Rubber Market Size, Share, Growth Analysis, By Type(Natural, Synthetic), By Application(Tire, Non-Tire Automotive) - Industry Forecast 2024-2031

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.