Industrial Rubber Global Market Report 2024

The global industrial rubber market has grown strongly in recent years. It will grow from $42.01 billion in 2023 to $44.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The expansion observed in the historical period is linked to factors such as industrialization, the surge in the automotive sector, a boom in construction activities, advancements in material science, and increased demands for safety and enhanced performance standards.

The global industrial rubber market is expected to see strong growth in the next few years. It will grow to $58.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. Anticipated growth in the upcoming period can be credited to customization and innovation, supply chain streamlining, advancements within the healthcare and medical sectors, integration with Industry 4.0, and the continual evolution of material science. Key trends expected in this forecasted phase encompass compliance with regulatory benchmarks, strategic partnerships, ongoing product advancements, and the adoption of cutting-edge material technologies.

Anticipated growth in the automotive industry is set to be a driving force for the industrial rubber market's expansion. This sector encompasses the manufacturing, wholesale, retail, and repair of automobiles. Factors like improved living standards, economic growth, and the aftermath of COVID-19 have significantly impacted purchasing power, fostering a surge in demand for personal mobility globally. Additionally, the global shift towards emission-free transportation, driven by climate concerns and the pursuit of net-zero emissions, has led to increased production of electric and hybrid vehicles. This heightened demand within the automotive sector has consequently surged the need for industrial rubber used extensively in vehicle interiors and exteriors. For instance, in April 2022, the European Automobile Manufacturers Association reported a global production of 79.1 million motor vehicles in 2021, signaling a remarkable influence on the industrial rubber market's growth trajectory.

The escalating demand within the building and construction industry is poised to fuel growth in the industrial rubber market. This industry encompasses the planning, design, construction, and maintenance of structures and infrastructure. Industrial rubber finds widespread use in this sector due to its contributions such as durability, weather resistance, waterproofing, sealing, insulation, sound damping, and vibration isolation. Notably, projections by Oxford Economics in September 2021 indicated a significant surge in global construction output by 2030, expected to reach USD 15.2 trillion, marking a 42% increase of $4.5 trillion. This burgeoning demand within the building and construction industry acts as a significant catalyst for the growth of the industrial rubber market.

A prominent trend shaping the industrial rubber market is the rapid advancement in technology. Key players in this market are introducing innovative products and technologies, emphasizing sustainability and environmental responsibility to fortify their market presence. For instance, in August 2022, Global Rubber Industries (GRI), a tire manufacturer from Sri Lanka, unveiled the Green XLR Earth series of radial agricultural tires. This groundbreaking product represents the industry's first sustainable tire series for the agricultural sector, integrating sustainable technology. Comprising 37.5% sustainable materials and a high percentage of recycled carbon black to reduce its carbon footprint, these tires also feature soybean oil, a renewable resource. This formulation ensures that natural rubber retains its original properties, enhancing overall tire performance while prioritizing sustainability.

Prominent players within the industrial rubber market are directing their focus towards pioneering products like industrial rubber tracks to drive revenue growth. These tracks, consisting of continuous rubber and steel belts, find application across various tracked vehicles like bulldozers, excavators, and tractors. Notably, in April 2023, Balkrishna Industries Limited, an Indian tire manufacturer, introduced the Multiforce BK T91. Featuring an aggressive C-shaped tread pattern with numerous edges, this product offers exceptional traction on diverse terrains, both on and off-road, encompassing surfaces like sand, gravel, clay, and mud. Rubber tracks have proven highly beneficial, enhancing vehicle and machinery mobility and stability in challenging environments. The Multiforce BK T91 stands out as an ideal solution, providing heightened resistance against cuts, tears, and abrasions that significantly impact product performance and durability. Its tread is crafted from a high-performance compound, ensuring optimal performance.

In November 2021, Great Lakes Rubber and Supply Inc., a certified manufacturer of molded rubber goods based in the US, completed the acquisition of Reliant Rubber for an undisclosed sum. This strategic move positions GLR to enhance its service reach in the Southeastern United States. With an expanded suite of value-added services and a wider product range, GLR aims to elevate its role as a significant collaborator for Reliant's clientele. Reliant Rubber, based in the UK, specializes in providing high-quality, tailor-made molded rubber products.

Major companies operating in the industrial rubber market report are LANXESS AG, Bridgestone Corporation, Taiwan Synthetic Rubber Corporation, JSR Corporation, Zeon Corporation, LG Chem Co. Ltd., Toyo Tire & Rubber Co. Ltd., The Yokohama Rubber Co. Ltd., Kumho Petrochemical Co. Ltd., Cooper-Standard Holdings Inc., The Gates Corporation, Asahi Kasei Corporation, Exxon Mobil Corporation, Continental AG, Greenville Industrial Rubber & Gasket Co. Inc., ITT Corporation, Mitsubishi Chemical Corporation, NOK Corporation, Parker Hannifin Corporation, Pirelli & C. S.p.A., PolyOne Corporation, Qingdao Huahan Machinery Co. Ltd., R.D. Abbott Company Inc., Rubberlite Inc., Saint-Gobain S.A., Shin-Etsu Chemical Co. Ltd., Sumitomo Riko Company Limited, Trelleborg AB, Trinseo S.A., U.S. Rubber Corp., Veyance Technologies Inc.

Asia-Pacific was the largest region in the industrial rubber market share in 2023. The regions covered in the industrial rubber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial rubber market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Within the realm of industrial rubber, two primary types are natural industrial rubber and synthetic industrial rubber. Natural industrial rubber finds application across diverse industrial sectors, including medical devices, surgical gloves, aircraft and automobile tires, clothing, and more. Derived from the latex sap of rubber trees, it undergoes processes like injection molding, compression molding, extrusion, and others to create a spectrum of products, from mechanical rubber goods to rubber hoses, belts, roofing materials, and more. Its utilization spans industries such as automotive, construction, manufacturing, polymer modification, electrical and electronics, wire and cable, bitumen modification, coatings, sealants, adhesives, healthcare, and beyond.

This report provides industrial rubber market statistics, including industrial rubber industry global market size, regional shares, competitors with a industrial rubber market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the industrial rubber industry. This industrial rubber market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The industrial rubber market consists of sales of hand gloves, industrial footwear, waterproof bags, door stoppers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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