The global rubber processing chemicals market is expected to reach USD 6.11 billion by 2024, according to a new report by Grand View Research, Inc. Increasing demand for rubber products, both tire, and non-tire, exhibiting excellent durability, and superior performance under extreme weather conditions, is expected to augment rubber processing chemicals demand.
Growing demand for automobiles and aftermarket is expected to subsequently drive demand for tires over the forecast period. The growth of the market depends majorly on tire industry which includes both, natural and synthetic rubber. Factors such as green tires & high-performance tires, improved fuel efficient tires in emerging countries are driving the demand for rubber processing chemicals.
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Further key findings from the study suggest:
- Global rubber processing chemicals market was worth USD 4,201.5 million in 2015 and is foreseen to be valued at USD 6,105.8 million by 2024, growing at a CAGR of 4.3% from 2016 to 2024
- Asia Pacific accounted for 47.2% of the volume share, thus, dominating the global market in 2015 owing to high demand for the chemical from the developing automotive industry in emerging economies such as China, and India
- China was the largest producer as well as consumer of the rubber processing chemicals owing its rising population and presence of huge secondary processed products manufacturing sector in the country. The Chinese rubber processing chemicals market is projected to reach USD 1.93 billion by 2024.
- Flame retardants accounted for 5.6% of the volume share in 2015. However, the segment is expected to witness fastest growth over the forecast period on accounting of rising awareness regarding safety and protection. Fire safety regulations implemented by several governments across the globe is 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 the market growth for non-tire rubber application.
- Latin America rubber processing chemicals market was estimated at 185.6 kilo tons in 2015. Automotive companies are focusing on demographic trends such as targeting-middle class population and producing low-cost cars. Increasing car consumption in this region is expected to fuel the growth for rubber tires, which is the major application for rubber chemicals.
- Lanxess AG, Solvay SA, AkzoNobel N.V., BASF SE, Arkema SA, Eastman Chemical Company and Kumho Petrochemicals are some of the key market players. The market is characterized by the integration of numerous key players across the value chain at stages involving raw material supply and rubber processing chemicals manufacturing. Moreover, these companies are focusing on increasing their penetration within the industry through production expansion and tie-ups with distributors.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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