Industrial Rubber Product Market Size, Share, Trends, Growth and Forecast 2028

Industry Prospective:

The global industrial rubber product market size was worth around USD 31.54 billion in 2021 and is estimated to grow to about USD 42.03 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.9 percent over the forecast period. The report analyzes the industrial rubber product market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the industrial rubber product market.

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Industrial rubber product Market: Overview

Industrial rubbers are materials used in almost all industry verticals due to their versatile scope of application in the modern industrial infrastructure. Industry verticals such as automotive, construction, manufacturing, etc. are prime industries that deploy industrial rubber product use on a massive scale. Increasing demand from the automotive industry, rising scope of application, rapid industrialization, and increasing production of synthetic rubber are prominent trends propelling market growth through 2028. Increasing strict regulations and government mandates are expected to restrain industrial rubber product market growth.

A rubber product deals with the transformation of elastomers into the useful products such as rubber mats, automobile tires, and others. Rubbers used in the industrial products are naturally produced or sometimes it is the combination of complex chemical compounds. Rubber offers significant characteristics such as elongations, abrasion resistance, tear resistance, and tensile strength. Moreover, rubber is water resistant owing to which it is widely used for chemical tubing, rainwear, diving equipment, and others. Rubber products are used in various industrial applications and rubber product industry is considered to be the significant resource-based industry sector.
 
Rapidly increasing automotive industry coupled with technological advancement in the industries is majorly responsible for propelling the growth of industrial rubber product market. Moreover, rising demand for the high-performance tires, tire adhesive, and sealing products are anticipated to add on to the growth of the industrial rubber market across the globe. The use of industrial rubber is dominated by the product rubber tire. The compulsion of rubber safety shoes in the industries and accessories is also the major factor driving the industrial rubber product market. In addition to this, for power transmission in the motor, a special rubber is used and other rubber products such as a spinning belt, V-belt, timing belt, and others are used at a large scale. Therefore, operational utilization is also considered as a key factor which is positively influencing the growth of the market. However, stringent regulations issued by the government due to ecological concerns may restrain the growth of the market in upcoming years.

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COVID-19 Impact:

The COVID-19 pandemic led to the downfall of the industrial rubber product market. Lockdown restrictions across the world made it impossible for the manufacturing and industrial sectors to function and bought the industrial rubber product market to a halt.

Demand and supply chain gaps, shortage of raw materials, inadequate availability of skilled labor, strict restrictions prohibiting outdoor activity, and closure of multiple sales and distribution channels are being the key factors that restrained market potential in the pandemic.

As the pandemic subsides and industrial activity resumes the industrial rubber product market is expected to make a steady comeback and see a good growth curve over the forecast period.

Industrial rubber product Market: Growth Drivers

Increasing demand from Automotive Industry Vertical

Rubber has a massive scope of application in the automotive industry as it is used in making gaskets, seals, and belts as well. Rising automobile production and increasing use of rubber in multiple components are expected to make this industry a major end use vertical for the industrial rubber product market growth over the forecast period. The industrial rubber product market is expected to be majorly driven by this industry through 2028

Industrial rubber product Market: Restraints

Adverse Impact on Environment

Industrial rubber products have proven to be really toxic and harmful to the environment and the increasing focus on sustainability on a global level is anticipated to restrain the use and production of industrial rubber product over the forecast period. The disposal of rubber products creates a major waste hazard and is also often highly toxic not only to humans but also to the environment. Stringent government mandates to reduce waste and conserve the environment are expected to constrain industrial rubber product market potential through 2028

Global Industrial rubber product Market: Segmentation

The global industrial rubber product market is segregated based on product, type, application, and region.

By Type, the market is divided into synthetic rubber and natural rubber. The synthetic rubber segment is expected to lead the market and emerge as a highly lucrative segment over the forecast period. The use of synthetic rubber in large quantities in multiple industries is expected to boost the demand for this segment. Especially this segment will be driven by rising use from the automotive sector. Its better abrasion-resistant quality makes it a good substitute for natural rubber.

By Application, the industrial rubber product market is segmented into automotive, building & construction, industrial manufacturing, polymer modification, wire & cable, electrical & electronics, bitumen modification, coating, sealant, & adhesive, medical & healthcare, others. The rising production of automotive is expected to boost industrial rubber product market growth as it is the major end use vertical.

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Regional Landscape

Asia Pacific region leads the global industrial rubber product market in terms of revenue and volume share owing to high industrial activity and the presence of key industrial rubber product end use industry verticals. The low cost of manufacturing in this region is expected to propel industrial rubber product market growth. High demand from China and India is expected to be a prominent trend as these emerging economies see rising investments in the industrial sector and supportive government initiatives are projected to bolster the market potential as well.

The market for industrial rubber products in North America is expected to exhibit a positive outlook owing to an increase in international trade activities and a developing industrial sector for growing demand. Increasing automotive production is also expected to favor market potential in this region. The United States and Canada are expected to be major markets for industrial rubber product in this region.

Report Scope:

Competitive Landscape

Some of the main competitors dominating the global industrial rubber product market include -

• LANXESS (Germany)
• Sinopec (China)
• Goodyear Tire and Rubber Company (US)
• Kumho Petrochemical (South Korea)
• TSRC Corporation (Taiwan)
• Nizhnekamskneftekhim (Russia)
• JSR Corporation (Japan)
• LG Chem (South Korea)
• Versalis S.p.A. (Italy)
• ZEON Corpo.

Global industrial rubber product market is segmented as follows:

By Fiber Type

• Natural Rubber
• Synthetic Rubber

By Product

• Mechanical Rubber Good
• Rubber Hose
• Rubber Belt
• Rubber Roofing
• Others

By Application

• Automotive
• Building & Construction
• Industrial Manufacturing
• Polymer Modification
• Wire & Cable
• Electrical & Electronics
• Bitumen Modification
• Coating, Sealant, & Adhesive
• Medical & Healthcare
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa