Industrial rubber products are diversified to various downstream industries, including manufacturing, construction, automotive, aerospace and others. Because of the flexibility, elasticity, toughness, resilience and insulation that rubber products provide, these are widely used in transportation, industrial, consumer, hygienic and medical applications. The global industrial rubber products market is poised to expand at progressive rate, driven by the increasing demand from automotive, construction, and manufacturing industries.
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The demand for industrial rubber products market is hugely driven by the motor vehicle output, and auto component manufacturers. Burgeoning demand from the automotive industry and rise in the application of rubber products in the end use industry are the key drivers of the industrial rubber product market. Growth of autonomous and battery vehicles is anticipated to propel the demand for industrial rubber products in the future. Growth of the infrastructure and construction activities in the emerging economies is anticipated to drive the demand for industrial rubber products.
Volatility in the raw material supply and fluctuating prices of the rubber is the main restraint for the industrial rubber products market in the forecast period. Increasing use of rubber products in construction & infrastructure industry and innovation in the products manufactured from synthetic rubber are the key opportunities in the industrial rubber products market.
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The industrial rubber products market has been segmented on the basis of rubber type, product, process, and end user. On the basis of rubber type, industrial rubber products market can be classified as: Natural rubber, Styrene Butadiene Rubber, Polybutadiene, Ethylene-propylene, Nitrile Butadiene Rubber and others. The industrial rubber products market over the years has witnessed strong emergence of synthetic rubbers such as Polybutadiene (BR), Ethylene- Propylene (EPDM), Styrene Butadiene Rubber (SBR), Nitrile Butadiene Rubber (NBR), and others. In terms of product, mechanical goods which encompasses products such as body seals, vibration control devices, and wiper blades was the dominant segment accounting for close to fifty percent of the market share in 2016. On the basis of manufacturing process type, the industrial rubber products market has been classified as: molded product manufacturing, extruded/calendared product manufacturing, fabricated product manufacturing, latex based product manufacturing and others. Molded product manufacturing was the dominant manufacturing process in 2016 accounting for a major market share.
Market for industrial rubber products market was promising in Asia Pacific and Middle East & Africa in the past. Owing to increase in the construction and infrastructure activities in the region, these regions have promising outlook in the forecast period. Europe and North America. In 2016, SABIC launched first domestically manufactured synthetic rubber products to cater to the growing demand in the region. Other global player are also planning to expand in the growing Middle East & Africa and Asia Pacific in the forecast period. Johns Manville in 2015, underwent an expansion at its Scottsboro, Alabama rubber roofing plant to increase the capacity by over twenty percent.
In terms of region, Asia Pacific lured most of the demand for industrial rubber products in 2016, accounting for over one third of the market share in 2016. This is attributable to the flourishing automotive and construction sector, favorable government policies for auto manufacturers, and the shifting of the production facilities by major players due to the low labor and operating costs. The industrial rubber product market in Europe is likely to contract marginally during the forecast period. This is because the European economy is in the recovery phase and the region is a mature market for industrial rubber products. North America is expected to witness moderate growth during the forecast period. The significant contribution from the U.S., which is considered as the biggest market for mechanical rubber goods and increasing use of rubber products such as blow-out preventers, packers, and seals in the oilfield application in the region is expected to drive the demand for industrial rubber products in North America in near future.
Key players profiled in the Industrial Rubber Products market include Bridgestone Corporation, Cooper Standard Inc., Continental AG, Freudenberg Group, The Goodyear Tire & Rubber Company, HEXPOL AB, Gates Corporation, NOK CORPORATION, Sumitomo Riko Company Limited, Eaton, Myers Industries, Inc., and Yokohama Rubber Co., Ltd. Continental AG concluded acquisition of Veyance Technologies Inc to increase the proportion of revenue from non-automotive business. Companies are seeking to minimize their dependency on automotive sector and expand product portfolio for other industries.
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