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.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
134 N 4th St.
Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

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

Purchase options

Single User License ~~$3899~~ $2999
Five User License ~~$4899~~ $3999
Corporate User License ~~$5899~~ $4999

Inquire Before Buying

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Speak to an Analyst

Request Brochure

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.