Industrial Rubber Products Market
Industrial Rubber Products Market (Rubber: Natural Rubber, Styrene Butadiene Rubber, Polybutadiene, Ethylene-propylene, Nitrile Butadiene Rubber, and Others; Process: Molded, Extruded, Fabricated, Latex-based, and Others; Product: Mechanical Rubber Goods, Rubber Hoses, Rubber Belts, Rubber Roofing, and Others; End-use Industry: Construction & Infrastructure, Automotive, Aerospace, Energy, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Multifunctionalized Synthetic Tires Improve Fuel Efficiency in SUVs and Light Trucks
Innovations in synthetic rubber are triggering growth for the industrial rubber products market. As such, styrene butadiene rubber is anticipated to dominate the global industrial rubber products market with the second-highest production amongst all rubber types, estimated to reach an output of ~7,500 kilo tons by the end of 2027. Hence, manufacturers are innovating new synthetic rubber solutions to improve tire technology. For instance, in March 2019, Trinseo - a provider of chemical material solutions, revealed that, the company is presenting a new grade of multifunctionalized styrene butadiene rubber tires at a trade fair in Germany.
The growth of the SUVs and light trucks market has triggered the demand for multifunctionalized tires. Manufacturers in the industrial rubber products market space are increasing their efficacy in the production of multifunctionalized synthetic tires, since these offer excellent mechanical properties and increased fuel efficiency. Multifunctionalized tires are gaining widespread application in the automotive industry, since they overcome the challenges of physical stability and safety better as compared to conventionally-made tires. The easy-to-process attribute of multifunctionalized synthetic tires is boosting the manufacturing capabilities of companies in the industrial rubber products market space.
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Industrial Rubber Products Projected for Exponential Growth in Automotive and End Markets
The demand for industrial rubber products is largely dependent on innovations in auto components and motor vehicle output. Likewise, the automotive industry is estimated to account for the highest usage of industrial rubber products among all the end-use industries, predicted to consume ~30,700 kilo tons by 2027. The growing demand from the automotive industry and rise in application of rubber products in various end markets have triggered growth for the industrial rubber products market. Increased adoption of autonomous and battery vehicles is another driver for the growth of the industrial rubber products market.
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The demand for synthetic rubber types is projected to be on the rise due to the introduction of nano technology. This trend might hamper the demand for natural rubber. Despite technological innovations, natural rubber is predicted for high revenue growth, and dominates the industrial rubber products market in terms of high value and volume. Manufacturers are tapping into opportunities with the growing preference for nitrile latex in medical glove production.
Favorable Operation Environment and Increasing Exports Boosting Incremental Opportunities in Asia Pacific
Companies in the industrial rubber products market are focusing on expanding their business in Asia Pacific. This is because Asia Pacific is projected to progress rapidly in terms of market volume share, from a record of ~40% in 2018 to ~47% by 2027. Moreover, China, India, and Indonesia are rapidly expanding in the industrial rubber products landscape, owing to the easy availability of raw materials and labor. Due to favorable government tax incentives and subsidies, low-cost destinations in Asia Pacific are attracting major rubber recyclers to set up their manufacturing base.
Automobile giants are increasing the penetration of motor vehicles in rural areas of developing countries in Asia Pacific. Burgeoning increase in construction and infrastructure activities, owning to low labor and operating costs, are catalyzing market growth in Asia Pacific. Likewise, increasing exports of rubber products and rubber-canvas footwear from India are boosting overall revenue growth of the Asia Pacific region.
Reclaimed Rubber Gains Widespread Application in Construction and Automotive Industries
Stringent government regulations in the industrial rubber products market have given rise to the widespread application of reclaim rubber. As stakeholders in various end markets are becoming increasingly aware about the repercussions of scrap rubber ending up in landfills, and also due to fluctuating oil prices, they are using reclaim rubber over synthetic rubber. Unique properties of reclaim rubber such as excellent versatility and durability are making it a popular choice amongst manufacturers in the industrial rubber products ecosystem.
Reclaimed rubber is also associated with reduced processing costs and easy availability of raw materials, which makes it a cost-efficient option for manufacturers in the industrial rubber products market. Easy availability of waste tires and the advent of recyclable materials are triggering the demand for reclaim rubber. However, innovative elastomer-based products pose a threat to reclaim rubber. Although, elastomer is associated with very weak intermolecular forces and high failure strain as compared to rubber. Hence, manufacturers should increase the availability of industrial rubber products with high intermolecular forces and low failure strain for the construction and automotive sectors.
