The global rubber processing chemicals market size is expected to reach USD 6.10 billion by 2024, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 4.3% over the forecast period. Healthy growth in both tire and non-tire product consumption is resulting in product demand. Rubber processing chemicals impart superior performance under extreme weather conditions to the rubber products. This property is expected to bode well for market expansion.
Growth of tire and automotive industry has a direct influence on development of market for rubber processing chemicals. Advancing automotive sector and aftermarket is anticipated to subsequently drive demand for tires over the forecast period. The growth of this market largely depends on tire industry, which utilizes both, natural and synthetic rubber. Significant rise in demand for green, high-performance, and fuel-efficient tires in emerging countries is driving the market for rubber processing chemicals. Diverse applications in medical, aerospace, electric and electronics, and construction industries are also expected to further augment the demand. In the developed countries, preference for natural rubber tires instead of conventional products might hamper the anticipated growth in near future.
End-use industries are bifurcated into tire and non-tire rubber industries. The tire industry includes Bridgestone Corp., Michelin, Goodyear Tire and Rubber Co., and MRF Ltd. These companies majorly produce automotive tires with high performance and service durability. The non-tire industry includes Continental AG, Hutchinson, and Freudenberg Group. Non-tire applications such as cables/wires, electronic/electrical, industrial products, and polymer modification are offered by these end-use companies.
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Further key findings from the study suggest:
Asia Pacific accounted for 47.2% of the overall volume, thus, dominating the global market in 2015. This is owing to high demand from developing automotive and construction industries in emerging economies such as China and India
China was the market leader in terms of production and consumption on account of rapid industrialization. However, it is experiencing a shift from rapid to moderate industrial growth. The Chinese rubber processing chemicals market was valued at USD 1.18 billion in 2015
Flame retardants are expected to witness fastest growth over the forecast period on account of rising awareness regarding safety and protection across the globe and high demand for flame retardant rubber products
Latin America was estimated at 185.6 kilo tons in 2015 and the region exhibits expanding automotive industry. Increasing purchase of automobiles is expected to fuel regional demand for rubber tires
Lanxess AG, Solvay SA, AkzoNobel N.V., BASF SE, Arkema SA, Eastman Chemical Company and Kumho Petrochemicals are some of the key market players. Market is characterized by integration of key players across the value chain at stages involving raw material supply and product manufacturing. Moreover, these companies are focusing on increasing their market presence through production expansion and tie-ups with distributors.
Grand View Research has segmented the global rubber processing chemicals market on the basis of product, application, and region:
Rubber Processing Chemicals Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Processing Aid/ Promoters
Curing & Blowing Agents
Rubber Processing Chemicals Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Rubber Processing Chemicals Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Middle East & Africa
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