NEW YORK, USA, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Rubber Compound Market By End-User (Building & Construction, Automotive & Transportation, Industrial Machinery Equipment, And Others), By Processing Method (Compression Molding, Injection Molding, And Other Methods), By Product Type (Synthetic Rubber And Natural Rubber), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global rubber compound market size was valued at about USD 8.90 billion in 2022. The market is expected to grow at a CAGR of 7.34% and is anticipated to reach a value of USD 15.69 billion by 2030.”
Rubber Compound Market Overview:
The rubber compound industry is the market segment within the broader chemicals and materials industry that is concerned with the production, distribution, and consumption of rubber compounds. They are produced by combining natural rubber with other chemical substances that improve the rubber's overall properties and performance. For instance, sulfur is applied during the vulcanization process to aid in the formation of hardened crosslinks. Sulfur facilitates the improvement of rubber's elasticity.
Rubber does not have specific applications in the commercial sector due to its lack of elasticity and other limitations imposed by its mechanical properties. However, the process of rubber compounding can enhance its overall properties, including elasticity. Compounding rubber is a complicated process that must always be conducted under the guidance and supervision of technical experts to prevent loss of personnel and other resources. The rubber compound industry is anticipated to expand at a rapid rate due to the expansion of research and development.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
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Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 8.90 Billion |
| Market Forecast in 2030 | USD 15.69 Billion |
| Growth Rate | CAGR of 7.34% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | Zeon Corporation, Huntsman Corporation, Kraiburg TPE, LANXESS AG, Sumitomo Chemical, Polyone Corporation, Kumho Petrochemical, Dynasol Group, Sibur, Kuraray Co. Ltd., Arlanxeo, Elastomeric Specialties Inc. (ESI), Trinseo, Shin-Etsu Polymer, Parker Hannifin Corporation., and others. |
| Segments Covered | By End-User, By Processing Method, By Product Type, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
Key Insights from Primary Research
- The rubber compound market is projected to grow at a significant rate due to the rising applications in the automotive sector
- Based on end-user segmentation, automotive & transportation was predicted to show maximum market share in the year 2022
- Based on product type segmentation, synthetic rubber was the leading type in 2022
- On the basis of region, Asia-Pacific was the leading revenue generator in 2022
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Rubber Compound Market: Growth Drivers
- Rising applications in the automotive sector to drive market growth
The global rubber compound market is anticipated to expand due to the expanding use of compounded rubber in the automotive industry, which is one of the fastest-growing commercial sectors. The rising disposable income of the general population and the rising number of automotive vehicle manufacturers catering to a diverse audience by releasing both affordable and prestige vehicles are two of the primary reasons for the industry's accelerating growth rate.
In addition, as a result of the rising number of road accidents, regional governments have enacted new safety regulations for automobile manufacturers, resulting in increased demand for enhanced rubber compounds to prevent vehicle skidding.
Rubber Compound Market: Restraints
- Environmental impact of industry operations to restrict market growth
The development of the global rubber compound market is likely to be hampered by the negative environmental impact of rubber compounding. The process is extremely resource-intensive, particularly in terms of energy usage. There is an increasing demand on fuel suppliers to satisfy the basic needs of the general population, and players may experience a lack of energy for rubber compounding procedures. Other environmental factors, such as excessive waste generation and the use of harsh chemicals in the production process, could function as growth barriers.
Rubber Compound Market: Segmentation
The global rubber compound industry market is segmented based on end-user, processing method, product type, and region.
Based on end-user, the global market segments are building & construction, automotive & transportation, industrial machinery equipment, and others. In 2022, the highest growth was witnessed in the automotive & transportation segment driven by higher production and sale of automotive vehicles that are a part of personal consumption and for public transport.
Based on processing, the rubber compound industry is divided into compression molding, injection molding, and other methods.
Based on product type, the global market is segmented into synthetic rubber and natural rubber. The revenue was higher in the synthetic rubber segment as the demand for chemically produced rubber is higher in end-user verticals. Natural rubber production is limited and the supply chain is typically volatile depending on trading relationships, especially in international collaborations.
Browse the full “Rubber Compound Market By End-User (Building & Construction, Automotive & Transportation, Industrial Machinery Equipment, And Others), By Processing Method (Compression Molding, Injection Molding, And Other Methods), By Product Type (Synthetic Rubber And Natural Rubber), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/rubber-compound-market
Regional Analysis:
- Asia-Pacific to witness the highest growth rate during the forecast period
Asia-Pacific will dominate the global rubber compound market during the forecast period. Several factors work in favor of the region's global dominance. For example, Thailand is the world's largest producer of natural rubber. Indonesia and China are the second and third foremost nations, respectively. In 2022, approximately 3 million metric tons of natural rubber were produced in Indonesia. In addition to having an abundance of natural rubber, Asia is also home to many of the world's largest rubber compounding companies. China's production line is extensive, and regional market participants are consistently investing more resources in production expansion.
On the other hand, Asian companies also dominate the automotive industry. China and Japan are the world's leading automobile manufacturers. These nations have both international and domestic demand for fuel-efficient automobiles and other vehicles. Investments are increasing in India's regional automotive industry. According to official reports, the country plans to increase its automotive industry to INR 15 lakh crore by 2024.
Competitive Players:
The report contains qualitative and quantitative research on the global Rubber Compound market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Rubber Compound market include;
- Zeon Corporation
- Huntsman Corporation
- Kraiburg TPE
- LANXESS AG
- Sumitomo Chemical
- Polyone Corporation
- Kumho Petrochemical
- Dynasol Group
- Sibur
- Kuraray Co. Ltd.
- Arlanxeo
- Elastomeric Specialties Inc. (ESI)
- Trinseo
- Shin-Etsu Polymer
- Parker Hannifin Corporation
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The global Rubber Compound market is segmented as follows:
By End-User
- Building & Construction
- Automotive & Transportation
- Industrial Machinery Equipment
- Others
By Processing Method
- Compression Molding
- Injection Molding
- Other Methods
By Product Type
- Synthetic Rubber
- Natural Rubber
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Questions Answered in This Report:
- What is the Rubber Compound?
- Which key factors will influence Rubber Compound market growth over 2023-2030?
- What will be the value of the Rubber Compound market during 2023-2030?
- What will be the CAGR value of the Rubber Compound market during 2023-2030?
- Which region will contribute notably towards the Rubber Compound market value?
- Which are the major players leveraging the Rubber Compound market growth?
- What can be expected from the global Rubber Compound market report?
Key Offerings:
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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