Selbyville, Delaware According to the research report titled ‘Global Rubber Products Market Size study, by Type (Natural and Synthetic Rubber), by product (Mechanical Rubber Goods, Rubber Hose, Rubber Belt, Rubber Roofing, and Others), by Applications (Automotive, Building & Construction, Industrial Manufacturing, Polymer Modification, Wire & Cable, and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global rubber products market is expected to register substantial growth during 2020-2026.
Rising adoption of synthetic rubber in applications such as medical & healthcare, sealant & adhesives, insulation, bitumen and silicone modification, electrical & electronics, wire & cable, chemical processing, building & design, and automobile among others is a major factor driving the growth of global rubber products market.
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Although the advent of COVID-19 pandemic has decreased the demand for rubber from automotive industry,but increasing utilization of latex for producing rubber gloves is adding substantial traction to the global rubber products market.
In addition, inclination among major rubber manufacturing companies towards establishing production units in Asia-Pacific in order to cater to the mounting demand of the automotive industries is further aiding global rubber products market expansion. However, strict regulations pertaining to environmental conservation has resulted in reduced production of synthetic rubbers, which in turn may hinder the overall industry remuneration.
As per type, worldwide rubber products market is segmented into synthetic, and natural. Based on product landscape, the market is bifurcated into rubber roofing, rubber belt, rubber hose, mechanical rubber goods, and others. The application scope of the industry consists of wire & cable, polymer modification, industrial manufacturing, building & construction, automotive and others.
From the regional point of view, Asia-Pacific rubber products industry is slated to witness highest CAGR through 2026. Rising adoption of industrial rubber in construction and automotive applications, particularly in countries such as India and China, is facilitating the business scenario in Asia-Pacific. Moreover, growing demand for electric vehicles and increasing automobile production in China has resulted in rapid expansion of automotive sector in Asia-Pacific. Focus among major automakers towards establishing manufacturing units in India and China is also contributing towards the regional market outlook.
The prominent companies operating in global rubber products market are Zeon Corporation, Versalis S.p.A., LG Chem Ltd., JSR Corporation, Nizhnekamskneftekhim (NKNK), TSRC Corporation, Kumho Petrochemical Co. Ltd., Goodyear Tire & Rubber Co., Sinopec, and Lanxess AG among others.
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