The global demand for industrial rubber is projected to witness moderate growth of 4.6% between 2017 and 2022. The industrial rubber market is expected to reach USD 33.82 Billion by 2022. This growth of the market can be attributed to the robust economic outlook for the Asia Pacific, and the increasing motor vehicle production and sales across the globe. The industrial rubber market is expected to witness significant growth in emerging economies, such as India, Thailand, Malaysia, and Brazil. The industrial rubber market in developed economies such as the US and Japan will witness market gains below the global average, owing to sluggish growth in durable goods consumption and automotive production.
Leading players in the industrial rubber market are LANXESS (Germany), Sinopec (China), Goodyear Tire and Rubber Company (US), Kumho Petrochemical (South Korea), TSRC Corporation (Taiwan), Nizhnekamskneftekhim (Russia), JSR Corporation (Japan), LG Chem (South Korea), Versalis S.p.A. (Italy), and ZEON Corporation (Japan). These market players are adopting strategies such as expansions, new product developments, and joint ventures to expand their global presence.
LANXESS is a leading chemicals company established in 1882 and headquartered in Boston, US. It is ranked first in the industrial rubber market based on the market share analysis. The company’s main business includes the development, manufacturing, and marketing of chemical intermediates, specialty chemicals, additives, industrial rubber, and plastics. LANXESS operates through 4 business segments namely Arlanxeo, Performance Chemicals, Advanced Intermediates, and High-Performance Materials. In April 2016, LANXESS and Saudi Aramco (Saudi Arabia) signed an agreement to establish a joint venture for the production of industrial rubber. Both these companies signed an agreement for a 50:50 joint venture to form a company named ARLANXEO. Through this joint venture, the company is investing in the development of industrial rubbers and elastomers products.
Sinopec is one of the largest petrochemical groups and is ranked second in the industrial rubber market based on the market share analysis. It is the largest oil and petrochemical products supplier and the second major oil and gas producer in China. It is the largest oil refinery company and the second-largest chemical company in the world. Sinopec was ranked 4th in the Fortune Global 500 in 2016.
Kumho Petrochemical is one of the largest industrial rubber manufacturers globally and is ranked third in the industrial rubber market based on the market share analysis. The company operates through 3 business segments namely synthetic rubber, synthetic resin, and others. The others business segment includes specialty chemicals, electronic materials, nanocarbon, energy, and building materials. The company has 11 affiliates worldwide.
Another key player in the industrial rubber market is TSRC Corporation, which was formerly known as the Taiwan Synthetic Rubber Corp. The total industrial rubber capacity of the company is 805,000 tons per annum. In November 2013, TSRC Corporation entered into a joint venture with the Indian Oil Corporation (India) and Marubeni Corporation (Japan) to establish a company named Indian Synthetic Rubber Ltd. (ISRL). ISRL completed its installation of ESBR plant in Panipat, Haryana (India). The plant has a capacity of 120,000 metric tons per year. It is India’s first synthetic rubber plant.
Industrial Rubber Market by Application (Automotive, Building & Construction, Industrial Manufacturing, Polymer Modification, Wire & Cable, Electrical & Electronics, Bitumen Modification), Type, Product, and Region - Global Forecast to 2022
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