The Industrial Rubber Market is expected to reach USD 42.01 Billion by 2028, according to a new report by Reports and Data.
The industrial rubber market is driven principally by the automotive industry. Industrial rubber is primarily used for making tires. Construction activities led by developing economies across the world will generate demand. The volatility of the oil prices, concerning government regulations and environmental concerns, lack of suppliers, and the growing threat of alternatives are factors hindering the growth of the industry.
The North American region accounted for the second-largest share of 30.3% of the market in 2018. The growing demand for fuel-efficient automotive parts due to environmental concerns and strict regulations is anticipated to drive growth in this region. In the United States, currently, 111 companies are working within the tire and rubber industry. When combined, they are accountable for more than 42,000 direct employment possibilities.
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Key players in the industry include Sinopec, Lanxess, The Goodyear Tire and Rubber Company, ExxonMobil, Kumho Petrochemical, TSRC Corporation, Nizhnekamskneftekhim, JSR Corporation, LG Chem, Versalis S.P.A., Zeon Corporation, PetroChina, Sibur, Group Dynasol, Kraton Corporation.
To manufacture an enormous array of products, the materials and chemicals business employs a number of raw materials, ranging from air and minerals to oil (such as petrochemicals, agrochemicals, and fragrances). Basic chemicals (sold inside the chemical industry), specialty chemicals (for paints and inks, crop protection), and consumer chemicals are all produced by the chemical industry (sold directly to the public such as detergents). Decarbonization methods are being investigated by the materials and chemicals sectors as a result of the development of digital technology (such as advanced analytics) and growing environmental concerns.
Product Type Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
Mechanical Rubber Good
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Type Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
Building & Construction
Electrical & Electronics
Process Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
Molding & Casting
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