber Market:
- Lanxess AG
- Kumho Petrochemical Co., Ltd
- TSRC Corporation
- The Goodyear Tire and Rubber Company
Key questions answered by the report.
- What is the projected CAGR for revenue from the Industrial Rubber Market during the forecast period?
- What would the market be valued at by 2028?
- What is a major driving factor for the growth of the market?
- Which region accounted for the largest revenue share in the Industrial Rubber Market?
- Which are the major market players?
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