Industrial Rubber Market Research Report – Forecast to 2032

Industrial Rubber Market Research Report Information By Type (Natural and Synthetic), By Product (Tires, Seals, and Hoses), By Product Processing (Extrusion and Calendaring), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/CnM/4625-HCR | 100 Pages | Author: Anshula Mandaokar | June 2023         

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Global Industrial Rubber Market Overview


Industrial Rubber Market Size was valued at USD 25.8 Billion in 2022. The Industrial Rubber market industry is projected to grow from USD 26.98 Billion in 2023 to USD 38.67 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.60% during the forecast period (2023 - 2032). Increased usage of rubber in various industries and the rise in demand for rubber in automotive applications are the key market drivers enhancing the market growth.


Global Industrial Rubber Market


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Industrial Rubber Market Trends



  • The growing adoption of rubber in the automotive industry is driving the market growth.


Market CAGR for industrial rubber is driven by the rising adoption of rubber in automotive applications. The automotive sector demands rubber components with excellent durability, reliability, and performance to meet the stringent requirements of vehicle safety, comfort, and efficiency. Rubber is extensively used in tires, belts, hoses, seals, gaskets, and other critical automotive parts. With the increasing demand for electric and hybrid vehicles, there is a growing need for specialized rubber materials that can withstand the unique operating conditions of these vehicles, such as high torque, temperature variations, and prolonged battery life. Moreover, the increasing focus on light-weighting vehicles to improve fuel efficiency has led to the development of advanced rubber compounds that offer weight reduction and enhanced performance.


Additionally, with a rising emphasis on sustainability and environmental consciousness, manufacturers and consumers alike are seeking rubber materials that are sourced and processed in an environmentally responsible manner. Stringent carbon emission regulations drive the market, growing consumer awareness about sustainable products and the need to reduce the environmental impact of industrial operations. As a result, there has been a rise in the development and adoption of bio-based rubber materials, recycled rubber products, and sustainable manufacturing processes.


Rapid technological innovations have enabled manufacturers to enhance rubber products' quality, efficiency, and customization capabilities. Advanced manufacturing processes, such as injection molding, extrusion, and compression molding, have revolutionized the production of rubber components, allowing for complex geometries, improved precision, and faster production cycles. Additionally, automation and robotics have played a vital role in optimizing production processes, reducing labor costs, and ensuring consistent product quality. Integrating digital technologies, such as artificial intelligence and machine learning, has further enhanced manufacturing capabilities by enabling predictive maintenance, real-time monitoring of production parameters, and data-driven decision-making.


For instance, the industrial rubber market is experiencing notable trends, such as the growing demand for eco-friendly rubber products, advancements in manufacturing technologies, and the increasing adoption of rubber in automotive applications. These trends reshape the industry landscape and present new opportunities for manufacturers, driving the Industrial Rubber market revenue.


Industrial Rubber Market Segment Insights


Industrial Rubber Type Insights


The Industrial Rubber market segmentation, based on type, includes natural and synthetic. The synthetic segment dominated the market, producing it through various processes such as polymerization and copolymerization. Synthetic rubber offers advantages such as better resistance to heat, chemicals, and abrasion than natural rubber. The rising demand for synthetic rubber in the automotive industry and the growth of the manufacturing sector are propelling the synthetic rubber segment.


Industrial Rubber Product Insights


The Industrial Rubber market segmentation, based on product, includes tires, seals, and hoses. The tires category generated the most income. As vehicles on the road increase, the tire demand also rises. Moreover, introducing advanced tire technologies, such as low rolling resistance and run-flat tires, has fueled the demand.


Industrial Rubber Product Processing Insights


The Industrial Rubber market segmentation, based on product processing, includes extrusion and calendaring. The extrusion category generated the most income. It is commonly used to produce rubber hoses, seals, and gaskets. The advantages of extrusion include high production efficiency, consistency, and the ability to manufacture complex shapes.


Figure 1: Industrial Rubber Market, by Product Processing, 2022 & 2032 (USD Billion)


Industrial Rubber Market, by Product Processing, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Industrial Rubber Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Industrial Rubber market area will have significant market growth due to the presence of major automotive manufacturers, its advanced manufacturing infrastructure, and the high demand for industrial rubber products. The increasing emphasis on sustainable and eco-friendly rubber products in North America is expected to drive market growth in the region.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: INDUSTRIAL RUBBER MARKET SHARE BY REGION 2022 (USD Billion)


INDUSTRIAL RUBBER MARKET SHARE BY REGION 2022


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe's Industrial Rubber market accounts for the dominating market share due to the growth of various end-use industries such as automotive, construction, and healthcare. Implementing stringent product quality and safety regulations further enhances the demand for high-performance industrial rubber products in the region. Further, the German Industrial Rubber market held the largest market share, and the UK Industrial Rubber market was the rapid-growing market in the European region.


The Asia-Pacific Industrial Rubber Market is expected to grow at the fastest CAGR from 2023 to 2032. It is due to the significant industrialization, urbanization, and infrastructure development that drive the demand for industrial rubber products. The rising disposable income and changing patterns in the region also enhance the growth of the automotive and construction sectors, thereby driving the demand for industrial rubber products. Moreover, China’s Industrial Rubber market held the largest market share, and the Indian Industrial Rubber market was the rapid-growing market in the Asia-Pacific region.


Industrial Rubber Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the Industrial Rubber market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Industrial Rubber industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Industrial Rubber industry to benefit clients and increase the market sector. In recent years, the Industrial Rubber industry has offered some of the most significant advantages to medicine. Major players in the Industrial Rubber market, including Sinopec (China), LANXESS (Germany), LG Chemical (South Korea), Bridgestone Corporation (Japan), Kumho Petrochemical (South Korea), The Goodyear Tire & Rubber Company (U.S.), JSR Corporation (Japan), ZEON CORPORATION (Japan), Versalis S.P.A. (Italy), TSRC (Taiwan), PJSC "Nizhnekamskneftekhim" (Russia), and others, are attempting to increase market demand by investing in research and development operations.


