Global Rubber Market to Reach USD 50 Billion by 2028
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global rubber market was worth USD 36.5 billion in the year 2021 and is projected to surpass USD 50 billion by 2028.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global rubber market was worth USD 36.5 billion in the year 2021 and is projected to surpass USD 50 billion by 2028. The global rubber market is flourishing at a high rate owing to the expanding production of automobiles, propelling demand for tires and other automotive parts such as shock absorbers, protective pads, etc. Furthermore, the expanding use of rubber in the production of non-industrial goods such as cooking spatulas, shower mats, dishwashing gloves, etc. However, the negative impact of synthetic rubber on the environment may act as a huge restraining factor for the growth of the global rubber market growth.
Rising Demand for Medical Products is Propelling Global Rubber Market
The increasing prevalence of various acute and chronic diseases along with rising demand for surgical procedures and treatment is propelling the demand for medical devices and equipment and other products. Several of these medical products such as surgical gloves, tubes, stoppers, condoms, breathing bags, prosthetics, implants, catheters, etc., are made of rubber. The demand for surgical gloves registered a tremendous surge post the COVID-19 period, due to which the demand for rubber also surged, propelling the overall market growth.
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Global Rubber Market - By Application
Based on application, the global rubber market is segmented into the tire, non-tire automotive, footwear, industrial goods, and others. The tire segment accounts for the largest market share. The expanding tire production owing to the rising demand for automobiles worldwide acts as a major driving factor for the increasing demand for rubber. The leading tire manufacturers are significantly investing in expanding their production and establishing their manufacturing plants in new geographical locations to boost their market presence, which is anticipated to fuel the growth of the global rubber market in the forecast period.
Global Rubber Market - Regional Insights
Geographically, the global rubber market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific region dominates the global rubber market. However, North America also covers a substantial market share owing to the prominent automotive industry in this region. The rapid technological advancements and expanding domestic production of automotive parts are acting as the major driving factors for this region. Europe is also estimated to register significant growth during the forecast period.
Impact of COVID-19 on Global Rubber Market
The unprecedented COVID-19 pandemic outbreak tremendously halted the growth of the global rubber market. This is mainly due to the disruptions in the manufacturing and supply chains of the end-user industries including tires, automotive, footwear, industrial goods, etc. Furthermore, several countries including China, India, Brazil, etc., imposed a complete nationwide lockdown due to which production and processing of rubber were also hindered during this period. However, the demand for latex rubber registered significant growth owing to the spike in demand for medical products such as surgical gloves and PPE kits.
Competitive Landscape
The leading market players of the global rubber market are ARLANXEO, Unitex Rubber, Kumho Petrochemical Co. Ltd., Halycon Agri, PetroChina, Ravasco, TSRC Corporation, Tong Thai Rubber Group, LG Chem, Sinopec, ZEON Corporation, Goodyear Tire, and Rubber Company, Versalis S.p.A., Nizhnekamskneftekhim, Sri Trang Agro-Industry, Indolatex Jaya Abadi, Tradewinds Plantation Berhad, Yunnan Goshen Rubber, Kuala Lumpur Kepong Berhad, Sinochem International, Guangdong Guangken Rubber, and other prominent players.
The market is highly competitive and fragmented with the presence of several industry participants. The companies significantly invest towards expanding their production capacities and establish their presence in new markets to expand their boost. They also focus on improving their distribution channel, which is favoring the growth of the market. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
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