USD 45.18 Billion
Report ID: SQSG25B2001 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 64 | Figures: 70
Rubber Market was valued at USD 45.18 Billion in 2021, and it is expected to reach a value of USD 65.73 Billion by 2028, at a CAGR of more than 5.5% over the forecast period (2021- 2028).
Rubber is a highly beneficial and important raw material in a variety of end-use industries due to qualities like heat and abrasion resistance. The majority of its applications are in the production of goods like tyres, waste tubes, adhesives, hoses, gaskets, and roll covers. One of the main trends in the rubber market is the increasing demand from the automotive sector for tyre and non-tire applications. It is mostly utilized in the production of tyres because of its robust qualities, including toughness and tear resistance. Commercially, industrial rubber is mostly used to create tyres for vehicles including cars, lorries, aero planes, and bicycles. However, industrial rubber is also utilized in a variety of other industrial applications, such as hoses, gaskets, sealing goods, conveyor belts, and other items like floor and wall coverings, mechanical rubber products, wiper blades, high-pressure hoses, roll covers, large bore dredging hoses, vibration control products, transmission belts, belt drive systems, molded rubber goods, weatherstripping products, flat belts, non-flat belts, rubber belting, sheet & film, rubber hoses, elevators, conveyor belting, geo-membranes, and fabricated rubber products are some examples.
US Rubber Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 45.18 Billion
more than 5.5% CAGR
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Global rubber market is segmented based on the type, application, and region. Based on the type, the global rubber market is segmented as natural and synthetic. Based on application, the global rubber market is segmented as tire, non-tire automotive, footwear, industrial goods, others. Based on region Rubber Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Rubber Market Analysis by Type
Based on the Type, the Synthetic rubber segment held the largest market share. Due to high-performance and eco- friendly tires which is driving the market growth. Adhere to stringent regulations in Europe and North America, such as Euro VI and CAFE, tyre manufacturers are concentrating on creating environmentally friendly and high-performance tyres. The European Tire Labelling Regulation of 2012 stipulates that the label must include information on tire fuel efficiency, wet grip, and external rolling resistance. This regulation has helped to increase consumer awareness of the value of adopting high-performance, ecologically friendly tyres. In response, OEMs introduced fuel-efficient tyres with reduced rolling resistance that prioritized tyre performance and fuel economy.
Rubber Market Analysis by Application
Global rubber market has been segmented on the basis of application as tires, Non- Tire Automotive, Footwear, Industrial Goods and others. Among these, the automotive industry held the largest market share for Rubber market worldwide in 2021. The global rubber market is dominated by the automotive industry, and this dominance is anticipated to persist during the projected period. This is mainly because conveyor belts and other belting applications in agricultural and construction machinery are using industrial rubber more and more.
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Asia Pacific held the largest share of the rubber market. Asia Pacific makes a substantial impact on the market for industrial rubber globally. In terms of both rubber production and consumption, it is a leading region. Additionally, a lot of stakeholders are showing interest in the production of automobile and truck tyres, and it is predicted that this industry would eventually surpass that of bicycle and motorcycle tyre production in the area. The APEJ region is home to a thriving automobile industry. In terms of the creation and sale of cars, it is a developing market.
Due to the increasing demand in the automotive and footwear industries, North America is likely to continue to play a significant role in the market throughout the forecast period. Additionally, factors like increasing application in the chemical and textile industries and technological advances are driving the Rubber Market in North America.
The Rubber Market is expected to increase significantly in Europe. The Rubber Market in the area would expand as a result of the rising demand for tyres in the automobile industry. The use of non-tire automotive and industrial applications is another important driver boosting Rubber Market expansion in Europe.
Latin America and the Middle East & Africa would have slower Rubber Market value growth than the other regions as a result of the following factors such as over dependence on the import of natural rubber.
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Rubber Market Driver
Rubber Market Restraint
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The Global Rubber Market is fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies in the market. The key players are ARLANXEO, Kumho Petrochemical Co., Ltd., PetroChina, TSRC Corporation, LG Chem etc. among others.
Rubber Market Top Player's Company Profiles
Rubber Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Rubber Market Analysis, in terms of application, the white goods segment held the largest share of rubber market. In terms of types, in 2021, there was a 736 thousand tonne supply-demand surplus as natural rubber output reached 12.1 million tonnes and consumption reached 11.3 million tonnes. Thailand, Indonesia, Vietnam, and Malaysia accounted for roughly 70–75% of global production, making Southeast Asia the primary producer. Among regions, Asia Pacific is the biggest producer and consumer and witnessing the highest growth during the forecasted period.
|Market size value in 2021||USD 45.18 Billion|
|Market size value in 2028||USD 65.73 Billion|
|Growth Rate||more than 5.5%|
|Forecast period||2021- 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Rubber Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Rubber Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG25B2001