Industrial Rubber Market Size Forecast to Reach $160 Billion by 2026

Industrial Rubber Market
Rapid Development in the Construction Industry Driving the Growth of Industrial Rubber Products Market.

The Industrial Rubber Market size is forecast to reach US$160 billion by 2026, after growing at a CAGR of 7% during 2021-2026. Natural rubber and synthetic rubber are often used in various end-use industries for applications such as belts, hoses, tubes, and bearings. The rapid growth in tire manufacturing has been contributing towards the industrial rubber products industry growth. In addition, there is a surge in the production of medical equipment, which as a result is increasing the demand for industrial rubber for the manufacturing of medical equipment. Furthermore, for the manufacturing of vehicles, the automotive industry uses industrial rubber in many of its parts and components, which is also set to accelerate the market growth during the forecast period.

COVID-19 Impact

The industrial rubber products market was affected by the COVID-19 pandemic in 2020, due to the strict lockdown guidelines. The lockdown enforced the closure of non-essential activities, owing to which there was a supply disruption of raw materials. Moreover, due to delays in the farming operation resulted in the decline of natural rubber production. Also, production and consumption were adversely affected by it. According to the International Rubber Study Group (IRSG), in the year 2020, there was a decline in the production of rubber by -4.9% and the demand for rubber declined by -6.5%. However, due to the proactiveness of the countries and the gradual opening of lockdowns, the situation was controlled. As a result, the industrial rubber products market was not as adversely affected as it was affected in 2020. It is anticipated that by mid-2022 the effect of COVID-19 will be curbed out and this would lead the market situation back to normalcy as it was before the COVID-19 pandemic.

Industrial Rubber Products Market Segment Analysis – By Type

The synthetic rubber segment held the largest share in the industrial rubber products market in 2020. Synthetic rubber has its application across industries where it is used in various parts and components. Synthetic rubber is preferred over natural rubber, due to its better abrasion resistance, as well as it has superior resistance to heat. The advantage of synthetic rubber is that in comparison with natural rubber, they are available in different variants. For instance, according to the International Rubber Study Group, synthetic rubber is available in over 200 variants with its own constituents and qualities. From the synthetic rubber variants, the demand for nitrile rubber (NBR) is widely used in various industries, because its versatility and reliability make it a good choice for the general-purpose application. As a result, the demand for synthetic rubber can be seen in almost every core industry, which contributes to increased business growth, and this is leading towards the growth of the industrial rubber products market.

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Industrial Rubber Products Market Segment Analysis – By Application

The tire segment held the largest share in the industrial rubber products market in 2020 and is growing at a CAGR of 6.8% during 2021-2026. The growth of the automotive industry has resulted in an increased demand for tires. Tyes consists of about 19% of natural rubber and about 24% of synthetic rubber. Industrial rubber is preferred over other materials because it has the power to hold on the grip and stay smooth on wet roads. Rubber elastomers are used in tire manufacturing. The most commonly used elastomers in tire compounds are styrene-butadiene rubber, natural polyisoprene rubber, natural polyisoprene rubber, butyl rubber, and ethylene-propylene rubber. As a result, there will be overall growth in the industrial rubber products market in the projected period.

Industrial Rubber Products Market Segment Analysis – By End-Use Industry

The automotive segment held the largest share in the industrial rubber products market in 2020 and is growing at a CAGR of 7% during 2021-2026. Industrial rubber is used in the components and parts for the manufacturing of vehicles. Due to its flexibility and durability, it helps in abrasion resistance, high tear strength, chemical and grease resistance, hot and cold temperature sustainability, high tear strength, and ozone resistance. According to the European Automotive Manufacturers Association (ACEA), passenger car registration in the European Union increased by 10.4% in June 2021, compared with June 2020, an increase of 12.4% year on year to 1,85,574 units. As a result, of this, there has been an increase in the demand for industrial rubber, and also this will lead towards the growth of the industrial rubber products market in the projected period.

