Rubber Processing Chemicals Market: Snapshot
The increasing demand from the tire market and their application across diverse industries are boosting the global rubber processing chemicals market. On account of its inherent properties such as elasticity and molding, rubber has become the key materials used in tire manufacturing. Rubber provides strength to tires and enhances their ability to withstand wear and tear and maintain grip even in harsh conditions. With the demand for vehicles scaling high across the world, the rubber processing chemicals market is forecast to exhibit robust growth in the future.
Besides this, the rising use of rubber processing chemicals as roofing materials, floor coverings, sound insulators, and sealants in the construction industry will aid the market’s expansion. On the downside, stringent regulations implemented to curb the harmful effects of rubber processing chemicals can render the market’s trajectory unwieldy. Besides this, threat of losing foothold is imminent with green tires making headway into the market.
Nevertheless, the demand from leading economies in Asia Pacific is projected to remain high through the forecast period, offering lucrative opportunities for the market’s growth. According to Transparency Market Research (TMR), the global rubber processing chemicals market, which was valued at US$3.4 bn in 2015, is expected to reach US$5.1 bn by the end of 2024. If the figures hold true. The global rubber processing chemicals market will exhibit a CAGR of 4.7% between 2016 and 2024.
Tires Segment to Remain Dominant throughout Forecast Period
Rubber processing chemicals have myriad applications, which be broadly classified under tire and non-tire applications. Use of rubber processing chemicals make tires durable and provides them strength to withstand harsh environment. On account of these, the demand from tire industry is the dominant contributor to the market. As per TMR, the tire segment held over 70% of the overall rubber processing chemicals market in 2015. Exhibiting a robust CAGR, the segment will remain dominant through the forecast period. Furthermore, with the expansion of the automotive industry, the demand from the tire segment is projected to rise.
Besides this rubber processing chemicals are used in diverse industries such as construction, electric & electronics, medical, aerospace, polymer modification, and footwear production. Thus, growth in these industry is projected to propel the rubber processing chemicals market.
Growth Witnessed in Emerging Nations to Seal Asia Pacific’s Dominance
Regionally, Asia Pacific emerged dominant in the global rubber processing chemicals market in 2015 with a share of 62%. The rising demand from emerging nations such as India and China, besides the demand from flourishing automotive and construction industry in Japan, will creating lucrative opportunities. In developed economies such as North America and Europe, the market will witness steady demand, despite their sluggish economic growth. Stringent government regulations implemented in these regions to curb harmful emissions have negative impacted the market for rubber processing chemicals.
Furthermore, due to high purchasing power of consumers in the Middle East and Africa, the market will witness high growth opportunities therein. The region also exhibits an expanding automotive industry, which inadvertently will boost the rubber processing chemicals market.
Major players operating in the rubber processing chemicals market are BASF SE, Eastman Chemicals Company, LANXESS, Arkema Inc., Akzo Nobel N.V., Solvay, and Sumitomo Chemical Company, Limited, China Petroleum & Chemical Corporation, Emerald Performance Materials, LINKWELL, and Merchem.
Global Rubber Processing Chemicals Market: Overview
Rubber processing chemicals belong to a group of specialty chemicals added to rubber to make it commercially viable for usage in various application. They are used to impart different characteristics to rubber such as resistance to ozone, heat, mechanical stress, oxidation, and others. They exhibit properties such as resilience, abrasion resistance, flex resistance, hardness, and tensile strength for product-specific end-use applications.
The report estimates and forecasts the rubber processing chemicals on the global, regional, and country levels. The study provides forecast between 2016 and 2024 based on volume (kilo tons) and revenue (US$ Mn) with 2015 as the base year. The report comprises an exhaustive value chain analysis for each of the product segments. It provides a comprehensive view of the market. The study includes drivers and restraints for the rubber processing chemicals market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the rubber processing chemicals market on the global and regional level. It also provides the global average price trend analysis.
Global Rubber Processing Chemicals Market: Scope of the Report
In-depth interviews and discussions with wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
The report includes Porter’s Five Forces Model to determine the degree of competition in the rubber processing chemicals market. The report comprises a qualitative write-up on market attractiveness analysis, wherein type, application and countries have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market.
Global Rubber Processing Chemicals Market: Key Segments
The study provides a comprehensive view of the rubber processing chemicals market by dividing it into type, application and geography. In terms of type, the rubber processing chemicals market has been segmented into antidegradants, accelerators, stabilizers, vulcanizing agents, and others. In terms of application, the rubber processing chemicals market has been segmented into tire and non-tire. The non-tire segment has been further segregated into automotive, building & construction, industrial, and other segment. Application segments have been analyzed based on historic, present, and future trends, and the market has been estimated in terms of volume (kilo tons) and revenue (US$ Mn) between 2016 and 2024.
Global Rubber Processing Chemicals Market: Regional Outlook
Regional segmentation includes the current and forecast demand for rubber processing chemicals in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Additionally, the report comprises country-level analysis in terms of volume and revenue for type and application segments. Key countries such as the U.S., Canada, Germany, France, the U.K., Spain, Italy, Japan, India, China, Mexico, South Africa, and Brazil have been included in the study. Market segmentation includes demand for individual type and application in all the regions and countries.
Global Rubber Processing Chemicals Market: Competitive Landscape
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report include BASF SE, Eastman Chemicals Company, LANXESS, Arkema Inc. Akzo Nobel N.V., Solvay, and Sumitomo Chemical Company, Limited, China Petroleum & Chemical Corporation, Emerald Performance Materials, LINKWELL, and Merchem. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).
The rubber processing chemicals market has been divided into the following segments:
Rubber Processing Chemicals Market – Type Analysis
- Vulcanizing Agents
- Others (include processing aids, peptizers, anti-tack agents etc.)
Rubber Processing Chemicals Market – Application Analysis
- Building & Construction
- Others (include medical, aerospace, footwear etc.)
Rubber Processing Chemicals Market – Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific (APAC)
- Latin America
- Rest of Latin America (LATAM)
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa (MEA)