Global Industrial Rubber Market: An Overview
The industrial rubber market is growing at a healthy rate, and is expected to continue its expansion in future. This is mainly due to rising availability of products in developing countries, increasing disposable income, and increasing demand for rubber-made commodities.
Industrial rubber is one of the most versatile and widely used products in the world. Industrial rubber market is increasingly serving a wide range of sectors including building & construction, automotive, wire & cable, coating, medical & healthcare, electrical & electronics, etc.
Synthetic rubber is a petrochemical byproduct. It is an elastic polymer, which is stronger and more flame resistant as compared to the natural variety. Hence, the synthetic rubber provides more flexibility for manufacturers in conceptualizing various different end products.
Global Industrial Rubber Market: Key Trends
A major driver influencing the growth of the global rubber market is the positive economic outlook of the Asia Pacific market. Increased sales for the automotive industry is expected to boost the industrial rubber market significantly. The industrial rubber market is anticipated to make major gains in emerging economies including Thailand, Malaysia, Brazil and India.
Additionally, the mechanical rubber is also foretold to witness major growth due to increasing in purchasing parity in China. This variety of rubber is commonly used in machinery equipment and motor vehicles.
Growing automotive sales in China and its status as the manufacturing hub for automotive is expected to drive the market further. Increasing household income in emerging countries, lack of adequate public infrastructure, and changing preference for private cars is expected to drive the global industrial rubber market.
Rising construction activities in emerging economies is also a key factor fueling prosperity for the industrial rubber market. Various governments in Asia Pacific are investing in both public and private initiatives to boost infrastructure in countries such as India and China. Several airports, metros, highways, other smart city projects are being undertaken in these economies. These projects are expected to boost demand for industrial rubber market during the forecast period in Asia Pacific.
Global Industrial Rubber Market: Regional Outlook
The industrial rubber market is expected to grow with the fastest CAGR in the Asia Pacific region. It is prophesized to grow at an average CAGR in North America as well as Europe. However, These regions are expected to hold the largest share of the global industrial rubber market during the forecast period .
The automotive industry contributes to a major contributor to GDP in several European countries. Hence, its sluggish growth can receive a boost from government initiatives during the forecast period. Increasing population in emerging markets is expected to drive Asia Pacific, followed by South America, and the Middle East & Africa.
Global Industrial Rubber Market: Competitive Dynamics
Main players in the industrial rubber market are TSRC Corporation, Nizhnekamskneftekhim, Kumho Petrochemical, JSR Corporation, Tire, and Rubber Company (US).
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.