May 23, 2022 11:24 ET | Source: Facts & Factors Facts & Factors
NEW YORK, NY, May 23, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Industrial Rubber Market - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Industrial Rubber Market size & share was worth at about USD 31.10 billion in 2021 and it is likely to exceed around USD 37.65 billion Mark, by 2028, at a compound annual growth rate (CAGR) of about 3.18% during the forecast period 2022 to 2028.”
What is Industrial Rubber? How big is the Industrial Rubber Industry?
Rubber is a resilient elastomeric polymer that can be produced synthetically or extracted from the latex of tropical plants. The market for industrial rubber is growing at a healthy clip, and this trend is expected to continue in the foreseeable future. This is because more items are becoming readily available in developing nations, more people are becoming self-sufficient financially, and there is a growing demand for goods made from rubber. In addition, it is anticipated that the market for mechanical rubber would experience significant development as a consequence of the rise in buying parity.
Moreover, governments are enforcing stringent rules to lessen the usage of industrial rubber products and better manage trash generated by these items; this has created a significant obstacle for enterprises that manufacture industrial rubber products to overcome in order to remain profitable.
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Global Industrial Rubber Market: Dynamics
Increasing demand from the automotive industry, rising scope of application, rapid industrialization, and increasing production of synthetic rubber are prominent trends propelling the market growth. Additionally, industrial rubber products have found an extensive scope of application in multiple end-use verticals and automotive is one of the major ones that drive the overall market growth over the upcoming years. Besides, the increasing sustainability trend is expected to have a restraining effect on the global industrial rubber product market and is expected to emerge as a major challenge for industrial rubber product companies.
Moreover, rising automobile production and increasing use of rubber in multiple components are expected to make this industry a major end-use vertical for the industrial rubber product market growth over the forecast period. The industrial rubber product market is expected to be majorly driven by this industry.
On the other hand, the increasing sustainability trend is expected to have a restraining effect on the global industrial rubber product market and is expected to emerge as a major challenge for industrial rubber product companies.
Browse the full “Industrial Rubber Market By Type (Natural Rubber, Synthetic Rubber), By Application (Automotive, Building & Construction, Industrial Manufacturing, Polymer Modification, Wire & Cable, Electrical & Electronics, Bitumen Modification, Coating, Sealant & Adhesive, Medical & Healthcare, Others), By Product (Mechanical Rubber Good, Rubber Hose, Rubber Belt, Rubber Roofing, Others), and By Region - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/industrial-rubber-market
Industrial Rubber Market: COVID-19 Impact Analysis
COVID-19 damaged 2020's market. In the case of a pandemic, automotive manufacture and mineral mining operations were temporarily halted during the lockdown, resulting in a decline in demand for conveyor and transmission belts, pressure hoses, and other rubber items from end-user sectors including automotive and mining. Many industries have lost manpower, control, resources, and other elements due to the government's harsh COVID-19 legislation and limitations. Many industries came to a halt as the world tried to stay alive during the COVID-19 pandemic. The devastating virus slowed market expansion.
Agriculture delays have reduced natural rubber production. Productivity and consumption suffered. During COVID-19, real estate, construction, and new building were all discussed, but rubber industries lagged. The market for COVID-19 may develop due to shifting global dynamics.
The full report examines both qualitative and quantitative elements of the Industrial Rubber industry. Both demand and supply are studied. The demand side study compares market income across regions and countries. The supply-side research investigates prominent rivals' regional and worldwide presence and strategy. North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America are all carefully researched.
Industrial Rubber Market: Segmentation Analysis
The global Industrial Rubber market is segregated based on application, product, type, and region.
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Some of the main competitors dominating the global industrial rubber market include -
Key Insights from Primary Research:
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Key questions answered in this report:
In 2021, Asia Pacific had a major share in the global industrial rubber market and is estimated to continue its dominant position over the upcoming years. This is due to rapid urbanization, increased industrialization, government support, increasing investments, and low cost of manufacturing.
The rubber industry of India has evolved considerably to tailor to the increase in needs of the domestic market which is expected to enhance the market growth in the coming years. Innovation and development in the rubber industry such as the manufacturing of eco-friendly rubber are expected to offer growth opportunities to the market over the upcoming years.
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The global industrial rubber market is segmented as follows:
To know an additional revised 2022 list of market players, request a sample report: https://www.fnfresearch.com/sample/industrial-rubber-market
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