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The Industrial Rubber Products Market size is projected to grow at a CAGR of 5.6% during the forecast period 2022-2027 and reach US$166.4 billion by 2027. Natural and synthetic rubber are frequently used in a variety of end-use industries for applications, including rubber ducts, rubber expansion joints, rubber flooring/matting and more. The booming automotive and building & construction industries are the primary factors fueling the demand for Industrial Rubber Products. This, in turn, is accelerating the growth of the industrial rubber products market. For instance, the US$476 million Eight Office Tower project entails the construction of a 50,167m2 25-story office tower in Bellevue, Washington, U.S. Construction began in Q2 2022 and would be completed in Q1 2024.
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Industrial Rubber Products Market: The Automotive Segment Leads the Market
On the basis of end-use industry, the Industrial Rubber Products market can be segmented into automotive, building & construction and others. The automotive industry is evaluated to be the leading segment in the industrial rubber products market in 2021. During the forecast period 2021-2027, the automotive industry is expected to grow at a CAGR of 5.9%. Industrial rubber products offer great abrasion resistance, high tear strength and more. As a result, it is frequently deployed in automotive vehicles. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the worldwide passenger cars production was 55,908,989 units and in 2021, it was 57,054,295 units, an increase of approximately 2% over 2020. Thus, the growth of the automotive industry is driving the demand for Industrial Rubber Products, which, in turn, is propelling the market growth.
Industrial Rubber Products Market: Asia-Pacific Holds the Largest Market Share
On the basis of geography, the Industrial Rubber Products market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 43% share of the total revenue earned by the market globally. The expansion of multiple industries, including automotive, building & construction and other sectors, is the main reason for the Asia-Pacific countries' sharp increase in sectoral growth. According to the Organisation Internationale des Constructeurs d'Automobiles, in 2020, automotive production in China was 25,225,242 units and in 2021, it was 26,082,220 units, an increase of 3%. Therefore, the growth of the automotive industry is boosting the demand for Industrial Rubber Products.
Major Players in this Market
The major companies in the Industrial Rubber Products Market include Bridgestone Corporation, Cooper Standard Inc, Continental AG, Freudenberg Group, The Good Tire & Rubber Company, HEXPOL AB, Gates Corporation, NOK Corporation, Sumitomo Riko Company LTD and Eaton.
The key focus of the companies has shifted towards acquisition. In May 2021, the manufacturer of synthetic rubber Synthos Group purchased a facility in Schkopau, Germany, from Trinseo. The deal was worth US$460 million in total. Such acquisitions would improve a company's position in the market.