Expert Report Global Rubber Processing Chemicals Market worth 5.31 Billion Dollars by 2025
A new research report by Global Market Insights has forecasted the global rubber processing chemicals market to exceed 5.3 billion dollars by 2025.One of the key factors for this growth is predicted to be the automobile industry.
USA – The global rubber processing chemicals market will be primarily driven by the rapidly increasing automobile industry. According to the latest OICA reports, the global automobile sale in 2017 was 97 million vehicles. This massive size of the automobile industry shall fuel the product demand in the near future. In addition to this, a positive growth number from the construction industry is likely to help the rubber processing chemical market to grow further. The product is used in the construction industry for roofing materials, floor covering, sound insulators and sealants.
However, rubber chemicals are facing stringent regulations by the government due to the hazardous impact of the product on human health and the environment. This is likely to hamper the product demand over the forecast period. Furthermore, the tire industry is shifting from conventional tires to green tires. This shift in the industry is anticipated to curb the rubber processing chemicals market size in the near future.
In 2017, the accelerator product segment generated revenues over 1.5 billion dollars in the rubber processing chemicals market and is projected to experience its highest CAGR during the forecast period. These are used to accelerate the production speed. It reduces the rubber production time up to one tenth and contributes to fast and economical production of good quality rubber. Crude rubber can acquire high elasticity by making use of accelerators.
With increasing usage and applications of rubber across the globe, the demand for accelerator rubber chemicals is expected to increase in the near future. Anti-degradant rubber chemicals are likely to experience significant growth over the forecast period. Anti-degradant rubber chemicals improve the rubber's resistance to the effects of sunlight, oxidation, ozone, mechanical stress and heat.
Tires was the largest application segment for the rubber processing chemicals market in 2017 and is forecast to grow at a high CAGR due to escalating automobile sales across the globe. The non-tire application segment is likely to experience increasing demand during the forecast period. This can be attributed to increasing industrialisation and construction activities in major parts of the world.
Asia Pacific is anticipated to grow at a high CAGR over the forecast timeframe 2018-2025. Automobiles are the major end-users for the rubber chemicals market and 40 % of the automobile production is done in China, due to which Asia Pacific registered the highest product demand in 2017 with a market share holding of more than 60%. The North American rubber processing market shall grow with a prominent CAGR in the near future, owing to the presence of major automobile manufacturers in the U.S.
Giant multinational players are operating in the rubber processing chemicals market. Some major players working in the industry are BASF, Solvay, Kumho Petrochemicals, Eastman Chemical Company, Akzo Nobel, Emerald Performance Materials, Linkwell, Sumitomo Chemicals, R.T. Venderbilt Holding Company, Merchem and Pukhraj Additives.
To find out more about this report, log onto www.gminsights.com/industry-analysis/Rubber-Processing-Chemicals-market