The global rubber market size is expected to reach USD 51.21 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period. The heavy demand from the automotive industry owing to its insulation property, and will propel the growth of the market during the forecast period, states Fortune Business Insights, in a report, titled “Rubber Market Size, Share & Industry Analysis, By Type (Natural, and Synthetic), By Application (Tire, Non-Tire Automotive, Footwear, Industrial Goods, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 40.77 billion in 2019.
The coronavirus incident has caused enormous damage to all the industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The report on the rubbermarketincorporates:
- All-embracing evaluation of the Industry
- Latest developments
- Emerging trends and drivers
- Controlling regions in the global market
- COVID-19 impact on the industry
Rising Application of Rubber in Numerous Industries to Boost Market
The growing demand for tire and other automotive parts will simultaneously spur opportunities during the forecast period. The growing utilization of rubber in wide-ranging automotive products such as tires, crap tubes, adhesives, hoses, pipes, gaskets, and roll coverings will further enhance the scope of the market. Moreover, the increasing application in footwear, industrial goods, construction, textiles, and other consumer products will aid the expansion of the market. For instance, the use of latex offers substantial protection against water, chemicals, electricity, impact, and low temperatures. Additionally, its use in a variety of textiles, and consumer products, such as bands, protective covers, mats, and others will further foster the growth of the market.
Disturbed Supply Chain to Dwindle Business Amid Coronavirus
The coronavirus incident has resulted in the shutdown of production facilities, and restrictions on transportation. The disruption in the supply and distributioncan further limit the scope of the market. The major impacted countries include China, India, Germany, Italy, Brazil, and Canada. China is a major consumer of rubber. The constraint on export and import activities of industrial rubber goods and tires will act as an inhibiting factor for the development of the global market.
Rising Construction Activities to Bolster Growth in Asia Pacific
The market size in Asia Pacific stood at USD 22.09 billion in 2019 and is expected to witness an exponential growth rate during the forecast period. The growth in the region is attributed to the rising production and consumption in India and China. Thailand is the largest producing country of natural rubber. The flourishing automotive and construction industry is predicted to enable speedy expansion of the market in the region. The market in North America is expected to rise tremendously owing to the rising demand in footwear applications. The growing automotive, chemical, and textile industries are expected to create opportunities for the market in North America.
June 2018: Kumho Petrochemical announced that it has extended its NB Latex production capacity by 400 KT to 550 KT per annum at its manufacturing plant in Ulsan.
The Report lists the Main Companies in the Rubber Market:
- ARLANXEO (Netherlands)
- Kumho Petrochemical Co., Ltd. (South Korea)
- PetroChina (China)
- TSRC Corporation (Taiwan)
- LG Chem (South Korea)
- Versalis (Italy)
- Dow Chemicals (U.S.)
- Von Bundit (Thailand)
- Sri Trang Agro-Industry (Thailand)
- Southland Holding Lonza (Thailand)
- Vietnam Rubber Group (Vietnam)
- Tradewinds Plantation Berhad (Malaysia)
- Tong Thai Rubber Group (Thailand)
- Ravasco (India)
- Halcyon Agri (Singapore)
- Unitex Rubber (Thailand)