Albany, NY -- (SBWire) -- 04/05/2019 --Rubber Processing Chemicals Market: Snapshot

The increasing demand from the tire market and their application across diverse industries are boosting the global rubber processing chemicals market. On account of its inherent properties such as elasticity and molding, rubber has become the key materials used in tire manufacturing. Rubber provides strength to tires and enhances their ability to withstand wear and tear and maintain grip even in harsh conditions. With the demand for vehicles scaling high across the world, the rubber processing chemicals market is forecast to exhibit robust growth in the future.

Besides this, the rising use of rubber processing chemicals as roofing materials, floor coverings, sound insulators, and sealants in the construction industry will aid the market's expansion. On the downside, stringent regulations implemented to curb the harmful effects of rubber processing chemicals can render the market's trajectory unwieldy. Besides this, threat of losing foothold is imminent with green tires making headway into the market.

Nevertheless, the demand from leading economies in Asia Pacific is projected to remain high through the forecast period, offering lucrative opportunities for the market's growth. According to Transparency Market Research (TMR), the global rubber processing chemicals market, which was valued at US$3.4 bn in 2015, is expected to reach US$5.1 bn by the end of 2024. If the figures hold true. The global rubber processing chemicals market will exhibit a CAGR of 4.7% between 2016 and 2024.

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Tires Segment to Remain Dominant throughout Forecast Period

Rubber processing chemicals have myriad applications, which be broadly classified under tire and non-tire applications. Use of rubber processing chemicals make tires durable and provides them strength to withstand harsh environment. On account of these, the demand from tire industry is the dominant contributor to the market. As per TMR, the tire segment held over 70% of the overall rubber processing chemicals market in 2015. Exhibiting a robust CAGR, the segment will remain dominant through the forecast period. Furthermore, with the expansion of the automotive industry, the demand from the tire segment is projected to rise.

Besides this rubber processing chemicals are used in diverse industries such as construction, electric & electronics, medical, aerospace, polymer modification, and footwear production. Thus, growth in these industry is projected to propel the rubber processing chemicals market.

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Major players operating in the rubber processing chemicals market are BASF SE, Eastman Chemicals Company, LANXESS, Arkema Inc., Akzo Nobel N.V., Solvay, and Sumitomo Chemical Company, Limited, China Petroleum & Chemical Corporation, Emerald Performance Materials, LINKWELL, and Merchem.