Global Industrial Rubber ProductsMarket: Key Highlights
· Theglobal industrial rubber products market wasvalued at ~US$ 106 Bn in 2018, and is anticipated toexpand at a CAGR of ~6% from 2019 to 2027.The demand for synthetic rubber has increased in industrial, automotive, andperformance-demanding applications due to their unique properties.
· In termsof volume, the automotive industry is a major consumer of industrial rubberproducts, which are used in various dynamic and static seals, belts, and hoses.Thus, rise in the demand for rubber products in various industries is drivingthe global industrial rubber products market.
Key Drivers of Global Industrial Rubber ProductsMarket
· Accordingto the European Construction Industry Federation (FIEC), the globalconstruction sector is expected to reach US$ 8 Trn by 2030. China,the U.S., and India account for more than 50% share of theglobal construction sector.
· Rubber iswidely used in construction in the production of window seals, bearings,expansion joints, facade seals, belts, sheets, floorings, and mountings, due toits excellent physical properties such as temperature resistance, flameretardancy, low smoke & toxicity, absorption, environmental resistance, andwater resistance.
· Growth ofthe construction & infrastructure industry is driving the global industrialrubber products market.
Increase in Recycling Rate of Rubber to CreateOpportunities in Global Market
· Recycledrubber is environment-friendly. Commonly recycled rubber is used in themanufacturing of tires, tennis shoes, rubber beach balls, and hot waterbottles, etc.
· Environment-friendlyrubber products can be used in the automotive and construction sectors. Theyare commonly used as a type of flooring product, such as rubber flooring,playground surfaces, rubber matting, recycled rubber mulch, and rubber pavers.These factors are likely to create lucrative opportunities for the globalindustrial rubber products market.
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Government Regulations and Health HazardsAssociated with Industrial Rubber to Hamper Market
· Theproduction of rubber products entails heterogeneous mixtures of numerouschemicals to carry out heat, pressure, and catalytic actions during variousmanufacturing processes. As a result, the work environment may be contaminatedwith dust, gases, vapors, fumes, and chemical byproducts. Workers may beexposed to these hazards through inhalation and skin absorption during rubberprocessing and product manufacturing.
· Competitionfrom suppliers in low-cost countries is expected to adversely affect the pricesof a majority of industrial rubber products, thereby limiting value gains.Thus, overdependence on suppliers, uncertain raw material prices, importduties, health hazards, and stringent government regulations are anticipated tohamper the global industrial rubber products market.
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Asia Pacific Dominates Global IndustrialRubber Products Market
· Theindustrial rubber products market in China is driven by significant increase inthe number of automobiles in the country. Growth of the automotive industry inChina and the availability of low-cost labor in the region are major factorsdriving the automotive parts & components sector in Asia Pacific. Rubber iscommonly used to manufacture various automotive parts, such as washers, wipers,and belts. Thus, the expanding automotive industry in Asia Pacific is drivingthe industrial rubber products market in the region.
Natural Rubber Held Major Share of Global IndustrialRubber Products Market
· Naturalrubber is expected to be a highly attractive rubber type segment of theindustrial rubber products market. Natural rubber has low hysteresis, whichleads to low heat generation, maintains the integrity of belts and hoses, andextends retreadability. Moreover, natural rubber has low rolling resistance,which results in enhanced fuel economy.
· Thestyrene-butadiene rubber sub-segment accounted for a considerable share of thesynthetic rubber segment in the global industrial rubber products marketin 2018. SBR possesses high strength, abrasion resistance, andblend capability. SBR is comparatively less expensive than other syntheticrubber products.
Molded Process Prominent in Global IndustrialRubber Products Market
· In termsof process, molded is likely to be a highly attractive segment of the globalindustrial rubber products market during the forecast period. Transfer moldingoffers design flexibility and allows for sharper edges. The molded processprovides tighter control of dimensional tolerance and economical process formedium to high precision components.
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Top Players Account for Major Market Share
· Prominentplayers operating in the global industrial rubber products market areBridgestone Corporation, Goodyear Tire and Rubber Company, Continental AG, andSumitomo Riko Company Limited. Key industrial rubber product manufacturersaccounted for approximately 40% to 50% shareof total global market in 2018.
· On April1, 2019, Parker Hannifin Corporation extended its hose range with theintroduction of R50TC/R56TC ParLock multi-spiral hoses, which are availablewith four or six spirals. ParLock R50TC/R56TC offers a tight bend radius, notgreater than R15 hose specification. Additionally, it has been tested for onemillion cycles at 120% working pressure. The range has alsobeen approved with 8,000 psi flanges in straight, 45° and 90° configurations.
· In March2017, Yokohoma Rubber Co., Ltd. acquired Aichi Tire Industry,which manufactures and markets tires for use in forklifts and other industrialmachinery.
