Industrial Rubber Market to be fostered by Bio-based Rubber between 2021 and 2031
Published On : Jul 19, 2021
According to Persistence Market Research, the global industrial rubber market is slated to witness a CAGR of 6.6% between 2021 and 2031.
The major factor driving the growth of industrial rubber market is the versatility of industrial rubber. It is being used on continuous basis in building & construction, automotive, polymer modification, industrial manufacturing, electrical & electronics, wire & cable, coating, bitumen modification, healthcare, sealant & adhesive, and likewise.
More about the Industrial Rubber Market
The global industrial rubber market, by type of product, spans natural rubber and synthetic rubber (styrene butadiene rubber, polybutadiene rubber, butyl rubber, nitrile rubber, chlorophene rubber, ethylene-propylene rubber, silicone rubber, and so on).
By method of processing, it’s compression molding, injection molding, extrusion, and others. End-user-wise, it’s building & construction, automotive & transportation, industrial machinery & equipment, and others. By product, it’s rubber roofing, rubber belt, rubber hose, mechanical rubber good, and others.
Out of these, synthetic rubber is ruling the roost due to environmental concerns regarding extraction of natural rubber. Also, several modifications can be made with regards to synthetic rubber. However, certain restrictions have been imposed regarding production of certain kinds of industrial rubber.
For instance – butyl rubber does emit hazardous gases like carbon monoxide along with various other toxic fumes. It also needs to be noted that butadiene has been listed as toxic substance as per the CEPA (Canadian Environmental Protection Act) 1999.
Coming to applications, automotive & transportation hold more than 40% of the market share. Building & construction, though witnessed a halt in the pandemic period, is bound to bounce back in the forecast period.
The Ongoing Trend
Production of bio-based rubber is catching up, especially considering environmental hazards on the count of synthetic rubber and depletion of fossil fuels. Also, standards regarding content of renewable raw materials need to be met while producing industrial rubber. This trend is expected to give a sinusoidal picture regarding raw materials.
The Fierce Competition
The key participants in industrial rubber market include Good year Tire & Rubber Corporation, Bridgestone Corporation, Bando Chemical Industries, Ltd., Trelleborg AB, Eaton, Continental AG, Yokohama Rubber Company, Parker-Hannifin Corporation, Nichirin Co. Ltd., Carlisle Companies Inc., and others.
On the developments’ front, PJSC Nizhnekamskneftekhim, since September 2017, has its high-concentrated formaldehyde manufacturing plant that has capacity of 100K tons per year. Isoprene is manufactured from formaldehyde. Also, Saudi Aramco and LANXESS have their ARLANXEO (50:50 joint venture) for production of industrial rubber. Sumitomo Chemicals and ZEON Corporation have also consolidated their business related to styrene-butadiene rubber.
How will the Growth Unfold Geographically?
The upcoming period will see the Asia-Pacific being the flag bearer in industrial rubber market. This would be credited to excessive demand for industrial rubber in automotive, industrial manufacturing, and construction vertical. Europe and North America are already at the saturation stage regarding consumption of industrial rubber, though Canada is up to its restrictions regarding certain types of synthetic rubber.
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