Pune, India, Oct. 16, 2023 (GLOBE NEWSWIRE) -- 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 will propel the growth of the market during the forecast period, states Fortune Business Insights, in a report, the market size stood at USD 40.77 billion in 2019.
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Leading Players Featured in the Rubber Market Research Report:
- 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)
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 5.3% |
| 2027 Value Projection | USD 51.21 Billion |
| Rubber Market Size in 2019 | USD 40.77 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 150 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Rubber Market Drivers | Growing Demand from Various End-Use Industries to Drive Market |
| Availability of Alternatives with Better Performance Indicators is Impeding Product Adoption |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/rubber-market-101612
The report on the rubber market incorporates:
- All-embracing evaluation of the Industry
- Latest developments
- Emerging trends and drivers
- Controlling regions in the global market
- COVID-19 impact on the industry
Market Driver:
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 distribution can 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.
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Regional Analysis:
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.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Rubber Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC Continued...!
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Key Development:
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.
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