Global Rubber Market to Reach US$ 68.2 Billion by 2032, Propelled by the Augmenting Product Demand From Various End Use Industries

April 11, 2023 | Chemical & Materials

The latest report by IMARC, titled “Rubber Market by Type (Synthetic Rubber, Natural Rubber), Application (Tire, Non-Tire Automotive, Footwear, Industrial Goods, and Others), and Region 2024-2032”, finds that the global rubber market size reached US$ 45.4 Billion in 2023. Rubber refers to a highly elastic, tough, and water-resistant material that is derived from the sap of some trees, particularly the Hevea brasiliensis, or rubber tree. The sap is collected by making incisions in the tree bark, and then it is coagulated and processed to form the rubber material. The properties of rubber make it useful in a variety of applications, including the production of tires, footwear, adhesives, and industrial components. The elasticity of rubber allows it to stretch and return to its original shape, while its toughness and water resistance make it durable and long-lasting. In recent years, rubber has gained traction as it can be synthesized in the laboratory, opening up the possibility of creating new materials with specific properties for various applications. 

Global Rubber Market Trends:

One of the primary factors driving the market is the augmenting product demand from various industries, such as the automotive industry, which consumes a significant amount of rubber to produce tires, belts, and hoses. Additionally, other industries such as construction, footwear, and consumer goods also contribute to demand, thus creating a positive market outlook. Other than this, changes in consumer spending and industrial output is boosting the product sales. Besides this, the growing demand for electric vehicles is expected to have a significant impact on the rubber market. Electric vehicles require specialized tires and other rubber components that are more durable and have different properties compared to those used in traditional gasoline-powered vehicles. In line with this, the development of infrastructure projects, such as roads, bridges, and buildings, is positively influencing the market growth. These projects require a significant amount of rubber materials for use in sealing, insulation, and vibration control. Furthermore, as environmental concerns are becoming more pressing, there has been a growing demand for sustainable and eco-friendly materials. This is driving the demand for natural rubber and synthetic rubber produced from renewable sources such as bio-based feedstocks. Moreover, technological advancements and innovations in the rubber production and its applications are strengthening the market growth. For instance, the development of new rubber formulations and production methods can lead to improved performance and durability of rubber products, which increases its demand. Looking forward, IMARC Group expects the market value to reach US$ 68.2 Billion by 2032, expanding at a CAGR of 4.5% during the forecast period (2024-2032). 

Market Summary:

  • On the basis of the type, the market has been bifurcated into synthetic and natural rubber. At present, synthetic rubber represents the largest segment.
  • Based on the application, the market has been divided into tire, non-tire automotive, footwear, industrial goods, and others. Currently, tire holds the majority of the market share.
  • Region-wise, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) holds the leading position in the market. Other major regions include North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some of the key players being Arlanxeo (Saudi Arabian Oil Co.), Kumho Petrochemical Co. Ltd., LG Chem Ltd., Southland Holdings LLC, Sri Trang Agro-Industry Plc, TSRC Corporation, Unitex Rubber Co. Ltd., Vietnam Rubber Group, and Von Bundit Co. Ltd.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Types Covered Synthetic Rubber, Natural Rubber
Applications Covered Tire, Non-Tire Automotive, Footwear, Industrial Goods, Others
Regions 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 Arlanxeo (Saudi Arabian Oil Co.), Kumho Petrochemical Co. Ltd., LG Chem Ltd., Southland Holdings LLC, Sri Trang Agro-Industry Plc, TSRC Corporation, Unitex Rubber Co. Ltd., Vietnam Rubber Group, Von Bundit Co. Ltd., etc.
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Global Rubber Market to Reach US$ 68.2 Billion by 2032, Propelled by the Augmenting Product Demand From Various End Use Industries
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