Transparency Market Research Added A New "Industrial Rubber Products Market Research Report" And Its Full Database.
Albany, NY -- (SBWIRE) -- 06/09/2017 -- The competition in the global industrial rubber products market is moderate due to the presence of players having almost identical share in the market and having a strong brand value. The main six companies operating in the market are Continental AG, Hutchinson, Cooper Standard Automotive Inc., Freudenberg Group, Sumitomo Riko Co. Ltd., and Bridgestone Corp. Together, they held over 63.0% of market share in 2015.
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Some of the key strategies employed by the leading players in the global market for industrial rubber products to improve their positions is looking out for acquisitions and partnerships to tap into new markets. This trend is likely to intensify the competition in the next couple of years.
Presence of Numerous Manufacturers to Help Asia Pacific Retain its Dominant Position
The different types of industrial rubber products available in the market are rubber horse, rubber roofing, mechanical rubber goods, and rubber belts, among others. Among them, mechanical rubber goods accounted for a maximum market share of 49.80% in 2015. Going forward, the TMR report predicts the segment to retain its leading share owing to the rising usage of these goods in automobiles worldwide.
From a geographical perspective, the global industrial rubber products market is currently dominated by Asia Pacific which is both a leading consumer and manufacturer. In 2015, Asia Pacific held a substantial 40.0% share in the overall market. Going forward, the region is predicted to hold on to its dominant share on account of the presence of numerous large rubber production facilities in the countries of China, India, Thailand, Indonesia, and Malaysia.
Rising Incomes of People Drives Market
An ever-expanding population, rising spending power of people in emerging economies of the world, and rapid urbanization are some of the primary factors driving growth in the global market for industrial rubber products. On account of the aforementioned factors, demand for bicycles and motorcycles across the globe has seen a major uptick and this in turn has driven up demand for rubber used in non-motor vehicle tires. Besides, increasing commercial construction, numerous infrastructural projects, and growing production of machinery are also said to be stoking the market.
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"A restraint in the global market for industrial rubber products is the uncertain prices of raw materials and a strong dependency of suppliers on original equipment manufacturers. Besides, growing penetration of import and declining demand from transportation equipment manufacturing is also hobbling the market," explains the lead analyst of the report.