The global rubber processing
chemicals market is expected to reach USD 6.11 billion by 2024, according to a
new report by Grand View Research, Inc. Increasing demand for rubber products,
both tire, and non-tire, exhibiting excellent durability, and superior
performance under extreme weather conditions, is expected to augment rubber
processing chemicals demand.
Growing demand for automobiles
and aftermarket is expected to subsequently drive demand for tires over the
forecast period. The growth of the market depends majorly on tire industry
which includes both, natural and synthetic rubber. Factors such as green tires
& high-performance tires, improved fuel efficient tires in emerging
countries are driving the demand for rubber processing chemicals.
In depth research report on Rubber Processing Chemicals
Market
Further key findings from the study suggest:
•
Global rubber processing
chemicals market was worth USD 4,201.5 million in 2015 and is foreseen to be
valued at USD 6,105.8 million by 2024, growing at a CAGR of 4.3% from 2016 to
2024
•
Asia Pacific accounted for
47.2% of the volume share, thus, dominating the global market in 2015 owing to
high demand for the chemical from the developing automotive industry in
emerging economies such as China, and India
•
China was the largest producer
as well as consumer of the rubber processing chemicals owing its rising
population and presence of huge secondary processed products manufacturing
sector in the country. The Chinese rubber processing chemicals market is
projected to reach USD 1.93 billion by 2024.
•
Flame retardants accounted for
5.6% of the volume share in 2015. However, the segment is expected to witness
fastest growth over the forecast period on accounting of rising awareness
regarding safety and protection. Fire safety regulations implemented by several
governments across the globe is likely to result in growing demand for flame
retardant rubber products.
•
Non-tire rubber accounted for
43.5% of the volume share in 2015. Non-tire rubber is majorly used in
industrial belts. Rapid industrialization with high growth in the manufacturing
sector is expected to propel the market growth for non-tire rubber application.
•
Latin America rubber processing
chemicals market was estimated at 185.6 kilo tons in 2015. Automotive companies
are focusing on demographic trends such as targeting-middle class population
and producing low-cost cars. Increasing car consumption in this region is expected
to fuel the growth for rubber tires, which is the major application for rubber
chemicals.
•
Lanxess AG, Solvay SA,
AkzoNobel N.V., BASF SE, Arkema SA, Eastman Chemical Company and Kumho
Petrochemicals are some of the key market players. The market is characterized
by the integration of numerous key players across the value chain at stages
involving raw material supply and rubber processing chemicals manufacturing.
Moreover, these companies are focusing on increasing their penetration within
the industry through production expansion and tie-ups with distributors.
Grand View Research has
segmented the global rubber processing chemicals market on the basis of
product, application and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million,
2013 - 2024)
•
Anti-degradants
•
Accelerators
•
Flame Retardants
•
Processing Aid/ PromotersOthers
•
Release Agents
•
Curing & Blowing Agents
•
Others
•
Others
Application Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2013 - 2024)
•
Tire
•
Non-Tire
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million,
2013 - 2024)
•
North America
•
U.S.
•
Europe
•
UK
•
Germany
•
Asia Pacific
•
China
•
India
•
Latin America
•
Brazil
•
MEA
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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