Global demand for industrial rubber products is forecast to climb 6% per annum during the 2016-2021 period.
Advances in world motor vehicle and machinery production are expected to drive sales of rubber goods.
Other factors contributing to global industrial rubber product demand gains include the expansion of world motor vehicle park, the development of new, top-of-the-line rubber goods, and rising industrial rubber product prices expansion of global motor vehicle, heavy equipment, and industrial machinery stocks.
A shift toward more expensive product types in developing nations, together with the development of new, high-end industrial rubber products for mature markets, will contribute to market gains as well.
Sales of industrial rubber products in China, the world’s largest market, are projected to advance 8% annually through 2021 as its large transportation equipment, machinery, and other durable goods industries expand at an impressive pace, supported by additional inflows of foreign capital.
A shift toward more expensive product types will fuel growth as well. India’s industrial rubber products market is forecast to grow 10% per annum during the 2016-2021 period, causing product demand to increase by two-thirds.
As shipments of motor vehicles and machinery, and India’s motor vehicle park, grow at a rapid pace through 2021, and construction spending increases considerably, sales of rubber goods will surge.
The large industrial equipment market for rubber goods is expected to account for more than half of all new product demand during the 2016-2021 period as global machinery output expands at a health rate, the worldwide stock of heavy equipment and industrial machinery grows considerably, and more sophisticated rubber products are developed for industrial equipment applications. - Rubber World -