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Rubber Market Set for Huge Growth in the Near Future

Author : Rahul Varpe | Published Date : 2019-04-16 

Rubber market has myriad end use domain such as automobile & transportation, electrical & electronics, construction, packing, etc. Automobile & transportation has gathered enough substantiation to widen the product application matrix owing to the maximum use of rubber in tire industry, and other application such as brakes, flooring, interior of passenger cars, bus, etc. Global tire demand in 2016 was more than 1500 million unit and it is likely to grow in forecast timeframe which in turn will propel the growth of rubber market.

Rubber Market Size is likely to witness a steady growth from 2018 to 2024 due to increasing tire demand in automobile & transportation industry. Rubber originates from three different sources such as natural, synthetic, and reclaimed rubber. Natural rubber is harvested in the form of latex from trees such as hevea brasiliensis, congo, dandelion and others. It is a natural polymer consisting of organic compound isoprene and water having water proof ability and high resilience and stretch ratio. 

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Synthetic rubber is elastomer polymers which are mainly manufactured from petroleum byproducts. It has extensive application in automobile & transportation industry for hoses, matting, tires, belts, etc. It also finds its usage in other sector such as in industrial application, in packaging, construction, electrical & electronics, and others such as HVAC, oil & gas, bowling, etc. Various types of commercialized synthetic rubber are styrene-butadiene (SBR), nitrile, chloroprene, silicone rubber, etc.
 
Reclaimed or recycled rubber is manufactured by application of heat and chemical agents, and mechanical working on ground vulcanized scarp tubes, tires and other waste products. The major uses of reclaimed rubber is in passenger tire carcass, inner tubes, tubeless tire liners, extruded and calendared products, insulation tiles used in laying pedestrian, in metro railways, etc.

Based on end-user, rubber market is classified as automobile & transportation, industrial application, electrical & electronics, construction, packaging and others which include HVAC, oil & gas, etc. Rising disposable income of consumer will increase the sales of automotive which will propel the automobile & transportation industry. This will lead to increase in demand for product such as tires, tubes, belts, etc.; hence, escalating the growth of product industry. The use of product in industrial applications as an insulating material, adhesives, sealant, hoses, gaskets, etc. will upsurge the product market growth.

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Asia Pacific will have a significant contribution in global rubber market in terms of production as well in consumption owing to rapid urbanization and industrialization in this region. Moreover, manufacturers based in the developed countries of North America and Europe are shifting their production bases to developing economies owing to low raw material, operation & labor costs, which will result in a robust growth for the product market.

The key participants in the rubber market are Lanxess, ExxonMobil Chemical Co., LG Chem, Sibur International Gmbh, Carst & Walker, Kuraray Co. Ltd, Karbochem, Reliance Industries Limited, Kraton, Dow Chemicals, BRP Manufacturing Company, Asahi Kasei Corp., Sinopec, Showa Denko, PetroChina Company ltd, etc

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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