Consumers are increasingly conscious of factors such as fuel efficiency, noise reduction, and safety in their tire choices. Tire labeling regulations in some regions encourage the use of specific rubber compounds, impacting the demand for certain rubber chemicals.
WILMINGTON, Del., Dec. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "The Rubber Chemicals Market by Type (Anti-Degradants, Accelerators, Rubber Flame Retardants, Processing Aids, and Others) and Application (Tire Application and Non-tire Application): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global rubber chemical industry generated $5.4 billion in 2022, and is estimated to reach $8.4 billion by 2032, witnessing a CAGR of 4.5% from 2023 to 2032.
Prime determinants of growth
Developing economies with growing industrial and automotive sectors, such as China and India, offer significant growth opportunities for the rubber chemicals market. The expansion of infrastructure and manufacturing in these regions drives the demand for rubber products and associated chemicals. However, trade disputes and tariff changes between countries disrupt the flow of rubber chemicals and rubber products across borders. Uncertainty in global trade impacts market dynamics and development of high-performance and intelligent tire technologies, including self-inflating tires, sensors, and smart tires, create opportunities for rubber chemical innovations. Industries such as healthcare, aerospace, and electronics require specialized rubber products. Developing compounds tailored to these applications presents new market opportunities.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $5.4 billion |
Market Size in 2032 | $8.4 billion |
CAGR | 4.5 % |
No. of Pages in Report | 401 |
Segments covered | Type, Application, And Region. |
Drivers | Robust demand from building and construction industry Increase in the demand from tire manufacturing industry |
Opportunities | Increase in demand for rubber chemicals from the automotive industry |
Restraints | Trade tariff and availability of substitutes is expected to hinder the market growth |
The accelerators segment to maintain its leadership status throughout the forecast period
Based on type, the accelerators segment held the highest market share in 2022, accounting for half of the global rubber chemical market revenue and is estimated to maintain its leadership status throughout the forecast period. The tire manufacturing industry is a significant consumer of accelerators. There is a corresponding increase in the demand for accelerators as the global demand for tires continues to grow due to increased vehicle production and the need for replacement tires. The automotive industry relies heavily on rubber components for various applications, such as seals, gaskets, and hoses. However, the anti-degradants segment is projected to attain the highest CAGR of 4.5% from 2023 to 2032.
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The tire application segment to maintain its lead position during the forecast period
Based on application, the tire application segment accounted for the largest share in 2022, contributing to more than three-fifths of the global rubber chemical market revenue, and is estimated to maintain its leadership status throughout the forecast period. The tire market is closely linked to the automotive industry, as tires are an essential component of vehicles. There is an increase in the demand for tires with the expansion of the automotive sector, which drives the need for rubber chemicals used in tire manufacturing. Even in mature markets, there is a continuous need for replacement tires as existing tires wear out. This ongoing demand for replacement tires contributes to the growth of the tire application market in the rubber chemicals sector. However, the non-tire application segment is projected to attain the highest CAGR of 3.9% from 2023 to 2032.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global rubber chemical market revenue and is estimated to maintain its leadership status throughout the forecast period. India has a growing automotive sector, and the demand for rubber chemicals for tire manufacturing and other components is on the rise. Japan invests heavily in research and development, resulting in innovations in the rubber chemicals sector. Environmental awareness and regulations drive the development of eco-friendly rubber chemicals in Japan. Japan and India have been investing in infrastructure development, water management projects, and industrial expansion, driving the demand for rubber chemicals. These factors have created lucrative opportunities for rubber chemicals in Asia-Pacific during the upcoming periods.
Leading Market Players: -
- ASSOCHEM
- POLMANN INDIA LTD
- NOCIL LIMITED
- THE CHEMOURS COMPANY
- FINORNIC CHEMICALS (INDIA) PVT. LTD
- GANPATI EXIM PVT LTD
- SEYA INDUSTRIES LTD
- RAO GROUP
- VAGMI CHEMICALS PVT LTD.
- LIONS INDUSTRIES
The report provides a detailed analysis of these key players in the global rubber chemical market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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