Industrial Rubber Products Market Segment Analysis – By Geography

The Asia-Pacific region held the largest share in the industrial rubber products market in 2020 up to 46%. There has been an increase in the production of automobiles, construction activities, the textile industry, food, and beverages industry across the Asia-Pacific, which is leading to the growth of the industrial rubber products market. According to the International Rubber Study Group (IRSG), Asia-Pacific is the largest consumer of natural rubber, and synthetic rubber as well, 77% of the world’s synthetic rubber and 60% of the world’s natural rubber. According to OrganisationInternationale des Constructeursd’Automobiles(OICA), in China, the production of Heavy trucks was 21,30,880 units in 2018 and increased to  22,17,847 units in 2019, with a growth of 4.1% compared by 2018. Moreover, in Malaysia, the production of passenger cars was 5,20,526 units in 2018 which increased to  5,34,115 units in 2019, with a growth of 2.6% compared to 2018. Thus, the automotive sector and tire manufacturing is the reason behind the growth of the industrial rubber products market in the Asia-Pacific region and is expected to grow in the future also.

Industrial Rubber Products Market Drivers

Rapid Development in the Construction Industry

There is an increasing demand for industrial rubber in the construction industry because the use of industrial rubber in construction makes sure the structure becomes stronger. Across the globe, there has been an increase in the construction of residential buildings, commercial buildings, and industrial buildings. According to, European Construction Industry Federation (FIEC), in 2018 the investment done for construction in European Union countries was about US$1,447 billion Vs and in 2019 the investment was about US$1529 billion, with an increase of 5.7% in investment. According to Associated General Contractors of America (AGC), in Feb 2018 investment ofUS$1.30 trillion was done in the USA and in Feb 2019 it increased to US$1.32 trillion there was approximately US$1.4 trillion was done, with an increase of 1.1% compared to 2018. This shows, as the demand for construction is increasing, it is also leading towards the growth of the industrial rubber products market.

Development in the Aerospace

Another market that is driving the industrial rubber market is aerospace. It requires industrial rubber for thermal insulation, window, and door seal, LED lighting and gaskets, vibration dampening, O-rings, and similar parts and components. According to Aerospace Industries Association (AIA) America, the year 2019 was one of the best years as it saw sales of US$909 billion, up by 6.7% in comparison to the year 2018.  Moreover, according to Invest India, the Indian civil aviation market in 2021 stand at US$900 million and is anticipated to grow to US$4.33 billion by 2025 increasing at a CACG of about 14%. The countries are doing huge investments in their defense systems. As a result of all these factors, there will be a surge in the demand for industrial rubber products in the manufacturing of aerospace-related articles.

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Industrial Rubber Products Market Challenges

Changing Raw Material Price

One of the major challenges associated with the industrial rubber products market is volatile raw material price. The market for industrial rubber is very competitive, a small change in the supply and demand has an impact on its price. Synthetic rubber is produced using petroleum byproducts, as a result, a change in the price of crude oil has a direct impact o the price of synthetic rubber. Moreover, natural rubber production requires skilled laborers, and natural calamities have a huge impact on the production of natural rubber.  Moreover, due to its increasing price, a substitute for rubber i.e Thermoplastic elastomer is used in place of industrial rubber. All these factors are posing challenges for the industrial rubber products market.

Industrial Rubber Products Market Landscape

Technology launches, acquisitions, and increased R&D activities are key strategies adopted by players in the industrial rubber products market. Major players of the industrial rubber product market are:

Bridgestone Corporation
Cooper Standard Inc.
Continental AG
Freudenberg Group
The Goodyear Tire & Rubber Company
HEXPOL AB
Gates CorporationN
NOK Corporation
Sumitomo Riko Company LTD.
Eaton
Myers Industries, Inc.
Yokohama Rubber Co., Ltd.

Acquisitions/Technology Launches

In March 2019, Trinseo, a global materials solutions provider and manufacturer of plastics, latex binders, and synthetic rubber presented a new grade of solution styrene-butadiene rubber (S-SBR), SPRINTANTM 918S, at the Tire Technology Expo.

Key Takeaways

Asia-Pacific region dominates the industrial rubber products market, owing to the increasing automotive manufacturing in the region. For instance, according to Invest India, India is expected to be the world’s third-largest automotive market in terms of volume, and it is estimated to reach US$300 billion by 2026.

Synthetic rubber is extensively used across various industries because it has a good heat resistance and heat aging quality, which is expected to aid towards the industrial rubber products market growth.

Industrial Rubber owing to its properties such as shockproof and moistureproof is widely used in the electronic and electrical industry, which will eventually drive the market growth.

Industrial rubber is widely used in anti-vibration mounts, which are extensively used in the construction industry to control the vibrations, as a result, the structure of the building becomes more stable.

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