NEW YORK, March 24, 2016 /PRNewswire/ -- The study presents historical demand data (2004, 2009 and 2014) plus forecasts (2019 and 2024) by application (e.g., motor vehicle tires and tire components, non-tire rubber products) and type (synthetic, natural) in six world regions and 23 countries. The study also considers market environment factors, evaluates company market shares and profiles 31 global industry players such as Goodyear, LANXESS, Exxon Mobil, Bridgestone, PetroChina and Sinopec,.
World demand to rise 3.9% annually through 2019
World demand for rubber is forecast to rise 3.9 percent per year to 31.7 million metric tons in 2019. Gains will be driven by increased tire manufacturing, which represents by far the largest application for rubber. Rising income levels in developing regions, particularly in the Asia/Pacific region, will support gains in motor vehicle manufacturing and usage, fueling demand for tires and, in turn, rubber. Growth in manufacturing activity will also support increased demand for rubber in non-tire applications such as automotive components, industrial rubber products, medical products, and footwear.
Asia/Pacific region to be fastest growing market
The Asia/Pacific region is projected to post the fastest growth in rubber consumption through 2019, and will account for nearly two-thirds of global demand in that year. Through 2019, the five fastest growing national rubber markets worldwide will all be located in the Asia/ Pacific region. Indonesia is projected to post the fastest growth, an achievement it also managed over the 2009-2014 period. India, Vietnam, Thailand, and China will also post strong gains in rubber consumption, benefiting from rapid advances in manufacturing activity. China will remain by far the world's largest rubber market, representing half of the Asia/Pacific total in 2019. Demand for rubber in Central and South America and the Africa/ Mideast region will also rise, benefiting from growth in these regions' tire industries.
Tire production to support gains in developed areas
Demand for rubber will advance at below average rates in North America and Europe through 2019. The maturity of economies throughout these regions will constrain growth in the manufacture of rubber consuming products. However, gains in tire manufacturing in both regions will support advances in rubber demand. Western Europe is forecast to post the slowest growth in rubber demand through 2019. Western Europe's tire industries have suffered from producers shifting operations outside of the region, and the permanent closure of tire manufacturing facilities will limit the ability of the region's rubber market to recover from the recent period of economic troubles.
Tire, non-tire rubber to grow at similar rates
Tire applications accounted for 65 percent of rubber demand worldwide in 2014. That share is forecast to remain similar through 2019, as the global rate of growth for tire manufacturing is projected to be similar for that of manufacturing in general. In addition to contributing to increased demand for tire rubber, rising output of motor vehicles will support growth in demand for rubber in non-tire automotive components such as belts, gaskets, and hoses. Growth in manufacturing will also bolster consumption of rubber in industrial and consumer products. Synthetic rubber is projected to hold steady at 55 percent of world rubber demand in 2019. While use of synthetic rubber is expected to become more common in some applications, particularly rubber gloves, natural rubber will remain a crucial material in the tire industry
Read the full report: http://www.reportlinker.com/p0819331-summary/view-report.html
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
http://www.reportlinker.com
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article