Global Industrial Rubber Products Market to Reach $136.5 Billion by 2026
Industrial rubber products market comprises manufacturers engaged in the production of goods by processing rubber (natural, synthetic or reclaimed). These companies use a variety of processes such as cementing, vulcanizing, extruding, lathe-cutting, and molding for transforming the raw material into either intermediate products or final goods. Major industrial applications of rubber include hoses, gaskets, conveyor belts and sealing products, which find use in several applications due to advantages such as better endurance to extreme environments and enhanced durability. Industrial rubber goods also exhibit corrosion resistance against alkalis, chemicals, and acids, enabling their use in a variety of industrial applications. Growth in the global market is set to be driven by resurgent growth in the automotive industry, and intensifying manufacturing activity in various industry verticals, including construction machinery and household appliances. Growth in the industrial rubber products market will also be spurred by growing application base of products and the relative ease of processing of various products. Given its high tear resistance and elongation property, rubber is also used extensively in the production of adhesives and sealants for various industries. Advancements in production technologies used for industrial rubber products will also boost growth. The development of recycled industrial rubber products has managed to partly address environmental and health issues concerning toxicity and emissions of rubber chemicals and products.
Amid the COVID-19 crisis, the global market for Industrial Rubber Products estimated at US$106.1 Billion in the year 2022, is projected to reach a revised size of US$136.5 Billion by 2026, growing at a CAGR of 5.4% over the analysis period. Mechanical Rubber Goods, one of the segments analyzed in the report, is projected to record a 5% CAGR and reach US$60 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Rubber Hose & Belting segment is readjusted to a revised 6.3% CAGR for the next 7-year period. Globally, industrial rubber products market is currently being significantly impacted by the COVID-19 environment, the dull pace of industrialization, and stagnant income levels, which have dampened the manufacturing activity. Post the pandemic period, improving standards of living are expected to promote sales of automobiles and durable goods containing industrial products, thus driving long term demand for industrial rubber products used by OEMs and those used in maintenance and repair operations. In the coming years, demand for industrial rubber products is likely to increase in various end-use sectors such as construction, aerospace, mining and forestry, OEMs and replacement, household and appliances, and computer and office equipment.
The U.S. Market is Estimated at $20.9 Billion in 2022, While China is Forecast to Reach $36 Billion by 2026
The Industrial Rubber Products market in the U.S. is estimated at US$20.9 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$36 Billion by the year 2026 trailing a CAGR of 6.3% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 4.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR. Asia-Pacific (including Japan and China) leads the world industrial rubber products market, with China, India, Malaysia, and South Korea being the main consumers of the products due to construction activities and demand for automobiles. The availability of rubber has increased due to its widespread cultivation in India. The industrial rubber products market in the country has particularly gained from the 100% FDI permitted by the government in the mining industry and for the exploration of non-metal and metal ores. North America is another key industrial rubber products market, mainly supported by the strong growth of the construction sector in the US and Canada. The market in the US is expected to grow in future, stimulated by the expansion of the construction and automotive industries and rising production in the chemical sector post COVID-19 scenario. The market will gain from the anticipated growth in tire demand in the country, due to increasing sales of various types of vehicles. Further, the growing adoption of high-end products and the emergence of novel and sophisticated rubber products are expected to boost market growth in future.
Natural Rubber Segment to Reach $40.5 Billion by 2026
In the global Natural Rubber segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$22.8 Billion will reach a projected size of US$32.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.5 Billion by the year 2026, while Latin America will expand at a 5.5% CAGR through the analysis period. - prnewswire.com-