Rubber Compound Market

Market Synopsis:

The Global Rubber Compound Market was valued at USD 8787.47 Million in 2022 and is expected to reach a value of USD 15556.01 Million by 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 7.40% over the forecast period.

The completed rubber material generated by processing a combination of raw rubber, fillers, and other chemicals is referred to as a rubber compound. A certain amount of chemicals are used to meet the given performance required. These chemicals include polymers, fillers, antioxidants, etc. The compound rubber is mainly used in manufacturing tires and seats for automotive vehicles. It aids in providing abrasion resistance, chemical and grease, excellent resistance to petroleum and oil, hot and cold temperature sustainability, high tear strength, and ozone resistance to the automotive rubber parts. During the forecast period, the Rubber Compound Market is predicted to grow at an attractive rate due to technical advancements and application-specific breakthroughs. Rubber Compound Market participants are aligning their operational models to the new normal by shifting toward the digitalization of operations and adapting to rising robotic automation and artificial intelligence technologies.

Market Segmentation:

The Rubber Compound is segmented on the basis of Product Type, Processing Method, End- User, and Region. Based on the segment Product Type, the market is sub-segmented into Natural Rubber and Synthetic Rubber. Furthermore, based on Processing Method, the market is sub-segmented as Injection Molding, Compression Molding, Extrusion, and Other Processing Methods. Finally, based on the segment End-User, the market is sub-segmented as Automotive & Transportation, Building & Construction, Industrial Machinery & Equipment, and Other End Use.

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Based on Product Type:

Based on Product Type, the market is sub-segmented into Natural Rubber and Synthetic Rubber. Natural Rubber comprises polymers of organic compounds such as isoprene derived from latex, rubber trees, and other plants. On the other hand, Synthetic Rubber is an elastomer created by the polymerization of unsaturated hydrocarbons derived from petroleum byproducts made in the petrochemical sector. Tires are the most common industrial rubber product. The worldwide industrial rubber market is predicted to expand significantly due to increased rubber usage in the tire manufacturing industry. Industrial rubber is primarily used to manufacture tires for bicycles, lorries, airplanes, and automobiles. However, industrial rubber is also used in various other industrial applications such as conveyor belts, hoses, sealing goods, and gaskets, which comprise a variety of items such as the floor, wall coverings, vibration control products, etc.

Based on Processing Method:

Based on Processing Method, the market is sub-segmented into Injection Molding, Compression Molding, and Extrusion. Rubber Injection molding effectively modifies the plastics process by heating the rubber and applying substantially higher pressure per square inch of cavity surface. This contrasts with the plastic Injection Molding method, in which materials are cooled under lower pressure. On the other hand, Compression Molding is a method that includes taking a Rubber Compound or mixed raw material and forming "pre-forms" in the basic shape of the finished product. The pre-forms offer an excess of material to be put in the cavity, ensuring complete cavity fill.

Based on End-User:

Based on End- User, the market is sub-segmented as Automotive & Transportation, Building & Construction, Industrial Machinery & Equipment, and others. Over the projected period, the Automotive & Transportation sub-segment will likely be the most appealing category in the global industrial rubber market. Because of the rising usage of industrial rubber in conveyor belts and other belting applications in agricultural and construction machines, the Industrial Machinery & Equipment segment is expected to generate significant additional potential over the projected period. It is used as a polymer mortar to improve its bonding and waterproofing qualities in building and construction work. It is also directly used in concrete for making polymer concrete. Furthermore, rubber tiles are used for resilient floors, which are made from natural and synthetic rubber as the primary ingredient.

Asia Pacific is Projected to Grow at the Highest CAGR during the Forecast Period

The Asia Pacific is expected to lead the Rubber Compound market share because of the exceeding demand for high-end materials from China. Furthermore, evolving consumer preferences and rising spending habits will bolster the need for the product. In North America, several emerging industries and increasing car sales would boost rubber compound's adoption. In addition, the developed economy and manufacturing infrastructure shall foster market growth Rubber Compound.

Competitive Landscape:

The key players in the Global 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. and others.

Segmentation of the Global Rubber Compound Market: