The global industrial rubber products market players are expanding their portfolios across other countries to rise in the market. According a report by Transparency Market Research, the companies in the market are reducing their dependency on automotive sector. Manufacturers are shifting to synthetic rubber from natural rubber due to irregular supply and high price. Manufactures are engaging in research and development to cater the demands of their consumers. The major players have adopted various strategies such as acquisitions, partnerships, joint ventures, expansions, agreements, product launches and others so as to expand their horizon in the market. Some of the key players in the global industrial rubber products market are Yokohama Rubber CO., Ltd., Cooper Standard Inc., Bridgestone Corporation, Freudenberg Group, Continental AG, HEXPOL AB, The Goodyear Tire & Rubber Company, NOK CORPORATION, Gates Corporation, Eaton, Sumitomo Riko Company Limited, and Myers Industries, Inc.
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The global industrial rubber products market is expected to grow at a healthy CAGR of 5.5% during the forecast period of 2017 to 2025. According to product type, the global industrial rubber products market is leading by mechanical goods. It is dominating the market as it held 50% of the share in the market during 2016. It is expected to rise significantly during the forecast period. Asia Pacific among all other regions is leading the market. It held one third of the shares in market during 2016 and is expected to lead the market during the forecast period.
The global industrial rubber products market is driven majorly by manufacturers of auto component and motor cycle output. The rise in demand from automotive industry is likely to fuel the market for industrial rubber products market during the forecast period. End users have also increased consumption of rubber products that has led to rise in demand of industrial rubber products. End users such as automotive industry, aerospace industry, energy industry, construction and infrastructure industry has shown significant rise in the demand of industrial rubber products market and is expected to keep rising in the coming years. There has been increased consumption of battery and autonomous vehicle in the market which has propelled the rise of rubber products in the market. Demand for industrial rubber products are also driven by growth in construction and infrastructure market. Emerging economies have led to demand for industrial rubber products. Since natural rubber is abundantly available in the market, global industrial rubber product market can fulfil the demand of consumers in the market easily and cheaply.
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The industrial rubber products market is expected to experience downfall in the market due to certain restrains. Rapid and unpredictable changes in the raw material supply is likely to hamper the growth of market in the coming years. Sudden crisis in the market for raw material causes market to suffer loss. There is also volatility in the prices of the rubber in the market. This is the major factor for restrain in the market. The fluctuation in prices leads to instability in the market. These factors are expected to affect the market growth during the forecast period.
The information in this review is based on the findings of a report by Transparency Market Research, titled “Industrial Rubber Products Market (Rubber Type-Natural, Styrene Butadiene, Polybutadiene, Ethylene-propylene, Nitrile Butadiene Rubber, Others; Product-Mechanical Rubber Goods, Rubber Hose, Rubber Belts, Rubber Roofing, Others; Process-Molded Product Manufacturing, Extruded/Calendared Product Manufacturing, Fabricated Product Manufacturing, Latex-based Product Manufacturing, Others; End use- Construction & Infrastructure, Automotive, Aerospace, Energy, Others; Region-North America, Europe, Asia Pacific, Latin America, Middle East & Africa) Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025.”
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