Rockville, May 30, 2023 (GLOBE NEWSWIRE) -- On the basis of analysis by Fact.MR, the global industrial rubber market is estimated to be valued at US$ 36.3 billion in 2023 and is expected to grow at a CAGR of 5.5% during the forecast period of 2023-2033.
Industrial rubber offers a combination of unique properties that make it highly desirable for many applications across numerous end-use industries such as automobile, construction, and others. Rubber is known for its excellent elasticity, flexibility, and resilience, allowing it to deform and recover its shape under stress. These properties make rubber ideal for sealing, vibration damping, shock absorption, and providing a reliable barrier against fluids, gases, and electrical conductivity.
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Industrial rubber is a versatile material that is formulated and processed to meet specific requirements. It can be molded, extruded, or fabricated into various shapes, sizes, and configurations, making it adaptable for a wide range of applications across different industries. Rubber products can be customized to withstand extreme temperatures, chemicals, weathering, and mechanical stresses, enhancing their utility in diverse environments.
The automotive industry is a major consumer of industrial rubber products. As the automotive sector continues to expand, due to the increasing vehicle production and demand for electric and autonomous vehicles, the demand for industrial rubber components such as tires, seals, hoses, and belts are expected to grow, thus, driving the industrial rubber market.
Key Takeaways from Market Study
- The global industrial rubber market size reported by Fact.MR for 2022 was US$ 34.4 billion
- The global industrial rubber market size is estimated to reach US$ 62.0 billion in 2033
- The projected CAGR for the global industrial rubber market from 2023 to 2033 will be 5.5%
- Application in automobiles accounts for a major share in industrial rubber as compared to the other industries
- Synthetic rubber captures the highest share for industrial rubber
Unleashing the Power of Industrial Rubber, Versatility, Resilience, and Adaptability are likely to fuel the market growth, says a Fact.MR analyst.
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Market Growth Stratagems
Manufacturers focus on developing new and improved rubber products to meet customer demands and address market needs. This involves investing in research and development to enhance product performance, durability, and functionality. Innovation also involves the development of eco-friendly and sustainable rubber materials or the integration of advanced technologies into rubber products.
Key Companies Profiled
- JSR Corporation
- Sumitomo Chemical Co. Ltd
- ExxonMobil
- Ube Industries, Ltd
- LANXESS
- Asahi Kasei Corporation
- Zeon Corporation
Key Market Segments Covered in the Report
Product
- Natural Rubber
- Synthetic rubber
- Polybutadiene Rubber
- Butyl Rubber
- Nitrile Rubber
- Chloroprene Rubber
- Ethylene-propylene Rubber
- Silicone Rubber
- Others
Processing Method
- Injection Molding
- Compression Molding
- Extrusion
- Others
Application
- Tires & Tubes
- Hoses, Gaskets & Seals
- Conveyor Belts
- Wires & Cables
- Others
End-use Industry
- Automotive & Transportation
- Building & Construction
- Industrial Machinery & Equipment
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the industrial rubber market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of product (natural rubber, synthetic rubber (polybutadiene, butyl, nitrile, chloroprene, ethylene-propylene, silicone, and others)), processing method (injection molding, compression molding, extrusion, and others), application (tires & tubes, hoses, gaskets & seals, conveyor belts, wires & cables, and others), end-use industry (automotive & transportation, building & construction, industrial machinery & equipment, and others), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
Key Questions Covered in the Industrial Rubber Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Industrial Rubber sales grow until 2033?
- Which are the factors hampering the Industrial Rubber demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the Industrial Rubber Market during the forecast period?
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