PUBLISHER: The Business Research Company | PRODUCT CODE: 1415793
PUBLISHER: The Business Research Company | PRODUCT CODE: 1415793
“Rubber Processing Chemicals Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on rubber processing chemicals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for rubber processing chemicals? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The rubber processing chemicals market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Rubber processing chemicals encompass a category of specialized substances employed in the production and processing of rubber-based products. These chemical additives are introduced to rubber compounds to enhance their characteristics, elevate their performance, and streamline the processes involved in rubber manufacturing.
The primary varieties of rubber processing chemicals consist of antidegradants, accelerators, flame retardants, processing aids, and other additives. Antidegradants are a class of chemicals utilized across a spectrum of industries, including rubber processing, to shield materials from deterioration induced by factors like oxidation, heat, light exposure, and ozone exposure. These chemicals find applications not only in the tire industry but also in various sectors such as automotive, electronics, semiconductors, aerospace and defense, industrial manufacturing, healthcare, and more.
The rubber processing chemicals market research report is one of a series of new reports from The Business Research Company that provides rubber processing chemicals market statistics, including rubber processing chemicals industry global market size, regional shares, competitors with a rubber processing chemicals market share, detailed rubber processing chemicals market segments, market trends and opportunities and any further data you may need to thrive in the rubber processing chemicals industry. This rubber processing chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The rubber processing chemicals market size has grown strongly in recent years. It will grow from $5.44 billion in 2023 to $5.8 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to growth of the automotive industry, industrialization and infrastructure development, consumer goods production, advancements in tire technology.
The rubber processing chemicals market size is expected to see strong growth in the next few years. It will grow to $7.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to emerging markets growth, sustainable rubber production, innovations in rubber compounding, automotive trends. Major trends in the forecast period include bio-based rubber chemicals, high-performance additives, digitalization and industry 4.0, recycling and circular economy.
Anticipated growth in the automotive industry is set to be a driving force behind the rubber processing chemicals market's expansion. The automotive sector encompasses a wide array of activities, including the design, development, manufacturing, marketing, and sale of motor vehicles, ranging from cars and trucks to motorcycles. Rubber processing chemicals find application in the automotive sector to enhance the properties of rubber components like tires, gaskets, seals, and hoses. For example, a report from the European Automobile Manufacturers Association in May 2023 reveals that global motor vehicle production increased by 5.7% in 2022, reaching 85.4 million units. Consequently, the burgeoning automotive industry is fueling the growth of the rubber processing chemicals market.
The burgeoning construction industry is poised to contribute to the growth of the rubber processing chemicals market. The construction sector encompasses a broad spectrum of activities related to planning, designing, constructing, and maintaining various physical projects, including structures, buildings, infrastructure, and more. In construction, rubber processing chemicals play a crucial role in improving the durability, flexibility, and environmental resistance of materials such as roofing products and sealants. As of March 2023, construction spending in the United States, according to the United States Census Bureau, has risen by 3.8% from March 2022, reaching $1,834.7 billion. Additionally, a report from the Office for National Statistics in February 2022 highlights a record 12.7% annual increase in the UK's construction sector in 2021. Hence, the flourishing construction industry is a key driver behind the growth of the rubber processing chemicals market.
The growth of the rubber processing chemicals market faces impediments due to the increasing energy costs during the forecast period. The surge in energy costs pertains to the escalating expenses associated with energy sources, encompassing electricity and fuel. Such cost increments can significantly impact the overall economy. Within the rubber processing chemical industry, surging energy costs may result in elevated manufacturing expenses, potentially causing challenges in competitiveness against lower-cost alternatives. This could lead to a loss of market share to more economical products or imported alternatives. As an illustration, the Energy Information Administration reported in September 2022 that electricity prices in the United States had risen by approximately 11% in 2022, reaching 15.1 cents per kilowatt-hour. Hence, the upward trend in energy costs is a hindrance to the growth of the rubber processing chemicals market.
Prominent corporations operating within the rubber processing chemicals market are actively engaged in the development of innovative products, particularly high-performance elastomers, to drive market growth. High-performance elastomers represent a category of elastic materials that exhibit exceptional mechanical, thermal, chemical, and environmental properties when compared to standard elastomers. For instance, in June 2023, Denka Company Limited, in collaboration with ChemSpec Ltd., introduced a product known as Evolmer. This high-performance elastomer is composed of a chloroprene and acrylonitrile copolymer, offering an impressive combination of physical attributes, oil and ozone resistance, improved dynamic characteristics, durability, exceptional abrasion resistance, reduced heat build-up, and remarkable flex-fatigue resistance.
In August 2021, Lanxess AG, a leading chemicals company based in Germany, acquired Emerald Kalama Chemical LLC, marking a significant expansion of its specialty chemicals portfolio. This strategic acquisition is particularly geared towards serving industrial applications, with a strong focus on industries like plastics, paints and coatings, and adhesives. Emerald Kalama Chemical, a US-based manufacturer of specialty chemicals, is renowned for its contributions to the rubber processing industry. This acquisition significantly enhances Lanxess's position in the market.
Major players in the rubber processing chemicals market are Sinopec Corporation, BASF SE, Sumitomo Chemical Company, Solvay Group, Arkema S.A., Sinochem Group Co. Ltd., Akzo Nobel N.V., Eastman Chemical Company, Lanxess AG, The Chemours Co., Kumho Petrochemicals, Nouryon B.V., Chemtura Corporation, Emery Oleochemicals Group, Behn Meyer Holding AG, Oceanchem Group Limited, Emerald Performance Materials LLC, Nocil Limited, Merchem Limited, PMC Group Inc., Velsicol Chemical Corporation, Vanderbilt Chemicals LLC, Linkwell Rubber Chemicals Co. Ltd., DayGlo Color Corp., Yasho Industries Ltd., Sovereign Chemical Co., IRO Group Inc., Finornic Chemicals Pvt Ltd., Swarup Chemicals Pvt. Ltd.
Asia-Pacific was the largest region in the rubber processing chemicals market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in rubber processing chemicals report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the rubber processing chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The rubber processing chemicals market consists of sales of activators, vulcanizing agents, fillers, softeners, adhesion promoters, blowing agents, dispersing agents, mold release agents, odorants and peptizers. 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.