Global rubber chemicals market valued at $5.3 billion by 2025
The global rubber chemicals market is expected to register around 5% gains to exceed a revenue of 5.3 billion by 2025; as quoted by Global Market Insights, Inc.
Growing construction activities across the globe shall propel the rubber chemicals market in near future. Increasing rate of urbanization in the emerging economies is likely to fuel the construction industry growth over the forecast period.
In construction industry, rubber is used in floor coverings, sound insulation, roofing materials and sealants. In addition, increasing applications of rubber in allied industries is anticipated to augment the product demand in next few years. Anti-degradants were the major product segment in 2017 and is forecast to grow with a prominent CAGR. Anti-degradant rubber chemicals demand from the tire segment has been increasing rapidly from past few years. It improves rubber's resistance to the effects of oxidation, sunlight, ozone, heat and mechanical stress.
Accelerator segment held the largest market share in rubber chemicals market in 2017. It shall grow with a significant CAGR during the forecast timespan. Accelerators are used to increase the speed of rubber production and quality.
Tire segment accounted for the largest share of rubber chemicals market in 2017. Rubber chemicals demand in tire is likely to grow with a significant pace in near future. Rapidly growing automobile industry is likely to spur the demand for tires during the forecast period.Owing to the increasing construction activities, non-tire application segment is poised to gain prominence over the forecast period. Asia Pacific created a major chunk of product demand in past and it is likely to grow with highest growth rate over the forecast timeframe. This can be attributed to the presence of major automobile manufacturers in this region. According to the recent OICA reports, more than 50% of global vehicles (passenger and commercial, both) are manufactured in Asia Pacific. Europe was second largest in rubber chemicals market in 2017 in terms of volume. Presence of a well-established automobile industry in Germany, France, Italy and UK, drives a major portion of Europe rubber chemicals demand and is likely to continue in future.
Many giant multinational and medium-scale companies are operating in the rubber chemicals market. Some prominent players functional in the industry include Kumho Petrochemicals, BASF SE, Eastman Chemical Company, Solvay S.A., AkzoNobel N.V., Emerald Performance Materials, Sumitomo Chemicals, Linkwell, R.T. Venderbilt Holding Company, Inc., Pukhraj Additives LLP and Merchem Ltd. Major players working in the rubber chemical market are having joint ventures with local manufacturers to increase their global presence.
Source: Rubber World Magazine