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The rubber market size is estimated to grow by 8,795.35 MT at a CAGR of 5.28% between 2022 and 2027. Market growth depends on various factors, including heightened automotive industry demand, escalating industrialization rates, and increased production of polybutadiene rubber and PBD-based plastics. These elements collectively propel market expansion, reflecting the automotive sector's growing need for specialized materials, the global trend towards industrial advancement, and the increased utilization of PBD-based plastics in various applications. The heightened demand from the automotive industry signifies a shift towards advanced materials such as liquid silicone rubber, driving innovation and product development. Additionally, the rising rate of industrialization underscores the expanding industrial sector's reliance on specialized materials, stimulating market growth. Furthermore, the increased production of PBD-based plastics indicates a growing market response to evolving industrial needs, highlighting the material's versatility and utility across industries.
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The rubber market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "MT" for the period 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments
This market report extensively covers market segmentation by application (tires and non-tires), type (synthetic rubber and natural rubber), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
The market share growth by the tire segment will be significant during the forecast period. This is used to make tires for automobiles. Due to the extensive use of these products in the automotive industry, the tire segment of the global market is anticipated to experience significant growth in terms of market revenue during the forecast period. This is a result of an increase in automobile demand worldwide.
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The tires segment was valued at USD 16,887.01 MT in 2017. High-performance tire applications for bicycles and motorcycles use polybutadiene rubber. Tire manufacturers are encouraged to use polybutadiene as a raw material because tires must meet stringent safety standards to deliver precision and control in a variety of weather and road conditions. High-performance tires are frequently made from high-cis butadiene, a polybutadiene rubber variant. Demand for nitrile butadiene rubber and polybutadiene rubber, particularly neodymium-catalyzed polybutadiene rubber (Nd-BR), has increased due to the rise in popularity of high-performance tires. High rolling resistance and low emissions make high-performance tires environmentally friendly. As a result, more people are using high-performance tires as environmental awareness grows. These factors are expected to drive the growth of the tire segment of the global market during the forecast period.
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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
APAC was the largest producer compared with other regions in 2022. In 2022, China, India, and Japan were the three countries that contributed the most revenue to the regional market. This is a result of the increasing demand for rubber from industries that process rubber and use it, such as automotive, construction, oil and gas, and aerospace, in developing nations like China, Japan, and India. During the forecast period, this demand is anticipated to drive demand in APAC. For instance, 0.9 million metric tons of auto tires and tubes were produced in India in 2022 using natural rubber. Hence, such factors will boost regional rubber market growth during the forecast period.
The market is influenced by various factors, including the demand for sustainable production due to environmental concerns. Rubber trees play a crucial role in this sector, providing the raw material for a wide range of products. In the technology sector, rubber is used in various applications, including seal and gasket materials for its heat resistance properties. The medical field utilizes this in products such as crap tubes and roll coverings. Silicone rubber is particularly valued for its durability and flexibility, making it popular in the automotive and footwear sectors. As urbanization drives demand for rubber products, there is a growing emphasis on sustainable manufacturing practices to ensure environmental sustainability while maintaining product quality. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage. The market forecast report includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The increasing demand from the automotive industry is notably driving market growth. In terms of consumption, the automotive industry has the largest share of the global market. Tires are made with it in the industry. PBD rubber is an ideal elastomer for making tires due to its high resilience, improved abrasion resistance, and increased cut growth resistance. Treads and sidewalls are made with about 70% of the PBD rubber that is produced. Tire manufacturers had to switch to synthetic rubber, such as PBD rubber, one of the least expensive products, due to fluctuations in the price of natural rubber. When making tires, this is typically combined with other elastomers like SBR or natural rubber.
Due to PBD rubber's high resistance to cold temperatures, the automotive industry uses it for non-tire applications like hoses, belts, gaskets, and other automotive components. During the forecast period, it is anticipated that the growing demand for PBD rubber for a variety of applications, including both tires and non-tires, will drive rubber market growth.
The gaining popularity of bio-adhesives is an emerging trend in the market. Natural polymeric substances known as bio-adhesives are used as adhesives to join two materials. Bioadhesives are made entirely of renewable plant or animal resources and are formaldehyde-free. During the forecast period, the low VOC content of bio-adhesives relative to other petrochemical-based adhesives is anticipated to boost adoption.
