BURNABY, Canada, January 14, 2015 /PRNewswire/ --
Growing tyre exports coupled with increasing use of rubber chemicals in non-tyre applications to drive rubber chemicals market in Thailand
According to recently published report by TechSci Research, "Thailand Rubber Chemicals Market Forecast & Opportunities, 2020", the market for rubber chemicals in Thailand is expected to witness a CAGR of around 4% during 2015-20. Major factors that are driving market growth include growing tyre exports and increasing consumption of rubber processing compounds in non-tyre applications. Due to favorable government initiatives to develop Thailand asan automotive hub in ASEAN region, tyre production in the country is expected to increase in the coming years, which is expected to further drive the use of rubber chemicals in the country.
The growth of rubber chemicals market is directly aligned with growth of tyre industry in the country. This is due to the fact majority of the rubber chemicals sourced from countries like China, Japan and Germany is consumed by the country's tyre industry. Considering the anticipated growth in tyre production over the coming years in Thailand, rubber chemicals consumption for manufacturing tyres is expected to grow significantly through 2020.
Thailand rubber chemicals market is mostly import driven due to absence of manufacturers in the country. The country imports most of the chemicals from China followed by Japan. As a result, rubber chemical consumers in the country face tremendous problems due to high overheads charged on imports and to meet other regulatory obligations.
"Rubber fillers and plasticizers account for majority of the share in the overall rubber chemicals market of Thailand. However, consumption pattern of fillers and plasticizers are not the same. The consumption of fillers is a lot higher in tyre industry,whereas plasticizer consumption is higher in non-tyre industry.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Thailand Rubber Chemicals Market Forecast & Opportunities, 2020" has evaluated the future growth potential of Thailand rubber chemicals market and provides statistics and information on market structure, industry behavior and trends. The report includes rubber chemicals market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the rubber chemicals market in Thailand.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research