Kumho Petrochemical Company Ltd., founded in 1970, and located in Seoul, South Korea, is a Korean international company that manufactures synthetic rubbers, synthetic resins, specialty chemicals, energy, electronic chemicals, and advanced materials as core businesses. In June 2018, Kumho Petrochemical announced the NB Latex production capacity expansion from 400 to 550 KT per annum at its manufacturing plant in Ulsan. The spreading is expected to be completed by the first quarter of 2019.


Cabot Corporation, founded in 1882, and located in Boston, Massachusetts, USA, is an American international company specializing in chemicals and performance materials. It operates in over 20 countries with over 30 manufacturing plants, several research & development facilities, and sales offices. In February 2023, Cabot Corporation launched its new E2C DX9660 solution designed to deliver significantly increased rubber durability through high abrasion resistance. The new product provides a 30% increase in abrasion resistance compared to a conventional compound. It expands Cabot's portfolio of E2C solutions for use in a wide range of on-road commercial tire applications and industrial rubber products.


Key Companies in the Industrial Rubber market include



  • Sinopec (China)

  • LANXESS (Germany)

  • LG Chem (South Korea)

  • Bridgestone Corporation (Japan)

  • KUMHO PETROCHEMICAL (South Korea)

  • The Goodyear Tire & Rubber Company (U.S.)

  • JSR Corporation (Japan)

  • ZEON CORPORATION (Japan)

  • Versalis S.P.A. (Italy)

  • TSRC (Taiwan)

  • PJSC "Nizhnekamskneftekhim" (Russia)


Industrial Rubber Industry Developments


January 2022: Bolder Industries, a forerunner in advanced sustainable chemical manufacture derived from end-of-life tires, provides huge environmental savings to the rubber and plastics industries and their customers. In this process, 98% of the tire's components are used, and 75% of the liquids and solids are recycled into new tyres, manufactured rubber goods and plastics. A minimum of 70 new employment will be generated, with a total investment value of 100 million euros for these two new participants. The intention is to begin operations by 2024 after receiving the necessary approvals.


September 2021: The capacity of nitrile latex at Apcotex Industries' current plants in India would grow by 60 kilotonnes annually, the company recently stated. The projects should be finished by the third quarter of 2022, the company said in a statement sent to ERJ on September 9th. The business claims that because the demand for nitrile gloves is expected to develop fast over the next years, capacity will be boosted by 30 ktpa in the upcoming phase. According to Apcotex, it has produced nitrile latex from its current plants for a number of years and has created a distinctive, superior product that is also reasonably priced. In addition to paper, construction, tyres, textiles, footwear, automotive components, hoses, and industrial rubber, these goods are used in many other sectors as well.


Industrial Rubber Market Segmentation


Industrial Rubber Type Outlook



  • Natural

  • Synthetic


Industrial Rubber Product Outlook



  • Tires

  • Seals

  • Hoses


Industrial Rubber Product Processing Outlook



  • Extrusion

  • Calendering


Industrial Rubber Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America





Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 25.8 Billion
Market Size 2023 USD 26.98 Billion
Market Size 2032 USD 38.67 Billion
Compound Annual Growth Rate (CAGR) 4.60% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Product, Product Processing, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Sinopec (China), LANXESS (Germany), LG Chemical (South Korea), Bridgestone Corporation (Japan), Kumho Petrochemical (South Korea), The Goodyear Tire & Rubber Company (U.S.), JSR Corporation (Japan), ZEON CORPORATION (Japan), Versalis S.P.A. (Italy), TSRC (Taiwan), PJSC "Nizhnekamskneftekhim" (Russia)
Key Market Opportunities The increase in the number of tire manufacturing companies and the rise in demand for rubber by the public for private cars.
Key Market Dynamics Increase in supply and demand for rubber in various industries such as electronics, manufacturing, etc.
 

Frequently Asked Questions (FAQ) :

The Industrial Rubber Market size was valued at USD 25.8 Billion in 2022.

The Industrial Rubber Market is projected to grow at a CAGR of 4.60% during the forecast period, 2023-2032.

Europe had the largest share of the Industrial Rubber Market.

The key players in the Industrial Rubber Market are Sinopec (China), LANXESS (Germany), LG Chemical (South Korea), Bridgestone Corporation (Japan), Kumho Petrochemical (South Korea), The Goodyear Tire & Rubber Company (U.S.), JSR Corporation (Japan), ZEON CORPORATION (Japan), Versalis S.P.A. (Italy), TSRC (Taiwan), PJSC "Nizhnekamskneftekhim" (Russia).

The synthetic category dominated the Industrial Rubber Market in 2022.

The tires had the largest share of the Industrial Rubber Market.

The extrusion category dominated the Industrial Rubber Market in 2022.

Key Questions Answered

  • ✅ Global Market Outlook
  • ✅ In-depth analysis of global and regional trends
  • ✅ Analyze and identify the major players in the market, their market share, key developments, etc.
  • ✅ To understand the capability of the major players based on products offered, financials, and strategies.
  • ✅ Identify disrupting products, companies, and trends.
  • ✅ To identify opportunities in the market.
  • ✅ Analyze the key challenges in the market.
  • ✅ Analyze the regional penetration of players, products, and services in the market.
  • ✅ Comparison of major players’ financial performance.
  • ✅ Evaluate strategies adopted by major players.
  • ✅ Recommendations
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