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Global rubber processing chemicals to reach us$5.1 bn by 2024 end
4/21/2021
The global rubber processing chemicals market features a fairly competitive landscape, notes Transparency Market Research (TMR). The top four players—BASF SE, Lanxess Aktiengesellschaf, Akzo Nobel N.V., and Eastman Chemical Company—accounted a combined share of nearly 41% in 2015. Leading players are likely to retain their dominance on account of their wide product portfolio and a robust geographic reach. Some of the other prominent manufacturers in the rubber processing chemicals are Emerald Performance Materials, Solvay, Merchem Limited, China Petroleum & Chemical Corporation, and Sumitomo Chemical Company.
TMR observes that relentless efforts by market players to bring product innovations will lead to intense degree of competition in the rubber processing chemicals market in the coming years. The entry of regional players in recent years and their focus on high-performing rubber processing chemicals will offer stiff competition to the incumbent players.
The global rubber processing chemicals market stood at a revenue worth of US$3.4 billion in 2015. Rising at 4.7% CAGR during 2016–2024, the global market is projected to touch a valuation of US$5.1 billion by 2024 end.
Among the broad applications types, the demand for rubber processing chemicals in making tires is by far the dominant and it accounted for a whopping share exceeding 70% in 2015 in the global market. The demand for these in manufacturing tires is likely to rise at substantial pace driven by the vast strides being witnessed in the manufacturing of new vehicles. The use of these chemicals enhances the functionality of rubber tires.
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Of all the key regional markets for rubber processing chemicals, Asia Pacific held the major share in 2015 amounting to 62%. A thriving demand for rubber processing chemicals in the automotive and construction industries is bolstering the regional market growth, especially witnessed in emerging economies.
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Burgeoning Demand in Tires and Non-Tires Applications accentuate Growth
The rubber processing chemicals is primarily driven by the burgeoning demand for these chemicals for tires and non-tires applications in a range of industries, including the construction, electric and electronics, aerospace, medical, and footwear production. The rapid strides taken by these industries is broadly contributing to the expansion of the overall market.
The growing use of rubber processing chemicals for tire manufacturing in the automotive industry is a notable factor boosting the market. The demand is increasingly catalyzed by the staggering sales of automobile sales in various parts of the world. The demand for rubber processing materials is notably bolstered by their use in making a variety of building and construction materials. The chemicals are extensively used in making sealants, insulating agents, roofing materials, and floor coverings. The versatility of use of rubber is key to underpinning the expansion of the rubber processing chemicals market.
Environmental Toxicity of Some Chemicals may be Setback to their Demand
The steady growth of the rubber processing chemicals market is also suffering from certain setbacks. The toxicity of some of the rubber processing chemicals may hinder their demand in some end-use industries. Concerns related to the adverse impacts of these chemicals on the environment are expected to hamper their demand in various parts of the world. This is backed by government regulations in some countries.
Nevertheless, the market will face favorable trends from the rising efforts by manufacturers to explore new chemicals for rubber processing. Moreover, a burgeoning automotive industry, coupled with the rising disposable incomes, is a crucial trend expected to catalyze the market growth over the assessment period.
The study presented here is based on a report by Transparency Market Research (TMR) Rubber Processing Chemicals Market (Type - Anti-degradants, Accelerators, Stabilizers, and Vulcanizing Agents; Application - Tire and Non-tire (Automotive, Building & Construction, Medical, Aerospace, Footwear, and Industrial)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.
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