APAC is player in global rubber market

The global demand for industrial rubber is projected to witness moderate growth of 4.6% between 2017 and 2022. The industrial rubber market is estimated at $26.99 billion in 2017 and is expected to reach $33.82 billion by 2022, according to the report "Industrial Rubber Market by Application (Automotive, Building & Construction, Industrial Manufacturing, Polymer Modification, Wire & Cable, Electrical & Electronics, Bitumen Modification), Type, Product, and Region - Global Forecast to 2022" by ResearchAndMarkets. 

 

The industrial rubber market is witnessing growth due to its expanding application area, technological advancements in the industry, and its growing demand in the Asia Pacific. Industrial rubbers are some of the most versatile materials used in almost every industry. Industrial rubber is increasingly being used in the automotive, building & construction, industrial manufacturing, polymer modification, wire & cable, electrical & electronics, bitumen modification, coating, sealant, & adhesive, medical & healthcare, and other applications.

 

This growth of the market can be attributed to the robust economic outlook for the Asia Pacific, and the increasing motor vehicle production and sales across the globe. The industrial rubber market is expected to witness significant growth in a number of emerging economies, such as India, Thailand, Malaysia, and Brazil. The industrial rubber market in developed economies, such as the US and Japan will witness market gains below the global average, owing to sluggish growth in durable goods consumption and automotive production.

 

Based on product, the mechanical rubber good segment is expected to lead the industrial rubber market during the forecast period. This segment will witness steady growth due to the global output of motor vehicles and industrial machinery equipment.

 

The use of industrial rubber in the automotive, building & construction, and other applications is expected to increase in the Asia Pacific region, followed by South America and the Middle East & Africa regions over the next 5 years. This growth in the use of the industrial rubber can be attributed to the increasing population and the growing disposable income in these regions. Based on type, the synthetic rubber segment is expected to grow at the highest CAGR between 2017 and 2022, in terms of value.

 

Industrial rubber market up in APAC

APAC is estimated to be the largest industrial rubber market in 2017. High industrial production capacities in China and increasing investments in the automotive industry of India, Thailand, and Indonesia are expected to fuel the growth of the industrial rubber market in APAC. Europe ranked second in the consumption of industrial rubber in 2016; this trend is expected to continue, owing to the recovering economies of the region. The automotive industry contributes a major share to the GDP of several European countries. Therefore, the growing automotive industry, owing to the rising demand for vehicles globally, is driving the industrial rubber market in Europe.

 

The growth of the automotive industry is one of the key factors driving the industrial rubber market. Moreover, the growing building & construction industry in the Asia Pacific is also propelling the demand for industrial rubber. Overcapacity of industrial rubber in the Asia Pacific is one of the major challenges faced by the industrial rubber industry. This is mainly related to over investments in the production of industrial rubber in China in the past few years.