The global industrial rubber products market could be positively influenced by the constant efforts directed toward global industrialization, strengthening economies, and rapid urbanization. The steady rise in the manufacture of automobiles and intensifying construction activities on account of industrialization and urbanization is foreseen to largely contribute to the growth of the market. Products such as belts and hose could be mainly demanded due to the snowballing consumer demand for durable goods. There could be a major requirement of rubber roofing as the construction sector sees a rise. The manufacturing industry is also anticipated to increase the demand as it continues to grow at a telling rate.
The global industrial rubber products market, as per Transparency Market Research (TMR), is predicted to earn a revenue of US$103.1 bn by the completion of 2022 at a 4.2% CAGR expected to be posted during the forecast timeframe 2017-2022. In 2017, the market secured a valuation of US$84.1 bn.
Global Industrial Rubber Products Market: Major Insights
Although the international rubber products market could find ample of opportunities in rewarding sectors such as aerospace, automotive, and construction, automotive is forecast to bag a majority of the demand in the coming years. Increasing applications of various industrial rubber products in the overall structure of automobiles, and specifically under the hood and the interiors, could provide a boost to market growth. Asian markets incorporating a widespread presence of large-size production facilities are expected to be at the forefront of regional growth.
The international industrial rubber products market is foreseen to be divided according to three categories, viz. product, end-use industry, and sales channel. By product, the market could witness the lead taken by mechanical goods. This segment is prognosticated to rise at a CAGR of 4.7% to attain a valuation of US$51.4 bn by the end of 2022. Hose, belts, roofing, and other products could also add to the growth of the market. With respect to end-use industry, the market is predicted to see a classification into industrial machinery and equipment, off-road equipment, automotive and transportation, aerospace, building and construction, and other industries. By sales channel, there could be segments such as original equipment manufacturer (OEM) and maintenance, repair, and operations (MRO).
In terms of regional segmentation, the international industrial rubber products market is envisaged to be segregated into Asia Pacific Excluding Japan (APEJ), which could exhibit an overpowering growth in the foreseeable future. APEJ is prophesied to be valued at a US$35.6 bn by the end of 2022. Japan and the Middle East and Africa (MEA) could showcase a lazy rise in the market. However, North America and Europe are projected to offer profitable opportunities in the coming years. Latin America could be another regional segment vital for the growth of the market.
Global Industrial Rubber Products Market: Vendor Landscape
The worldwide industrial rubber products market could include significantly progressing players such as Parker Hannifin Corporation, Gates Corporation, Eaton Corporation, Continental AG, Dana Incorporated, Delphi Automotive LLP, Yokohama Rubber Corporation, Freudenberg & Co. KG, Bridgestone Corporation, and Avon Rubber.