PUNE, India, Nov. 11, 2019 /PRNewswire/ -- The global Rubber Market is anticipated
to gain impetus from a rise in the demand from tire and non-tire automotive parts
sector. This information is published in a report by Fortune Business Insights, titled,
"Rubber Market Size, Share & Industry Analysis, By Type (Natural, and Synthetic), By
Application (Tire, Non-Tire Automotive, Footwear, Industrial Goods, and Others), and
Regional Forecast, 2019-2026." The report further mentions that the Rubber Market
size is projected to reach USD 60.38 Billion by 2026, thereby exhibiting a CAGR of
5.1% during the forecast period. However, the market was valued at USD 40.71
Billion in 2018. Furthermore, rubber consists of numerous crucial properties, namely,
high flexibility, insulation property, and weather resistance. Hence, it is used in
manufacturing non-flat belts, elevators, and transmission belts.
Synthetic Rubber Segment to Dominate Owing to its Various Beneficial Properties
In terms of type, the Rubber Market is categorized into synthetic and natural.
Amongst these, synthetic rubber is exhibiting higher demand due to various
applications, namely, industrial goods, footwear, and tire. It is because they possess
superior properties, such as toughness, elasticity, high head resistance, and abrasion
resistance. All these vital properties have resulted in the rapid inclination of
consumers towards synthetic rubber from natural rubber. They are used widely for
commercial purposes, especially for manufacturing tires. It is considered to be very
cost-effective as compared to natural rubber.
North America to Dominate: Increasing Demand from Automotive and Footwear Industries to Boost Growth
The Rubber Market is geographically divided into Europe, the Middle East and Africa,
North America, Latin America, and Asia Pacific. Out of these regions, North America
is projected to dominate the market during the forecast period. It would occur due
to the increasing demand for rubber from footwear and automotive applications.
Additionally, the ongoing technological advancements and a rise in the applications
in textile and chemical industry would contribute to the Rubber Market growth in
this region.
The Middle East and Africa and Latin America are anticipated to showcase lower
growth as compared to the other regions. It is likely to happen due to reduced
production of tires, expensive nature of synthetic rubber, and increasing
dependency on the imports of natural rubber.
Thailand Expands Export Market for Lower-priced Rubber in India
In May 2019, Thailand's Ministry of Commerce delegated to penetrate the export
market for cost-effective rubber to India which has over a billion population and all
types of consumers from several sectors. A prominent tire manufacturer called
Emerald Resilient Tire Co., based in Chennai, has promised to purchase the Thai
rubber products by the end of this year. According to the officials of Emerald, the
company will buy those rubber products to utilize them as raw materials for the tire
industry. The Thai authorities have also recommended suitable suppliers for the
company. The executive officials of the Department of International Trade
Promotion and the Minister of Acting Commerce recently visited India to expand the
export market for Thai goods.
Source: Fortune Business Insights
Reference: https://www.prnewswire.com/news-releases/rubber-market-to-reach-
usd-60-38-billion-by-2026-ongoing-technological-advancements-to-propel-growth-