Global Industrial Rubber Products Market: Snapshot
The global industrial rubber products market is poised to expand at a healthy rate over the next few years, thanks to the growing application of industrial rubber products, such as tire, hose, belts, and roofing, in the automotive, construction, and the manufacturing industries. The significant growth in the automotive industry, especially, is likely to influence the sales of these products in the near future. The market is expected to proliferate at a CAGR of 5.80% between 2016 and 2024, rising from US$47.7 bn in 2015 to US$79.5 bn by the end of 2024.
Although the market’s future looks thriving, the volatility in the prices of the raw materials utilized in the manufacturing of industrial rubber and the overdependence of suppliers on OEMs may obstruct the progress of this market over the forthcoming years.
Mechanical Rubber Goods to Continue Witnessing Strong Demand
Mechanical rubber goods, rubber hose, rubber belts, and rubber roofing are the key industrial rubber products available across the world. Among these, mechanical rubber goods have been witnessing a stronger demand and are expected to remain the leading contributor to this market over the next few years, thanks to the heavy deployments of these goods in automobile vehicles. The increasing motor vehicle output is the main factor behind the growing demand for mechanical rubber goods across the world.
The demand for rubber roofing is also anticipated to be fueled in the years to come, thanks to their increasing application in commercial and residential buildings and other infrastructure. With the revival of the construction industry, the rubber roofing segment is projected to experience a significant rise in the near future.
Expanding Automotive and Construction Industries to Propel Asia Pacific Industrial Rubber Market Further
Asia Pacific, among all the regional markets for industrial rubber products across the world, stood first in 2015 with a share of more than 40% in the global market. The presence of many large-sized rubber production facilities in various Asian countries, such as China, India, Malaysia, Thailand, and Indonesia, have reflected positively on the market for industrial rubber products in the region. Over the coming years, the expansion in the automotive and the construction industries is likely to provide tremendous growth opportunities to the vendors of industrial rubber products in Asia Pacific, influencing this regional market substantially.
The Asia Pacific market for industrial rubber products is closely followed by the market in North America, which is slated to expand at a moderate rate in the near future. Similarly, the Europe market for industrial rubber products is also projected to witness sluggish growth over the forthcoming years on the grounds of maturation and recovering economic condition.
The Middle East and Africa, on the other hand, is expected to surface as a lucrative market for industrial rubber products, thanks to the considerable rise in the commercial and infrastructure sectors and the increasing production of crude oil in this region. Latin America is also estimated witness a stable growth in the next few years, mainly due to the expansion in its automotive and construction industries.
Bridgestone Corp., Cooper Standard Inc., Continental AG, Freudenberg Group, The Goodyear Tire & Rubber Co., HEXPOL AB, AirBoss Rubber Compounding, Gates Corp., TOYODA GOSEI Co. Ltd., SaarGummi, HENNIGES AUTOMOTIVE, Trelleborg AB, Johns Manville, HUTCHINSON, NOK CORP., Parker Hannifin Corp., Sumitomo Riko Co. Ltd., Preferred Compounding Corp., Eaton, Delphi Automotive LLP, Myers Industries Inc., The Yokohama Rubber Co. Ltd. are some of the prominent industrial rubber product manufacturers across the world.
Global Industrial Rubber Products Market: Overview
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 2016 to 2024. 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.
Global Industrial Rubber Products Market: Scope of the Study
The study provides a decisive view of the global Industrial Rubber Products market by segmenting it in terms rubber type, product, technology 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.
It also offers the estimated market size of Industrial Rubber Products for 2015 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, technology and end user segment of Industrial Rubber Products. Market size and forecast for each major rubber type, product, technology and end user have been provided in terms of global and regional markets.
Global Industrial Rubber Products Market: Research Methodology
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players operating in the boiler and various end user industries, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, Association of Natural Rubber Producing Countries (ANRPC), International Rubber Study Group, International Institute of Synthetic Rubber Producers (IISRP), Rubber Manufacturers Association (RMA), Tire Industry Association (TIA).
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Companies Mentioned in the Report
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, AirBoss Rubber Compounding, Gates Corporation, TOYODA GOSEI Co., Ltd., SaarGummi, HENNIGES AUTOMOTIVE, Trelleborg AB, Johns Manville, HUTCHINSON, NOK CORPORATION, Parker Hannifin Corp, Sumitomo Riko Company Limited, Preferred Compounding Corporation, Eaton, Delphi Automotive LLP, Myers Industries, Inc., and The Yokohama Rubber Co. Ltd. The market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, recent developments, and SWOT analysis.
The report segments the global industrial rubber products market as:
By Rubber Type
- Natural Rubber
- Styrene Butadiene Rubber
- Nitrile Butadiene Rubber
- Mechanical rubber goods
- Rubber hose
- Rubber belts
- Rubber roofing
- Tire Manufacturing
- Tube Manufacturing
- Molded Product Manufacturing
- Extruded/Calendared Product Manufacturing
- Fabricated Product Manufacturing
- Latex Based Product Manufacturing
By End User
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA