Industrial Rubber Market | Contrive Datum Insights

The Global industrial rubber market was valued at USD 28.4 billion in 2022 and is expected to reach USD 41.4 billion by 2030, growing at a CAGR of 6.4% during the forecast period 2022-2030.
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The global industrial rubber market is a large and diverse industry that encompasses a wide range of products and applications. Industrial rubber is used in a variety of industries, including automotive, construction, manufacturing, and transportation. It is used to create products such as hoses, belts, seals, gaskets, and other parts.

The market for industrial rubber is driven by several factors, including the growth of the automotive and construction industries, the increasing demand for durable and long-lasting materials, and the rising demand for eco-friendly and sustainable products.

Asia-Pacific is the largest consumer and producer of industrial rubber, with countries like China and India leading the way. North America and Europe are also significant markets for industrial rubber due to their established automotive and manufacturing industries.

Key players in the industrial rubber market include companies like Bridgestone Corporation, Continental AG, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., and Yokohama Rubber Co. Ltd. These companies are focusing on research and development to create innovative and sustainable products, as well as expanding their global reach through partnerships and acquisitions.

Market Dynamics

Driving Factors

There are several driving factors that are contributing to the growth of the global industrial rubber market. These include:

Rising demand for durable and long-lasting materials: Industrial rubber products are known for their durability and resistance to wear and tear. With the increasing demand for long-lasting materials, industrial rubber is becoming a preferred choice for many applications.

Increasing focus on sustainability: The demand for eco-friendly and sustainable products is on the rise. Industrial rubber manufacturers are increasingly developing products that are made from renewable materials and can be recycled.

Technological advancements: Advances in technology are allowing manufacturers to create new and innovative industrial rubber products that offer better performance and durability. This is driving the demand for industrial rubber in many applications.

Restraining Factors

There are also several restraining factors that are affecting the growth of the global industrial rubber market. These include:

Competition from alternative materials: Industrial rubber faces competition from alternative materials, such as plastics and composites, which offer similar or better performance characteristics in some applications.

Volatility in end-user markets: The markets for many of the industries that use industrial rubber products, such as automotive and construction, can be volatile and subject to economic and political factors. This can lead to fluctuations in demand for industrial rubber.

Lack of skilled workforce: The manufacturing of industrial rubber products requires skilled workers, such as engineers and technicians. The shortage of skilled workers in some regions can affect the productivity and quality of industrial rubber manufacturing.

Challenges Factors

The global industrial rubber market also faces several challenges that could affect its growth and profitability. These challenges include:

Increasing regulations: There are several regulations and standards that industrial rubber products must comply with, particularly in terms of safety and environmental impact. Compliance with these regulations can be costly and time-consuming for manufacturers.

Supply chain disruptions: The COVID-19 pandemic has highlighted the vulnerabilities of global supply chains. Disruptions in the supply of raw materials, logistics, and manufacturing capacity can impact the production of industrial rubber products.

Shortage of skilled labor: The manufacturing of industrial rubber products requires skilled workers, such as engineers and technicians. The shortage of skilled labor in some regions can impact the productivity and quality of industrial rubber manufacturing.

Fluctuating demand: The markets for many of the industries that use industrial rubber products, such as automotive and construction, can be volatile and subject to economic and political factors. This can lead to fluctuations in demand for industrial rubber products and impact the profitability of manufacturers.

Opportunity Factors

The global industrial rubber market presents several opportunities for growth and expansion. These include:

Increased demand from emerging markets: Emerging markets, such as Asia-Pacific and Latin America, are experiencing rapid economic growth and industrialization. This presents an opportunity for industrial rubber manufacturers to expand their operations in these regions and cater to the growing demand for industrial rubber products.

Growing demand for sustainable products: The demand for eco-friendly and sustainable products is on the rise. Industrial rubber manufacturers can capitalize on this trend by developing innovative and sustainable products that meet the needs of customers and comply with environmental regulations.

Collaborations and partnerships: Collaboration and partnerships with other companies, such as raw material suppliers and end-users, can provide opportunities for industrial rubber manufacturers to develop new products and expand their customer base.

Segmentation Analysis

Product Outlook

Natural rubber is derived from the sap of rubber trees and is used in the production of a wide range of industrial rubber products, including tires, gloves, and adhesives.

Synthetic rubber is made from petroleum-based materials and is used in a variety of industrial rubber products, such as seals, gaskets, and hoses.

Automotive rubber products include tires, belts, hoses, and seals, among others. The automotive sector is a major consumer of industrial rubber products and is a key driver of growth in the industrial rubber market.

