Materials and Chemicals - Rubber Market

Market Summary:

The global rubber market size was significantly robust in 2020 and is expected to register a substantially rapid revenue CAGR during the forecast period. Rising demand for rubber for manufacturing of a range of components and products for application in healthcare and medical, automotive, packaging, manufacturing, construction, and textile industries is driving market revenue growth to a significant extent. Unique properties or rubber over other materials include toughness, resistance, and ability to work in low-temperature conditions, and application areas or rubber components and products continue to expand in various industries and sectors, and the trend is expected to continue going ahead. 

Market Dynamics:
Drivers:

Rubber is the most widely used raw material in various industries and sectors. Rubber is broadly segmented into natural rubber, which is obtained from milky liquid (latex) of rubber trees, while synthetic rubber is an artificial elastomer derived from natural gas, oil, and coal. Use of rubber in various applications and industries, including healthcare and medical sector, automotive, packaging, manufacturing, automotive sector, construction, and textiles has been increasing rapidly owing to expansion of the range of products being produced using this versatile material. In addition, increasing usage of rubber in footwear manufacturing for waterproofing and protection against chemicals is also fueling global market growth. Moreover, increasing investments by major players to develop more innovative products to enhance their respective product portfolio is another major factor fueling market growth.  

Restraints:

Fluctuations in crude oil prices is a key factor that causes variation in manufacturing costs of synthetic rubber, which can hamper overall market growth. In addition, rising environmental concerns about soot produced during vulcanization of synthetic rubber is a key factor restraining growth of the rubber market. Moreover, availability of cost-effective alternatives such as Plastic and vinyl is expected to affect growth of the rubber market to a certain extent over the forecast period. 

Market Insights: 
Type Outlook:

Based on type, the global rubber market is segmented into natural and synthetic. The synthetic segment is expected to continue to account for significantly rapid revenue growth between 2021 and 2028. Synthetic rubber is widely preferred due to high cost of raw materials and fluctuations in supply of natural rubber. Synthetic rubber is used for commercial production of tires, conveyor belts, rubber gaskets, and seals, among others. 

Application Outlook:

Based on application, the global market is segmented into automotive, footwear, medical, industrial goods, and others. Among these, the automotive segment is expected to account for largest revenue share over the forecast period. The automotive segment is further sub-segmented into Tire and non-tire. Rapid growth of the automotive industry is driven by rising demand for cars and bikes and steady development and launch of new and more innovative and technologically advanced vehicles, including solar-powered cars and bikes. Rubber and rubber products are used for various applications and components in the automotive sector. Some include tires, bumpers and fenders, airbags, hoses, and floor mats, among others. 

Regional Outlook:

Asia Pacific is expected to account for largest revenue share in the global rubber market over the forecast period. Rapid growth in the automotive industry, high production of motorcycles and bicycles, rising demand for tires, and high production and consumption of rubber components and products are some key factors boosting Asia Pacific market growth. Thailand is largest producer of natural rubber, while China is largest consumer of rubber, followed by Indonesia, India, and Vietnam.

North America is projected to account for a substantially large revenue share throughout the forecast period owing to the region being the largest footwear industry in the world, and extensive use of rubber for production of various medical products including surgical gloves, stoppers, cushioning, and supporting materials or various implants. 

Competitive Landscape:

Von Bundit Co. Ltd., Sri Trang Agro-Industry, Southland Holdings, Thai Hua Rubber, Tradewinds Plantation Berhad, Tong Thai Rubber Group, Thai Rubber Latex Corporation, Halcyon Agri Unitex Rubber Co., Ltd., Indolatex Jaya Abadi, Hevea-Tec, KLPK, Bakrie Sumatera Plantations, Kuala Lumpur Kepong Berhad, Enghuat Industries, Basil Rubber Factory, Edathala Polymers Limited, Kavanar Latex Ltd., Paesukchuen Rubber Co., Ltd., Sinochem International Corporation, Yunnan State Farms Group, and Guangdong Guangken Rubber Group Co., Ltd. are some major players in the global rubber market. These players are adopting various strategies to sustain their market position and expand their product base. 

Segments Covered in the report:

This report offers historical data points and forecasts and revenue growth at a global, regional, and country-level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2018 to 2028. The global rubber market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global rubber market along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.

 

For the purpose of this report, Reports and Data has segmented the global rubber market based on, type, application, and region:

Type Outlook (Revenue, USD Billion; 2018 – 2028)

• Natural 
• Synthetic

Application Outlook (Revenue, USD Billion; 2018 – 2028)

• Automotive 
  • Tire
  • Non-Tire
• Footwear
• Medical
• Industrial Goods
• Others

Region Outlook (Revenue, USD Billion; 2018 – 2028)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Benelux
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of Middle East & Africa