Asia Pacific is estimated to contribute in global rubber processing chemicals market share with the highest regional CAGR over 2018-2025
Ocean View, DE -- (SBWIRE) -- 07/02/2020 -- Sellbyville, Delaware, Rubber processing chemicals market size is expected to be fueled by rapidly expanding automobile and construction sector. As per the latest OICA reports, automobile sale in 2017 was 97 million vehicles globally. Immense growth of automobile sector is likely to drive product demand in ensuing years.
Furthermore, escalating construction activities throughout the globe will supplement rubber processing chemicals industry by 2025. In construction sector, rubber is utilized in sound insulation, floor coverings, sealants, and roofing materials. Rubber processing chemicals market forecast report estimates that global revenue share will exceed $5.31 billion by 2025.
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In 2017, accelerator product subdivision accounted for revenue of more than $1.5 billion in global rubber processing chemicals market size. It has been estimated by rubber processing chemicals industry forecast report that accelerator segment will contribute to market growth with highest CAGR by 2025. Accelerators are used to quicken production speed. They speed up rubber production time and help in economical and fast manufacturing of high-quality rubber. Crude rubber is able to attain high elasticity by leveraging accelerators while production of rubber. With escalating usage and application of rubber throughout the globe, accelerator rubber chemicals are expected to witness a healthy growth.
In 2017, anti-degradants held major share in rubber processing chemicals industry and are projected to register with significant CAGR. Demand of anti-degradant rubber chemicals from tire segment has notably increased in last few years. It helps to improve resistance of rubber towards the effects of ozone, oxidation, mechanical stress, sunlight, and heat.
Tire emerged as the largest application segment for rubber processing chemicals market in the year 2017 and is anticipated to expand with a highest CAGR owing to increase in automobile sales globally. Non-tire application sector is also expected to observe rising demand over the coming years. The growth can be accredited to growing construction activities and industrialization in large part of the world.
Asia Pacific is estimated to contribute in global rubber processing chemicals industry share with the highest regional CAGR over 2018-2025. Reports predict that automobile is considerable end-user of rubber chemicals and China accounts for around 40% of automobile production. The expanding manufacturing base in China is a major reason that Asia Pacific has recorded highest product demand in 2017 and held more than 60% of rubber processing chemicals market share.
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Also, North America rubber processing industry size is predicted to expand with substantial CAGR due to the presence of key automakers in the U.S. Furthermore, Europe has been noted to be the second largest regional contributor in rubber processing chemicals market in 2017 with respect to volume. Well established automotive sector in France, Germany, UK, and Italy will fuel a large part of Europe rubber processing chemicals industry trend.
A few of the leading multinational companies operating in rubber processing chemicals market landscape include R.T. Venderbilt Holding Company, Inc., Solvay S.A., Linkwell, BASF SE, Kumho Petrochemicals, AkzoNobel N.V., Eastman Chemical Company, Emerald Performance Materials, Sumitomo Chemicals, Pukhraj Additives LLP, and Merchem Ltd.