Transparency Market Research has published a new research report titled “Industrial Rubber Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024” to their report store.
Albany, NY -- (SBWIRE) -- 06/12/2017 -- 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.
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.
The threat of external substitutes such as hard plastics is moderate in the global market for industrial rubber products. Aspiring players need to invest extensively in research and development and work hard to create a brand recall in order to gain a foothold in the market.
A report by Transparency Market Research forecasts the global industrial rubber products market to rise at a 5.80% CAGR from 2016 to 2024 to attain a value of US$79.5 bn by 2024-end from US$47.7 bn in 2015.
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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.
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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.
"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.
Global Industrial Rubber Products Market, by Rubber Type
Styrene Butadiene Rubber
Nitrile Butadiene Rubber
Global Industrial Rubber Products Market, by Product
Mechanical rubber goods
Global Industrial Rubber Products Market, by Technology
Molded Product Manufacturing
Extruded/Calendared Product Manufacturing
Fabricated Product Manufacturing
Latex Based Product Manufacturing
Global Industrial Rubber Products Market, by End User
This review is based on the findings of a TMR report, titled, "Industrial Rubber Products Market (Rubber Type - Natural Rubber, Styrene Butadiene Rubber, Polybutadiene, Ethylene-propylene, and Nitrile Butadiene Rubber; Product - Mechanical Rubber Goods, Rubber Hose, Rubber Belts, and Rubber Roofing; Technology - Tire Manufacturing, Tube Manufacturing, Molded Product Manufacturing, Extruded/Calendared Product Manufacturing, Fabricated Product Manufacturing, and Latex Based Product Manufacturing; End User - Construction, Automotive, and Aerospace) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."