The global rubberprocessing chemicals market features a fairly competitivelandscape, notes Transparency Market Research (TMR). The top four players—BASFSE, Lanxess Aktiengesellschaf, Akzo Nobel N.V., and Eastman ChemicalCompany—accounted a combined share of nearly 41% in 2015. Leading playersare likely to retain their dominance on account of their wide product portfolioand a robust geographic reach. Some of the other prominent manufacturers in therubber processing chemicals are Emerald Performance Materials, Solvay, MerchemLimited, China Petroleum & Chemical Corporation, and Sumitomo ChemicalCompany.
TMRobserves that relentless efforts by market players to bring product innovationswill lead to intense degree of competition in the rubber processing chemicalsmarket in the coming years. The entry of regional players in recent years andtheir focus on high-performing rubber processing chemicals will offer stiffcompetition to the incumbent players.
The globalrubber processing chemicals market stood at a revenue worth of US$3.4 billionin 2015. Rising at 4.7% CAGR during 2016–2024, the global market is projectedto touch a valuation of US$5.1 billion by 2024 end.
Among thebroad applications types, the demand for rubber processing chemicals in makingtires is by far the dominant and it accounted for a whopping share exceeding70% in 2015 in the global market. The demand for these in manufacturing tiresis likely to rise at substantial pace driven by the vast strides beingwitnessed in the manufacturing of new vehicles. The use of these chemicals enhancesthe functionality of rubber tires.
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Of all thekey regional markets for rubber processing chemicals, Asia Pacific held themajor share in 2015 amounting to 62%. A thriving demand for rubber processingchemicals in the automotive and construction industries is bolstering theregional market growth, especially witnessed in emerging economies.
BurgeoningDemand in Tires and Non-Tires Applications accentuate Growth
The rubberprocessing chemicals is primarily driven by the burgeoning demand for thesechemicals for tires and non-tires applications in a range of industries,including the construction, electric and electronics, aerospace, medical, andfootwear production. The rapid strides taken by these industries is broadlycontributing to the expansion of the overall market.
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The growinguse of rubber processing chemicals for tire manufacturing in the automotiveindustry is a notable factor boosting the market. The demand is increasinglycatalyzed by the staggering sales of automobile sales in various parts of theworld. The demand for rubber processing materials is notably bolstered by theiruse in making a variety of building and construction materials. The chemicalsare extensively used in making sealants, insulating agents, roofing materials,and floor coverings. The versatility of use of rubber is key to underpinningthe expansion of the rubber processing chemicals market.
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Environmental Toxicity of SomeChemicals may be Setback to their Demand
The steadygrowth of the rubber processing chemicals market is also suffering from certainsetbacks. The toxicity of some of the rubber processing chemicals may hindertheir demand in some end-use industries. Concerns related to the adverseimpacts of these chemicals on the environment are expected to hamper theirdemand in various parts of the world. This is backed by government regulationsin some countries.
Nevertheless,the market will face favorable trends from the rising efforts by manufacturersto explore new chemicals for rubber processing. Moreover, a burgeoningautomotive industry, coupled with the rising disposable incomes, is a crucialtrend expected to catalyze the market growth over the assessment period.
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