New York, NY, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Industrial Rubber Product Market by Rubber Type (Natural Rubber and Synthetic Rubber) and by Application (Construction, Aerospace, Automotive and Transportation, Medical, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024” . According to the report, global industrial rubber product market was valued at approximately USD 26.75 billion in 2017 and is expected to generate revenue of around USD 36.41 billion by the end of 2024, growing at a CAGR of around 4.5% between 2018 and 2024. A rubber product deals with the transformation of elastomers into the useful products such as rubber mats, automobile tires, and others. The rubber used in the industrial products is naturally produced or sometimes it is the combination of complex chemical compounds. Rapidly growing automotive industry coupled with technological advancements in the industries is majorly responsible for propelling the growth of industrial rubber product market. Moreover, rising demand for the high-performance tires, tire adhesive, and sealing products are anticipated to add on to the growth of the industrial rubber market across the globe. Such factors are expected to fuel the demand for the industrial rubber product market growth over the forecast period.
Browse through 55 Tables & 15 Figures spread over 110 Pages and in-depth TOC on “Global Industrial Rubber Product Market: Industry Size, Share, Growth, Trends, Analysis and Forecast, 2017 - 2024”.
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On the basis of rubber type, the industrial rubber product market is bifurcated into natural rubber and synthetic rubber. Synthetic rubber is further classified into nitrile butadiene rubber (NBR), polybutadiene (BR), styrene butadiene rubber (SBR), ethylene propylene (EPDM), and acrylonitrile butadiene styrene (ABS). Natural rubber accounted for the largest market share in 2017 and is anticipated to continue its dominance over the forecast period. This growth is accounted for due to its extensive use in the automotive industry for different applications such as tube manufacturing, tire manufacturing, molded products, and others. Moreover, styrene butadiene rubber (SBR), ethylene-propylene, and nitrile butadiene rubber (NBR) are projected to grow at a steady pace during the forecast timeframe.
On the basis of application, the market is categorized into construction, aerospace, automotive and transportation, medical, and others. Automotive and transportation segment is estimated to be the highly attractive segment in terms of the market share during the forecast period. According to the NIIR Project Consultancy Services (NPCS), modern automobiles have more than 300 components made out of rubber. Moreover, developed countries use approximately 60% of the rubber for automobile tubes and tires. Hence, the automotive and transportation segment is estimated to be dominant in the upcoming years.
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Regionally, Asia Pacific dominates the overall industrial rubber product market. The growth is accredited to the increase in automotive industries in this region. Moreover, Asia Pacific is the leading region in the production and consumption of the rubber products. In addition to this, increasing investments in the automotive industry of emerging countries such as China, India, Indonesia, Thailand, and others are projected to drive the market growth in this region.
Europe is the second largest region in the consumption of rubber products and held a substantial revenue share in 2017. This trend is anticipated to continue during the forecast period. Growing automotive industry coupled with the technological advancement in this region is the major factor positively influencing the market growth.
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North America region is witnessing a considerable demand for the industrial rubber products which is driving the growth of the market. The market in this region is majorly driven by the U.S automotive and manufacturing industry.
Major players operating in the industrial rubber product market include Cooper Automotive Standard Inc., Bridgestone Corporation, Carlisle Companies Inc., Continental AG, The Goodyear Tire & Rubber Company, Freudenberg Group, HEXPOL AB, NOK Corporation, Gates Corporation, Parker-Hannifin Corp., Sumitomo Riko Company Limited, and Yokohama Rubber Co., Ltd., and Myers Industries, Inc.
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This report segments the global industrial rubber product market as follows:
Industrial Rubber Product Market: Rubber Type Segment Analysis
- Naturally Rubber
- Synthetic Rubber
Industrial Rubber Product Market: Application Segment Analysis
- Construction
- Aerospace
- Automotive and Transportation
- Medical
- Others
Industrial Rubber Product Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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