PUBLISHER: Grand View Research | PRODUCT CODE: 1405063
PUBLISHER: Grand View Research | PRODUCT CODE: 1405063
The global rubber market size is expected to reach USD 65.65 billion by 2030 and is projected to grow at a CAGR of 5.08% from 2024 to 2030, according to a new study by Grand View Research, Inc. The tire industry, a major consumer of rubber, is highly influenced by the automotive industry. The expansion of the vehicle sector across countries is expected to enhance demand for natural rubber manufacturing.
Moreover, growing demand growth is attributed to factors such as increased vehicle manufacturing, increased construction activity, high demand for footwear, and increased airplane production. Furthermore, natural rubber is a key raw material utilized in the production of a wide range of end-use items, including medical equipment, surgical gloves, vehicle tires, toys, clothes, pacifiers, industrial components, mattresses, and others.
Rubber has high elasticity, flexibility, and abrasion resistance, rendering it an ideal raw material for automobile tires, floor mats, window seals, and shock absorbers. The volume of rubber used in the automotive industry has increased due to technical improvements and rising demand for passenger automobiles.Additionally, the increasing use in textiles and industrial items is predicted to be a driving element in market expansion.
Furthermore, the rubber industry's overall growth rate depends upon high potential regions such as Asia Pacific due to a considerable rise in consumerism which is driven by economic growth, favorable credit landscape, and increased disposable income.This, in turn, steers the demand for rubber products for matting and roofing applications. An increase in construction activities, particularly in developing economies including India, China, Brazil and others, is expected to fuel the demand for rubber