Surge in demand from the automotive industry and rise in construction activities across the world drive the growth of the global industrial rubber market. Based on geography, Asia-Pacific is expected to garner the highest share of the market, accounting for more than one-third of the total market share of the global industrial rubber market. This region is expected to witness the highest CAGR of 5.8% from 2019 to 2026.
According to the report, the global industrial rubber industry was estimated at $31.3 billion in 2019 and is expected to hit $44.6 billion by 2026, registering a CAGR of 5.2% from 2019–2026.
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The synthetic segment is expected to account for more than three-fifths of the global industrial rubber market share in 2019, and would retain its dominance during 2019 to 2026. In addition, the segment is estimated to register the fastest CAGR of 5.7% from 2019 to 2026. The fact that synthetic rubber offers more abrasion resistance than natural rubber drives the growth of the segment.
The region across Asia-Pacific, followed by Europe and North America, is projected to generate the largest share, contributing to more than one-third of the global industrial rubber market. The same region would also cite the fastest CAGR of 5.8% by 2026. The economies like China, India, and Japan are contributing significantly toward the growth of the market.
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The automotive segment contributed to more than one-third of the total share in terms of revenue in 2019, and is projected to lead throughout the forecast period. Moreover, the segment is expected to witness the fastest CAGR of 6.0% from 2019 to 2026. The report also analyzes segments including construction, electrical & electronics, manufacturing, and others.
Key market players analyzed in the research include Sinopec Corporation, The Goodyear Tire & Rubber Company, LG Chem Ltd., Bridgestone Corporation, Toyo Tire & Rubber Co., Ltd., Arkema S.A., Lotte Chemical Corporation, Celanese Corporation, Braskem S.A., and United Rubber Industries India private Limited.
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