A growing number of packaging applications, including printed sheet lamination, flexible packaging, cigarettes, fitters, cases, and cartons, use bio-adhesives. Bio-adhesives are increasingly used in the frozen food and beverage industries for packaging purposes because they contain mineral oil in the adhesive composition, which has no negative health effects. Therefore, the market for bio-adhesives will be driven by the rising demand for flexible packaging and corrugated boxes from the food and beverage industry and retail chains. Furthermore, in the medical industry, bio-adhesives are widely used, particularly in the production of plasters, bandages, poultices, and surgical tapes, which will drive rubber market growth during the forecast period.
Stringent regulations for rubber manufacturing are major challenges impeding market growth. Regulations imposed on the emission of toxic fumes from rubber factories affect the market. The base petrochemical products are transformed into PBD rubber in the petrochemical plants. Propylene, ethylene, butylene, and butadiene are among the fundamental petrochemicals produced by cracking and other processing techniques. The formation of extremely toxic oxides would result from the release of ethylene and propylene into the atmosphere, so their emissions are a major concern.
Different regulatory bodies have issued specific guidelines and regulatory controls regarding the production of BR, including the US Environmental Protection Agency (EPA). For instance, at rubber tire manufacturing facilities, the EPA has issued the National Emission Standards for Hazardous Air Pollutants (NESHAP) for new and existing sources. The EPA had determined that 33 of the 188 toxic air pollutants, including 1,3 butadiene, posed a risk to the public's health by causing both chronic and sudden illnesses. Hence, strict regulations imposed by certain authorities would impede rubber market growth during the forecast period.
The rubber market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the rubber market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
NISHIKAWA RUBBER CO. LTD. - The company's offerings include synthetic rubber which is used for the production of automobile tires, clutches, engine bearings, conveyor belts, and industrial goods.
The rubber market forecast report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing significant growth driven by various factors such as the rising demand for electric vehicle (EV) and the increasing focus on eco-friendly rubber manufacturing. Engineering advancements have led to the development of specialized rubber components for the tire industry and the non-tire automotive sector. The footwear sector also benefits from innovations in rubber manufacturing technologies, carbon black, and synthetic rubber production. In the industrial goods sector, rubber is used for sealing products in vehicles and other applications. Polymerization techniques and recycling processes are being adopted to create eco-friendly materials, catering to the demand for sustainable solutions in the market. Additionally, the aging global population and the prevalence of chronic diseases are driving the need for rubber-based medical devices such as gloves, catheters, and seals in medical devices, which require enhanced properties.
Moreover, the market is witnessing notable growth, driven by the increasing adoption of electric vehicles (EV) and the growing demand for eco-friendly rubber manufacturing. Polymers such as vinyl and styrene butadiene play a crucial role in various applications, including the non-tire automotive industry. Key market trends indicate a shift towards eco-friendly materials and manufacturing, driven by both consumer demand and regulatory requirements. Geographically, regions with a growing middle class population are experiencing increased demand for rubber products. The market is also witnessing a rise in the use of rubber in gloves and medical devices, emphasizing the need for sustainable and environmentally friendly solutions.
The rubber market is evolving with a focus on sustainable rubber production, driven by the increasing demand across industries. Rubber trees are central to this shift, providing a renewable resource for the technology sector, medical field, and electric vehicle (EV) components. Silicone rubber, known for its heat resistance and abrasion resistance, is widely used in seals and gaskets, as well as roll coverings. In the EV industry, gaskets, hoses, and adhesives play a crucial role in ensuring the durability and efficiency of vehicles. The medical field relies on rubber for its flexibility and durability, especially in seals and gaskets. Additionally, adhesives are essential for various applications, providing strong bonding solutions. With growing interest in sustainable practices, rubber production is adapting to meet the needs of both traditional and emerging industries.
Rubber Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.28% |
Market growth 2023-2027 |
8,795.35 MT |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.85 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, India, Japan, and Malaysia |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advance Multitech Ltd., Asahi Kasei Corp., Bridgestone Corp., Dow Inc., Exxon Mobil Corp., Kumho Petrochemical Co Ltd, Lanxess AG, LG Electronics Inc., Michelin Group, NISHIKAWA RUBBER CO. LTD., Saudi Arabian Oil Company, Southland Holding Co., Sri Trang Agro-Industry Plc, Synthos SA, Thai Rubber Latex Group Public Co. Ltd., TSRC Corp., Eni S.p.A., Von Bundit Co. Ltd., Ansell Ltd., and China National Petroleum Corp. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our rubber market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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