Industrial rubber products are used in a variety of applications, such as construction, oil and gas, and aerospace. These products include seals, gaskets, hoses, and conveyor belts, among others.

Medical rubber products are used in the healthcare industry, such as in the production of gloves, medical tubing, and catheters. The demand for medical rubber products is increasing due to the growth of the healthcare sector and the need for infection control.

End Use Outlook

The manufacturing industry is a significant user of industrial IoT devices and systems, with applications ranging from predictive maintenance and quality control to supply chain management and logistics.

The healthcare industry is increasingly adopting industrial IoT devices to enable remote patient monitoring, improve patient outcomes, and enhance operational efficiency. The energy and utilities industry is using industrial IoT devices to optimize energy consumption, reduce waste, and improve the reliability and safety of energy infrastructure.

The transportation industry is using industrial IoT devices to improve vehicle performance, optimize routes and logistics, and enhance passenger safety and experience. The agriculture industry is using industrial IoT devices to optimize crop management, improve soil quality, and increase yield.

Regional Analysis

The Asia-Pacific region is the largest consumer of industrial rubber products, driven by factors such as the growth of automotive and construction industries, economic development, and increasing population. China, India, Japan, and South Korea are some of the major countries contributing to the demand for industrial rubber products in the region.
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The North American industrial rubber market is driven by factors such as the presence of major automotive and aerospace industries, increasing demand for energy, and infrastructure development. The United States is the largest consumer of industrial rubber products in the region, followed by Canada and Mexico.

The European industrial rubber market is driven by factors such as the presence of major automotive and aerospace industries, stringent regulations on safety and environmental impact, and infrastructure development. Germany, France, Italy, and the United Kingdom are some of the major countries contributing to the demand for industrial rubber products in the region.

Scope Of Report:

The Global Industrial Rubber Market has been segmented into:

By Type

• Natural Rubber
• Synthetic Rubber

By End-use

• Automotive
• Construction
• Manufacturing
• Electrical & Electronics
• Others

By Region

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Market Players 

The global Industrial IoT market is highly competitive and fragmented, with numerous players vying for market share. Some of the key companies in the market are:

• SINOPEC CORPORATION
• LG CHEM LTD.
• THE GOODYEAR TIRE & RUBBER COMPANY
• TOYO TIRE & RUBBER CO., LTD.
• BRIDGESTONE CORPORATION
• LOTTE CHEMICAL CORPORATION
• ARKEMA S.A.
• BRASKEM S.A.
• CELANESE CORPORATION
• UNITED RUBBER INDUSTRIES INDIA PRIVATE LIMITED

Bridgestone is a leading manufacturer of industrial rubber products, including tires, belts, hoses, and seals. The company has a strong presence in the automotive, construction, and mining industries.

Continental is a global supplier of industrial rubber products, including tires, hoses, and conveyor belts. The company has a strong presence in the automotive and transportation industries.

Goodyear is a leading manufacturer of industrial rubber products, including tires, hoses, and conveyor belts. The company has a strong presence in the automotive and aviation industries.

Sumitomo Riko is a global supplier of industrial rubber products, including hoses, seals, and anti-vibration products. The company has a strong presence in the automotive and construction industries.

Eaton is a global supplier of industrial rubber products, including hoses, seals, and conveyor belts. The company has a strong presence in the automotive, construction, and oil and gas industries.

Strategic Developments

In 2021, Bridgestone announced that it had developed a technology for using recovered carbon black in new tires. This development is expected to reduce CO2 emissions and promote the circular economy.

In 2021, Continental AG announced a major restructuring plan, which includes the separation of its powertrain business into a new company, Vitesco Technologies, and a focus on the growth of its core businesses, including tires and rubber products.

In 2020, Sumitomo Riko acquired U.S. automotive rubber parts supplier, Cooper Standard Automotive. The acquisition is expected to strengthen Sumitomo Riko's position in the global automotive market.

In 2020, Michelin announced an investment of €80 million to expand its production capacity for high-tech materials, including rubber, at its Clermont-Ferrand plant in France.

In 2019, Continental AG and Pyrolyx AG formed a joint venture to develop a sustainable supply chain for recovered carbon black. The joint venture will use Pyrolyx's technology for producing recovered carbon black from end-of-life tires and Continental's expertise in tire production.

In 2018, Goodyear acquired Ventech Systems, a German tire pressure monitoring systems (TPMS) and data management company. The acquisition is expected to strengthen Goodyear's position in the rapidly growing TPMS market.