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The growing automotive industry has catalyzed the demand for reclaim rubber. Reclaim rubber is being extensively used in the production of wheels, tires, belts, and hoses. As such, rubber hoses and belts account for the second- and third-highest revenue, respectively, in the industrial rubber products market.
Rubber products are in high demand in the automotive landscape. However, there is growing need for the reduction in set-up time during rubber extrusion. Thus, companies should educate automotive manufacturers to adopt SMED (single-minute exchange of dies) technical solutions to reduce the time taken to complete equipment changeovers. They should tap into opportunities to increase the application of reclaim rubber in Europe, as the region is known to adopt sustainability and consumes less energy for the manufacturing of auto components.
Industrial Rubber Products Market: Description
- Industrial rubber products are used in various downstream industries, including manufacturing, construction, and healthcare. Industrial rubber products are classified into different product categories such as mechanical rubber goods, rubber hoses, rubber belts, and rubber roofing.
- The global lightweight vehicles industry is witnessing technological innovations, increased investments, and use of quality products impacting new business models that are being adopted by original equipment manufacturers (OEMs). Rise in investments in the automotive sector is likely to drive the global industrial rubber products market.
Key Growth Drivers of Global Industrial Rubber Products Market
- The automotive sector, specifically the engine design section, involves the replacement of traditional engines with high performance overhead cam engines and multi-valve designs. This has created challenges in the engineering of timing belts with increase in under-the-hood temperatures due to hotter running engines and compact engine compartments. Increase in the demand for timing belts in the automotive sector is expected to propel the global industrial rubber products market.
- Rise in load bearing requirements forces traditional synchronous belt materials to perform beyond their limits. Material suppliers and belt manufacturers are working together to develop new designs and materials that address these performance needs. Synthetic rubber is used to design such timing belts. Rise in the demand for rubber products in end-use industries is driving the global industrial rubber products market.
Major Challenges for Global Industrial Rubber Products Market
- Several developed countries, such as the U.S. have enacted laws on the manufacturing of rubber. The U.S. Environmental Protection Agency (EPA) has identified rubber tire manufacturing facilities as major sources of hazardous air pollutants (HAP) emission. These standards were implemented in 2002 as section 112(d) of the Clean Air Act (CAA).
- Stringent government regulations and health hazards associated with industrial rubber are thus restraining the global industrial rubber products market.
Lucrative Opportunities for Global Industrial Rubber Products Market
- Environment-friendly rubber has minimal impact on the environment. Virgin rubber is an environment-friendly rubber. This rubber is derived from the rubber tree. Rubber trees help remove carbon dioxide from the air.
- Increase in awareness about environment conservation is expected to boost the demand for green tires in the near future. Increase in recycling rate is anticipated to create opportunities in the global industrial rubber products market during the forecast period.
Asia Pacific to Dominate Global Industrial Rubber Products Market
- In terms of both, value and volume, Asia Pacific held a major share of the global industrial rubber products market in 2018. The market in Asia Pacific is expected to expand rapidly during the forecast period. The auto parts manufacturing industry in Asia Pacific is primarily driven by the growing automobile manufacturing industry, especially in countries such as China, South Korea, and India. Thus, expansion of auto parts and automotive industries in Asia Pacific is driving the global industrial rubber products market.
- North America also constitutes a significant share of the global industrial rubber products market. There has been a rapid increase in construction activities across the U.S. and Canada. The residential sector is a key driver for the growth of the construction industry, with low borrowing costs and wage growth continuing to increase the demand for more housing units in these countries. In the construction & infrastructure sector, rubber is largely used in applications such as roofing and windows. Thus, growth of the construction industry in North America is propelling the industrial rubber products market in the region.
Natural Rubber to Account for Prominent Share
- In terms of rubber, the natural rubber segment held a major share of the global industrial rubber products market in 2018. Natural rubber combines high strength, i.e. tensile and tear, with outstanding resistance to fatigue, and hence, is extensively employed in the manufacturing of belts and hoses. Synthetic rubber is expected to create lucrative opportunities for the global industrial rubber products market.
Molded Process Leads Global Industrial Rubber Products Market
- Based on process, the molded segment held a leading share of the global industrial rubber products market in 2018. The molding process includes transfer molding, injection molding, and compression molding. Injection molding is the most precise method used to shape rubber. Transfer-molded rubber products require a few and simple pre-forms.
