Albany, NY -- (SBWIRE) -- 09/19/2017 -- The global industrial rubber products market is defined by the presence of equally balanced competitors with strong brands value, finds a research study by Transparency Market Research (TMR). The market exhibits a highly concentrated structure. The top six players in this market, namely, Continental AG, Hutchinson, Freudenberg Group, Cooper Standard Automotive Inc., Sumitomo Riko Co. Ltd., and Bridgestone Corp., accounted for more than 63% of the overall market in 2015. The leading companies are focusing aggressively on acquisitions and strategic partnerships, which is likely to increase the competition within the market over the next few years, notes the study.
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According to the research report, the global market for industrial rubber products will be proliferating at a CAGR of 5.80% over the period of 2016-2024 with the opportunity in this market increasing from a value of US$47.7 bn in 2015 to US$79.5 bn by the end of the forecast period. Mechanical rubber goods have surfaced as the most valued product in this market. Analysts expect this trend to remain same over the forthcoming years due to the increasing usage of these goods in automobiles across the world.
Demand for Industrial Rubber Products to Remain Stronger in Automotive Sector
In this report, the construction, automotive, and the aerospace industries have been considered as the prime end users of industrial rubber products, among which, the most prominent demand for these products is being registered by the automotive sector. The widespread application of these products in the interiors, under the hood, and the overall structure of automobiles is expected to maintain the position of the automotive industry as the key end user of industrial rubber products over the next few years.
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The report further presents a geographical assessment of the worldwide industrial rubber products. According to it, North America, the Middle East and Africa, Latin America, Europe, and Asia Pacific are the main regional markets for industrial rubber products across the world. Amongst all, Asia Pacific acquired the leading position in 2015 with a share of 40% in the overall market. Researchers predict this regional market to remain on top throughout the forecast period, thanks to the presence of a massive pool of large-sized rubber production facilities in a number of Asian economies, such as India, China, Thailand, Malaysia, and Indonesia.
Urbanization and Industrialization Playing Crucial Role in Increasing Demand for Industrial Rubber Products
"The rapid urbanization, strengthening economy, and the ongoing efforts towards industrialization have influenced the global market for industrial rubber products significantly," says a TMR analyst. With the rising construction activities to cater the requirements created by urbanization and industrialization across the world, the demand for industrial rubber products is likely to increase substantially in the near future.
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The steady growth in production of motorcycles and bicycles, fueled by the rising trend of owning a vehicle among consumers is also projected to boost the worldwide market for industrial rubber products over the next few years. However, the volatile nature of the raw material prices and the increasing import penetration and decreasing demand from transportation equipment manufacturing are likely to affect the market severely during the forecast period, states the research report.