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.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/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.
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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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