Freedonia Forecast: Global Rubber Processing Chemicals Market to Benefit from Healthy Growth in Key Industries & Rising PHR Rates
CLEVELAND, Feb. 20, 2020 /PRNewswire/ -- Global volume demand for rubber processing chemicals is expected to expand 4.2% per year through 2023, supported by:
- healthy anticipated growth in key industries, such as motor vehicle production, where antidegradants, the largest product group, are used intensively on tires to allow them to function properly in harsh conditions
- projected increases in average chemical use rates in terms of parts per hundred rubber (PHR) – for example, rising standards for tire lifespans and the popularity of tires for use in a wide range of conditions will support gradual increases in antidegradant PHR rates
Tires to continue to represent majority of global demand through forecast
Tires will continue to represent the majority of demand for rubber processing chemicals through 2023, with gains supported by:
- increasing motor vehicle ownership rates and expanding motor vehicle production in low- to middle-income regions, such as Central and South America and Eastern Europe
- stricter performance requirements of tires in higher income areas such as the US and Western Europe
Tire manufacturers are increasingly paying attention to maximizing all aspects of the "magic triangle" – good fuel economy, tread life, and wet traction – rather than accepting deficits in one area to benefit another. This trend has resulted in a growing market share for premium tires with more specialized formulations, which generally requires greater chemical loadings.
Healthy gains in truck & bus category to bolster antidegradants demand
Through 2023, global demand for antidegradants in tire applications will be supported by healthy gains in the trucks and buses category, in which tires often face particularly harsh conditions, and by the rising prevalence of higher quality tires with longer expected service lives:
- Intense performance demands promote comparatively heavy use of antiozonants and antioxidants.
- Commonly used antidegradants in tires include those based on phenylenediamine chemistries, which offer good resistance to oxidation, ozone degradation, heat, and flex.
- Higher loadings of antidegradants in sidewall and tread compounds will be used to impede the aging process in tires, both to improve performance and to deliver a longer service life.
Looking for more?
See Global Rubber Processing Chemicals, now available from The Freedonia Group. This study analyzes the global market for rubber processing chemicals. Demand is provided by product and application in metric tons for 2008, 2013, and 2018, with forecasts for 2023 and 2028. Data are provided for six major geographic regions and 21 individual nations. A comprehensive analysis of industry leaders – including market share, competitive strategies, corporate activity, and product mix – is also provided.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group
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