Global Industrial Rubber Market to Reach US$ 40.0 Billion by 2032, Impelled by Rising Manufacturing of Automobiles

February 23, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled "Industrial Rubber Market Report by Type (Natural Rubber, Synthetic Rubber), Product (Mechanical Rubber Goods, Rubber Hose, Rubber Belt, Rubber Roofing, and Others), End Use Industry (Automotive, Construction, Manufacturing, Electrical and Electronics, and Others), and Region 2024-2032," the global industrial rubber market size reached US$ 29.7 Billion in 2023. Industrial rubber refers to a natural polymer that is harvested when the latex sap is peeled back or cut from the bark of rubber trees. On the other hand, it is also synthetically produced using numerous chemicals and polymerization methods. It is widely available across the globe but differs on the basis of performance requirements, strength properties to fluid resistance, friction coefficient, conductivity, permeation and dynamic properties. As a result, industrial rubber finds application across a huge spectrum of numerous end-use industries, including construction, automotive and electrical. Some of the common products manufactured using industrial rubber include bands, buckets, rollers, stoppers, expansion joints, gloves, injection parts, extruded products, cables and coatings.

Global Industrial Rubber Market Trends:

The global market is primarily driven by the widespread product demand from the industrial sector. This can be attributed to the rising product utilization in the production of molded household and industrial products. Along with this, the increasing manufacturing and sales of automobiles have led to the growing demand for industrial rubber in the fabrication of original equipment tires and elastomeric parts of vehicles, which is providing a boost to the market. Moreover, the growing investments in several infrastructural development projects on account of the rising initiatives toward smart city development and rapid urbanization are creating a positive market outlook. In line with this, the widespread deployment of industrial rubber as an adhesive for lamination and in the conveyor belt to transport products is acting as a major growth-inducing factor. Other factors, including rapid industrialization, the development of industrial plants and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 40.0 Billion by 2032, exhibiting a CAGR of 3.3% during 2024-2032.

Market Summary:

  • On the basis of the type, the market has been segmented into natural and synthetic rubbers.
  • Based on the product, the market has been classified into mechanical rubber goods, rubber hose, rubber belt, rubber roofing and others.
  • On the basis of the end use industry, the market has been categorized into automotive, construction, manufacturing, electrical and electronics, and others.
  • Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Asahi Kasei Corporation, Braskem, Bridgestone Corporation, Denka Company Limited, Lanxess AG, LG Chem Ltd., The Goodyear Tire and Rubber Company, Trinseo PLC, TSRC Corporation, UBE Corporation, Yokohama Rubber Co. Ltd. and Zeon Corporation.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Product, End Use Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Asahi Kasei Corporation, Braskem, Bridgestone Corporation, Denka Company Limited, Lanxess AG, LG Chem Ltd., The Goodyear Tire and Rubber Company, Trinseo PLC, TSRC Corporation, UBE Corporation, Yokohama Rubber Co. Ltd. and Zeon Corporation
Customization Scope 10% Free Customization
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Post-Sale Analyst Support 10-12 Weeks
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Global Industrial Rubber Market to Reach US$ 40.0 Billion by 2032, Impelled by Rising Manufacturing of Automobiles
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