Rubber Compound Market - Rising Demand for Rubber Compounds from the Automotive Sector is Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 7.6% from 2022 to 2028
As stated in our extensive report, the Global Rubber Compound Market accounted for USD 8,182.3 Million in 2021.
The finished rubber material produced by processing a mixture of raw rubber, fillers, and other chemicals is referred to as a Rubber Compound. To achieve the specified performance requirements, chemicals are utilized to improve the qualities of raw rubber. Substances such as polymers, fillers, antioxidants, curing agents, oil, and accelerators create Rubber Compound. They enhance the rubber's physical characteristics and processability, guard against long-term deterioration, and impact vulcanization. The tire and automobile sectors extensively use the Rubber Compound, which comes in various forms, including silicone rubber, fluoro rubber, and butyronitrile rubber.
The market for Rubber Compound is rapidly expanding due to rising demand from the automotive sector. The manufacture of tires and seats for automobiles mainly involves using Rubber Compound. It helps the automobile rubber parts to have excellent abrasion resistance, chemical and grease resistance, resistance to petroleum and oil, durability in hot and cold temperatures, high tear strength, and ozone resistance. Furthermore, introducing electric vehicles and advancements in automotive parts will result in a profitable expansion of the automotive sector, further increasing demand for Rubber Compound.
However, the breakdown of rubber can have dangerous effects on the environment. For example, plasticizers and accelerators found in rubber have the potential to harm plants, soil, and water. Additionally, polyaromatic hydrocarbons, a rubber softener, are poisonous to aquatic life and are continuously released during rubber degradation. These are the variables, therefore, that prevent the market from growing.
Asia Pacific holds a significant share in the market owing to the presence of evolving economies and providing a large base of consumers. The growth is attributed to the growing Rubber Compound industry, the growing automotive industry, because of the ever-increasing population and their expenditure and how easy it has recently become to own and operate motor vehicles.
Some of key players in Rubber Compound Market include, Bridgestone Corporation, Goodyear Tire & Rubber Corporation, Bando Chemical Industries Ltd, Trelleborg AB, Eaton Corporation PLC, Continental AG, Yokohama Rubber Company Ltd., Parker-Hannifin Corporation, Carlisle Companies Inc., Nichirin Co. Ltd..