Albany, NY -- (SBWIRE) -- 07/20/2018 -- Global industrial rubber products market is largely dependent upon natural rubber as a source of raw material. Natural Rubber Market is in a state of oversupply. Affected by the growing tapping area of natural rubber in main producing regions, the slowdown in the growth rate of the tire industry and other factors, there will still be a glut of natural rubber worldwide during 2016-2025. Consumption of the rubber in all over the world increased at approximately 3% in 2016. Industrial rubber products are used in wide range of end use industries. Automotive industry's demand for the industrial rubber products globally constituted major share among all end use industries. Increasing competition from China eroded profit margin of all the players in Industrial Rubber Product Market. Strong emergence of synthetic rubbers in the global industrial rubber products market can be mainly attributed to numerous interconnected factors. Highly volatile prices & irregularity in supply of natural rubber has compelled consumers to shift from natural rubber to synthetic rubber.
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Growing demand from the automotive industry and rise in the application of rubber products in the end use industry are the key drivers of the industrial rubber product market. High growth of autonomous and battery vehicles is anticipated contribute significantly to the growth of automotive industry in the forecast period. Volatility in the raw material supply and fluctuating prices of the rubber is the main restraint for the industrial rubber products market in the forecast period. Increasing use of rubber products in construction & infrastructure industry and innovation in the products manufactured from synthetic rubber are the key opportunities in the industrial rubber products market.
Industrial Rubber Products MarketIndustrial rubber products industry comprises plethora of rubber products such as automobile tires, inflatable rafts, conveyor belts, hose, rubber roofing and many other rubber related products. Tires are the principal product of industrial rubber products industry. Tires are used in large numbers on automobiles, aircrafts and bicycles. Rubber products are manufactured in two stages. In first stage, the rubber goods are manufactured either by natural rubber or from the petroleum products. In second stage, the processing of rubber takes place to produce finished goods. On the basis of rubber, the industrial rubber products market has been classified into: Natural rubber, Styrene Butadiene Rubber, Polybutadiene, Ethylene-propylene, Nitrile Butadiene Rubber and others. Natural rubber holds the major share in industrial rubber products market owing to its extensive use in the manufacture of automobile tires all over the world.
However, with the technology advancement and fluctuations in raw material prices, synthetic rubbers such as Styrene Butadiene Rubber, Nitrile Butadiene Rubber, and Ethylene-propylene are expected to grow at a significant rate during the forecast period. The market for industrial rubber products also covers various technologies such as: tire manufacturing, tube manufacturing, molded product manufacturing, extruded/calendared product manufacturing, fabricated product manufacturing, latex based product manufacturing and others.
In terms of products, the industrial rubber product market covers: Mechanical rubber goods, rubber hose, rubber belts, rubber roofing and others. Mechanical rubber goods witnessed the largest demand in 2016 and is expected to remain the key product segment through 2025. Mechanical rubber goods are employed heavily in automobile vehicles and the growth of the segment is largely attributable to the increasing motor vehicle output. Rubber roofing is expected to grow at a promising rate due to the extensive use of rubber roofing product in commercial and residential buildings. With revival of construction industry, the rubber roofing segment is expected to witness huge growth during the forecast period In terms of end use, industrial rubber products market is largely driven by the automotive sector. Numerous rubber related products finds applications in interior, structural and under the hood applications of an automobile. In developed countries, more than fifty percent of the rubber used is for automobile tires and tubes. A modern automobile has more than 300 components made out of rubber. The growth of the industrial rubber products is also attributable to the maintenance/repair/operations (MRO) market growth outpacing most original equipment manufacturer (OEM) segments.
In terms of region, Asia Pacific held a major share of the global industrial rubber products market in 2016 accounting for more than one third of the market share. Large-sized rubber production facilities in countries such as China, India, Malaysia, Thailand, and Indonesia augments the demand for industrial rubber products in the region. Asia Pacific provides tremendous opportunities for the industrial rubber products market, led by the expanding automotive and construction industries. Demand for industrial rubber products in the region is expected to increase significantly during the forecast period. After Asia Pacific, North America is the dominant region holding a significant share of the global industrial rubber products market in 2016. The market in this region is poised to expand at a steady rate of during the forecast period particularly driven by the U.S. automotive and manufacturing industry.
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Key players profiled in the Industrial Rubber Products market include Bridgestone Corporation, Cooper Standard Inc., Continental AG, Freudenberg Group, The Goodyear Tire & Rubber Company, HEXPOL AB, Gates Corporation, NOK CORPORATION, Sumitomo Riko Company Limited, Eaton, Myers Industries, Inc., and Yokohama Rubber Co., Ltd. In January 2015, Continental AG concluded acquisition of Veyance Technologies Inc to increase the proportion of revenue from non-automotive business. Companies are seeking to minimize their dependency on automotive sector and expand product portfolio for other industries.