Rubber Compound Market to Reach Valuation of USD 1,2698.4 Million by 2028 – Increasing Applications in the Automotive Industry and Growing Industrial Sector Drives the Market
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 set of performance requirements, chemicals are utilized to improve the qualities of raw rubber. In different concentrations, substances such as polymers, fillers, antioxidants, curing agents, oil, and accelerators are used to create Rubber Compounds.
In terms of revenue, the Global Rubber Compound Market is expected to reach USD 1,2698.4 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.6% from 2022 to 2028.
Key Highlights from Report:
- The Automotive & Transportation industry sub-segment is projected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. Since Rubber Compounds are used in manufacturing tires, thus a boost in the automotive industry will push growth in the Rubber Compounds market.
- Based on the Type segment, the Synthetic Rubber sub-segment compound is projected to dominate the market in the forecast period. This is owing to the increasing adoption of foot wares and tires.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. The growth is attributed to the rising demand for rubber products from the rapidly growing automotive industry.
Due to escalating demand from the automotive industry, the Rubber Compound Market is expanding at its current rate. The manufacture of tires and seats for automobiles mostly involves the use of compound rubber. It helps the automobile rubber parts to have great 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 the demand for Rubber Compounds. But 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. Thus, may act as restrain to market growth.
The Rubber Compound Market has suffered because of the Covid-19 epidemic involving the industries. Due to the lockdown and social conventions of distance, major corporations have ceased operations in many areas. On the other hand, due to the fast urbanization and growing need for efficient use of space already existent, the sector anticipates a lot of requirements and demands following the pandemic.
Asia Pacific held the largest shares in 2021. The US is the top consumer of Rubber Compounds in North America. The market expansion in this region has been accelerated by the increased demand for compounded rubber in footwear applications. Due to the expanding demand for tires from the region's automotive industry, Europe had a stable expansion in the market. Due to the increased need for compounded rubber used to make tires, electrical wires and cables, and other consumer goods, the Middle East, Africa, and Latin America will both experience significant growth.
The Rubber Compound Market is segmented as follows:
- Natural Rubber
- Synthetic Rubber
- Injection Molding
- Compression Molding
- Other Processing Methods
- Automotive & Transportation
- Building & Construction
- Industrial Machinery & Equipment
- Other End Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Browse market data Tables and Figures
Pages and in-depth TOC on "Rubber Compound Market Size, Share & Trends Analysis Report by Product Type (Natural Rubber, Synthetic Rubber), by Processing Method (Injection Molding, Compression Molding, Extrusion, Other Processing Methods), by End User (Automotive & Transportation, Building & Construction, Industrial Machinery & Equipment, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Vantage Market Research is a reputed company committed to providing high quality data and market research services. The company provides quantified B2B high quality research on more than 20,000 emerging markets. The company offers detailed reports on multiple industries including chemical materials and energy, food and beverages, healthcare, technology, etc. The company comprises over 125 analysts and consultants, adding more than 1,100 market research reports to its vast database every year. The company’s clientele base spans across 70% of the Global Fortune 500 companies.