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

Rubber Market Driver

• In the automotive end-use industry, rubber is mostly utilized as a raw material for the production of a wide range of goods, including tyres, crap tubes, adhesives, hoses, pipes, gaskets, and roll covers. The rising demand for tire- and non-tire-related vehicle parts is anticipated to have an impact on market expansion.
• Additional uses for it include textiles, building, industrial products, footwear, and other consumer goods. Rubber is combined in footwear to provide resistance to water, chemicals, electricity, impact, and low temperatures. Additionally, it is utilized in a wide range of consumer goods, including mats, protective covers, and other items. The market is expected to expand as a result of the rising utilization in industrial and textile products.

Rubber Market Restraint

• Thermoplastic elastomers are viable alternatives that are frequently used in all industrial rubber application contexts. It has succeeded to a significant amount and is anticipated to replace synthetic and natural rubber in several industries, including wire and cables, footwear, construction, and automobile. Industrial rubber has been successfully replaced by thermoplastics in all of these application areas. This is a significant hurdle that the market for rubber encounters globally.