Global Rubber Market to Grow at a CAGR of 5.0% During the Period 2024-2032, Driven by Applications Across Industries

The global rubber market is expected to be driven by industrial applications of rubber, including those in agriculture, aerospace/aviation, automobiles, chemical, construction, defence, medical, mining, petroleum, power generation, printing and paper, textile, and several others. North America, Europe and Asia are likely to be key markets.  The rubber industry is a major industry in India; India is a key producer and consumer (among China, USA and Japan) of rubber.

Key Industry Developments

In 2022, The Yokohama Rubber Co., Ltd., announced that it would expand the conveyor belt production capacity of its Hiratsuka Factory in Hiratsuka City, Kanagawa Prefecture. The expansion was part of the Company’s effort to strengthen its industrial products business. The expansion would focus on setting up new production lines for a diverse range of fabric belts that could be employed on conveyor belts requiring abrasion resistance, heat resistance, oil resistance, flame resistance, and reduced power consumption. The Hiratsuka Factory’s current capacity would be increased by 1.3 times.

In 2022, The Yokohama Rubber Co., Ltd. began field trials of its marine hoses and conveyor belts with built-in RFID (Radio Frequency Identification). The field trials, carried out with cooperation from users in Japan and abroad, sought to verify internal conditions of marine hoses and conveyor belts that cannot be otherwise confirmed by normal inspections. Through this trial, the company would exhibit that it could remotely detect minute changes of conditions of the products while in operation using its own RFID technology.

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In 2020, Sumitomo Rubber Industries, Ltd. announced that the company had set up a natural rubber procurement subsidiary (SUMITOMO RUBBER SINGAPORE PTE. LTD.) in Singapore, the world's largest natural rubber trading hub, to ensure a more stable supply of high-quality natural rubber to fulfil the needs of the Sumitomo Rubber Group.

In 2021, Bridgestone, ARLANXEO and Solvay announced the launch of TECHSYN, a new, co-developed tyre technology platform enabling tyres to deliver unrivalled strength and environmental performance. TECHSYN combined chemically optimised synthetic rubber with tailormade silica, interacting at a molecular level, to give outstanding performance with no trade-offs. Such solutions are expected to boost the global rubber market. TECHSYN enabled tyres to achieve up to 30 per cent better wear efficiency and a rolling resistance that was reduced by up to six per cent, as compared to other conventional Bridgestone EMIA4 summer products, without compromising any other performance areas.

In 2018, Hankook Tire signed a second memorandum of understanding (MOU) with ARLANXEO to co-develop synthetic rubber technologies for high-performance tyres. According to the agreement, the two companies would jointly study the development of new high-performance synthetic rubber grades and applications, which would increase the performance of tyres from early stages of product development.

Eco-friendly solutions enhancing performance are expected to boost the global rubber market. In 2021, Kumho Petrochemical Co., Ltd. announced that it had started the eco-friendly synthetic rubber composite business using biosilica. The company had strengthened its research on eco-friendly and high-end synthetic rubber composites using biosilica through memoranda of understanding (MOUs) and cooperative projects with manufacturers and partners at home and abroad. When silica is added to synthetic rubber for high-performance tyres such as Kumho Petrochemical’s SSBR, it enhances fuel efficiency, braking power, and the tyre’s abrasion resistance. