Portland, OR, Feb. 12, 2020 (GLOBE NEWSWIRE) -- The global industrial rubber market generated $31.3 billion in 2019 and is estimated to generate $44.6 billion by 2026, growing at a CAGR of 5.2% from 2019 to 2026. The research offers a detailed analysis of changing market dynamics, top winning strategies, key segments, Porter’s Five Forces analysis, and competitive landscape.
Surge in demand from the automotive industry and rise in construction activities across the world drive the growth of the global industrial rubber market. On the other hand, varying costs of raw materials utilized in rubber manufacturing hinder the market growth to certain extent. However, advancements in technologies would offer numerous opportunities for key market players.
Based on type, the synthetic segment is estimated to register more than three-fifths of total share of the global industrial rubber market in 2019, and is estimated to remain its dominant position from 2019 to 2026. In addition, this segment is expected to grow at the fastest CAGR of 5.7% from 2019 to 2026. This is due to synthetic rubber being more abrasion resistant as compared to natural rubber. The research also analyzed the natural rubber segment.
Based on end use industry, the automotive segment contributed to more than one-third of the total share in terms of revenue in 2019, and is projected to lead throughout the forecast period. Moreover, the segment is expected to witness the fastest CAGR of 6.0% from 2019 to 2026. The report also analyzes segments including construction, electrical & electronics, manufacturing, and others.
Based on geography, Asia-Pacific is expected to garner the highest share of the market, accounting for more than one-third of the total market share of the global industrial rubber market. This region is expected to witness the highest CAGR of 5.8% from 2019 to 2026. This is due to expansion of manufacturers into economies such as China, India, and Japan. The research also discusses regions including North America, Europe, and LAMEA.
Key market players analyzed in the research include Sinopec Corporation, The Goodyear Tire & Rubber Company, LG Chem Ltd., Bridgestone Corporation, Toyo Tire & Rubber Co., Ltd., Arkema S.A., Lotte Chemical Corporation, Celanese Corporation, Braskem S.A., and United Rubber Industries India private Limited.
Source Globe News Wire