Global Industrial Rubber Market Forecast To Reach $167 Billion By 2026
Higher capacity for suppression and reusability of rubbers make them an ideal raw material for almost every other industry in the world. The versatile applicability of industrial rubbers keeps raking in billions of dollars, and also manages to save losses worth millions. From aerospace to automotive, Persistence Market Research’s latest report on the global industrial rubber market highlights key end-uses of rubber products across multiple industries.
The report reveals how years and years of surplus demand has led the global industrial rubber market towards its present value, which is estimated to be $93,067.7 million. Much like the last decade, the global demand for industrial rubber is less likely to halt, and will bring in around $167,935 million in revenues by the end of 2026. During these years, the global market for industrial rubber has also been anticipated to soar at an impressive CAGR of 6.1 percent. Cushioning rough surfaces and controlling the incidence of abrasion-based damages makes adoption of rubber solutions quite practical for industries.
By the end of 2026, nearly 55 million metric tons of industrial rubber will be consumed across the globe. In the report, titled, “Industrial Rubber Market: Global Industry Analysis and Forecast, 2016-2026,” Persistence Market Research has attributed the market’s growth to factors such as rising global construction output, soaring sales of industrial rubber through digital marketing, technological advancements improving large-scale production of industrial rubber, and effective application of industrial rubber in automotive as well as emerging industrial verticals; although global consumption of industrial rubber will remain at the mercy of fluctuating raw rubber prices and stringent environmental regulations regarding production, use and disposal of rubber products. The report also highlights the downtrend in global demand for natural rubber products. In 2017 and beyond, industrial use of natural rubber is projected to slow down, procuring just over 37 percent of global market value.
With respect to synthetic industrial rubbers, the global consumption of styrene butadiene rubber will be growing at a 7 percent CAGR during the forecast period. The market is also likely to exhibit higher growth in demand for polybutadiene rubber, ethylene-propylene rubber and silicone rubber.
Leading manufacturers of industrial rubber include: Lanxess AG, Dow Chemical Co., E.I. DuPont de Nemours & Company, Asahi Kasei Corporation, JSR Corporation, ExxonMobil Corporation, Sumitomo Chemical Co. Ltd., Denka Company Limited, Ube Industries Ltd. and Zeon Corporation. Prominent manufacturers of industrial rubber products include: Bridgestone Corporation, Bando Chemical Industries, Ltd., Goodyear Tire & Rubber Corporation, Eaton Corporation, Trelleborg AB, Continental AG, Parker-Hannifin Corporation, Nichirin Co. Ltd., Yokohama Rubber Company Ltd. and Carlisle Companies Inc.
The report reveals that a considerable portion of industrial rubber produced in the world will be processed through the injection molding method. In 2016, more than $37,189.5 million in revenues were accounted by global sales of injection molded industrial rubber. Higher adoption of injection molding will also lower the market presence of the compression molding process. Meanwhile, industrial rubber obtained through the extrusion process is likely to impose a consistent share on global market value, 34.2 percent through 2026. The automotive industry will indisputably be the largest end-user of industrial rubber in the world.
Over 40 percent of global industrial rubber production is accounted for by automotive and transportation businesses. Correspondingly, rampant production of automobiles makes the Asia-Pacific excluding Japan (APEJ) region the world’s largest industrial rubber market. With over one-third share of global revenues, industrial rubber sold across the APEJ region is expected to bring in $55,939.3 million in revenues by 2026-end. Meanwhile, industrial rubber revenues in the Middle East and Africa region will record a rampant growth by exhibiting a healthy CAGR of 6.6 percent.
Source: Rubber World Magazine