Global rubber processing market to grow by 4.3% each year to 2024
by June 6, 2016 8:51 am 174 views
The global rubber processing chemicals market is expected to reach $6.11 billion by 2024, according to a new analysis from San Francisco-based firm Grand View Research. A growth in demand for rubber products — including tire and non-tire — that exhibit superior durability and performance under extreme weather conditions, is expected to drive most of the demand.
The global rubber processing chemicals market was worth $4.2 billion in 2015 and is foreseen to be valued at $6.11 billion by 2024 — a compound annual growth rate (CAGR) of 4.3% from 2016 to 2024.
For tires, the primary driver will be a boost in demand for automobiles and aftermarket, which will depend significantly on both natural and synthetic rubber. So-called “green tires” and high-performance tires as well as greater fuel efficiency in emerging countries will drive demand for rubber processing chemicals.
Other key findings from the study include the following:
Asia Pacific accounted for 47.2% of the volume share, dominating the global market in 2015 due to high demand from the developing automotive industry in emerging economies such as China and India.
China was the largest producer as well as consumer in the rubber processing chemicals market, owing its rising population and presence of a large secondary processed products manufacturing sector in-country. The Chinese rubber processing chemicals market is projected to reach $1.93 billion by 2024.
Flame retardants accounted for 5.6% of the volume share in 2015. However, the segment is expected to witness the fastest growth over the forecast period due to rising awareness over safety and protection. Global fire safety regulations from various governments are likely to result in growing demand for flame retardant rubber products.
Non-tire rubber accounted for 43.5% of the volume share in 2015. Non-tire rubber is majorly used in industrial belts. Rapid industrialization with high growth in the manufacturing sector is expected to propel market growth.