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Why Does the Automobile Industry Play a Crucial Role in Driving Demand for Synthetic rubber? – KSU
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Industrial Rubber Products Market worth US$ 174 Bn by 2027
Industrial Rubber Products Market is projected to grow at CAGR of 6% during forecast period 2019 to 2027. Natural Rubber Held Major Share of Global Industrial Rubber Products Market
tmrJune 1, 2021
Global Industrial Rubber Products Market: Key Highlights
The global industrial rubber products market was valued at ~US$ 106 Bn in 2018, and is anticipated to expand at a CAGR of ~6% from 2019 to 2027. The demand for synthetic rubber has increased in industrial, automotive, and performance-demanding applications due to their unique properties.
In terms of volume, the automotive industry is a major consumer of industrial rubber products, which are used in various dynamic and static seals, belts, and hoses. Thus, rise in the demand for rubber products in various industries is driving the global industrial rubber products market.
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PORTLAND, Ore., May 26, 2021 /PRNewswire/ Allied Market Research recently published a report, titled, Liquid Synthetic Rubber Market by Product (Liquid Isoprene Rubber, Liquid Butadiene Rubber, Liquid Styrene Butadiene Rubber, and Others) and Application (Adhesives, Industrial Rubber, Tyre Manufacturing, Polymer Modification, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027 . As per the report, the global liquid synthetic rubber industry was pegged at $20.3 billion in 2019, and is projected to reach $28.8 billion by 2027, growing at a CAGR of 4.5% from 2020 to 2027.
Drivers, restraints, and opportunities
Increase in use of liquid synthetic rubber across the adhesive industry and rise in tyre production across the globe have boosted the growth of the global liquid synthetic rubber market. However, fluctuating raw material prices hinder the market growth. On the contrary, surge in product penetration in industrial rubber manufacturi