The rising usage of rubber in a variety of applications in agriculture and construction machinery, and automobile industry, a growing population, and increased urbanization are some of the major drivers to boost the Industrial Rubber Market.
JERSEY CITY, N.J., May 16, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Industrial Rubber Market" By Type (Natural Rubber, Synthetic Rubber), By Application (Automotive, Building And Construction), and By Geography. According to Verified Market Research, the Global Industrial Rubber Market size was valued at USD 31.40 Billion in 2021 and is projected to reach USD 46.66 Billion by 2030, growing at a CAGR of 4.51% from 2022 to 2030.
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Global Industrial Rubber Market Overview
Some of the reasons that are predicted to have an impact on the growth of the market are the volatility of oil prices, and environmental and health concerns related to the usage of industrial rubbers, among others. Rubber products play a significant role in various other industries such as engineering, construction, manufacturing, packaging, and others. When rubber is combined with different chemicals and polymers it becomes sturdier and can be useful for products like respirators, pacemakers, and surgical supplies. Therefore, the Development of unique products is likely to provide a significant amount of growth possibilities in the marketplace. The surge in the use of rubber in industrial and textile goods will eventually act as a driving factor and will result in the growth of the market.
Apart from Rubber, various alternative options are also available in the market with better performance. These alternatives can be plastics, or polymers such as PET, ABS, and PP, these have better elasticity, durability, and rigidity making them better or superior options available. Hence, the availability of alternative options is likely to restrain the expansion of the Rubber market.
- In March 2022, Primasil Silicones Ltd. has been acquired by Minnesota Rubber and Plastics to expand the manufacturing unit in Europe.
- In May 2018, Bridgestone HosePower Announced the Acquisition of New Jersey-based Industrial Rubber Company to increase product offerings and expand the portfolio of value-added services.
The major players in the market are Lanxess, The Goodyear Tire and Rubber Company, Industrial Rubber & Gasket Inc, Kumho Petrochemical, Bridgestone Corp, The TSRC Corporation and JSR Corporation. Other notable players include Yokohama Rubber Company Ltd, Zeon Corporation, and Yokohama Rubber Company Ltd, Toyo Tire & Rubber Co., Ltd, Bridgestone Corporation, Lotte Chemical Corporation, Sinopec Corporation, Lg Chem Ltd, Arkema S.A., Braskem S.A, Celanese Corporation, United Rubber Industries India Private Limited.
Verified Market Research has segmented the Global Industrial Rubber Market On the basis of Type, Application, and Geography.
- Industrial Rubber Market, By Type
- Natural Rubber
- Synthetic Rubber
- Industrial Rubber Market, By Application
- Building & Construction
- Industrial Manufacturing
- Polymer Modification
- Industrial Rubber Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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