- The extruded segment accounted for a considerable share of the global industrial rubber products market in 2018.
Mechanical Rubber Goods to Lead Global Industrial Rubber Products Market
- In terms of product, the mechanical rubber goods segment constituted a key share of the global industrial rubber products market in 2018 and is likely to continue its dominance during the forecast period.
- The segment is expected to be driven by the rise in the global production of medium-load and heavy-load trucks and buses, and advancements in light motor vehicles.
- In terms of product, the rubber hoses segment also held a key share of the global industrial rubber products market in 2018.
Leading Players Actively Engage in Joint Ventures and R&D Activities
- The global industrial rubber products market is fragmented; it is dominated by major multinational companies. Market concentration can be ascribed to barriers to entry, such as the influence of brand loyalty, high capital requirements related to building or modernizing manufacturing facilities, and maintenance of highly-advanced research & development facilities.
- Two prominent companies operating in the global industrial rubber products market are Bridgestone Corporation and The Goodyear Tire & Rubber Company.
- On April 10, 2019, Bridgestone Corporation’s Australian subsidiary, i.e. Bridgestone Mining Solutions Australia Pty. Ltd., established the Hunter Valley Mining Solution Center. The subsidiary sells and provides services pertaining to tires used in mining vehicles and conveyor belts.
- On June 19, 2018, The Goodyear Tire & Rubber Company and Bridgestone Americas, Inc. jointly formed TireHub LLC, a joint venture for the distribution of passenger vehicle and light truck tires. TireHub LLC would be providing tire dealers and retailers in the U.S. with a wide range of passenger vehicle and light truck tires.
- The Goodyear Tire & Rubber Company focuses on expanding its presence in emerging markets across the globe. In November 2016, the company expanded its tire factory in Pulandian, China. This expansion aims to increase the capacity of the factory by approximately 5 million tires a year. The new plant is expected to be operational by 2020.
This report analyzes and forecasts the market for Industrial Rubber Products at the global and regional level. The market has been forecast based on revenue (US$ Mn) & Volume (Kilo Tons) from 2017 to 2025. The study includes drivers and restraints of the global Industrial Rubber Products market. It also covers the impact of these drivers and restraints on demand for Industrial Rubber Products during the forecast period. The report also highlights opportunities in the Industrial Rubber Products market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global Industrial Rubber Products market. Porter’s Five Forces model for the Industrial Rubber Products market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-user are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global Industrial Rubber Products market by segmenting it in terms rubber type, product, process, and end user. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecasted demand for Industrial Rubber Products in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual end-user segments in all the regions.
The study includes profiles of major companies operating in the global Industrial Rubber Products market. Key players profiled in the Industrial Rubber Products market include Bridgestone Corporation, Cooper Standard Inc., Continental AG, Freudenberg Group, The Goodyear Tire & Rubber Company, HEXPOL AB, Airbus Rubber Compounding, Gates Corporation, TOYODA GOSEI Co., Ltd, HUTCHINSON, NOK CORPORATION, Parker Hannifin Corp, Sumitomo Riko Company Limited, Eaton, Delphi Automotive LLP, Myers Industries, Inc., The Yokohama Rubber Co., Ltd. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, recent developments, and SWOT analysis.
The report provides the estimated market size of Industrial Rubber Products for 2016 and forecast for the next nine years. The global market size of Industrial Rubber Products has been provided in terms of revenue and Kilo Tons. Market numbers have been estimated based on rubber type, product, process, and end user segment of Industrial Rubber Products. Market size and forecast for each major rubber type, product, process, and end user have been provided in terms of global and regional markets.
- The report provides an extensive analysis of industrial rubber products market trends and share from 2016 to 2025 to identify the market opportunities and industry development
- Identify the key factors responsible to build the upcoming opportunistic roadmap for industrial rubber products market at a global, regional and country level
- Comprehensive analysis with respect to investments, regulatory scenario and price trend that subsequently impact the market outlook and forecast of global industrial rubber products between 2016 and 2025
- The report provide insights on market opportunities for various stakeholders in the industry value chain and detailed competition landscape for key players dominating the industry to understand competition level and opportunity for strategic merger and acquisition
- Porters Five Forces analysis and SWOT Analysis highlights the potency of buyers & suppliers to enable stakeholders to make profit-oriented business decisions and analyze the strength and weakness to gain strategic position in the market
The report segments the global Industrial Rubber Products market as: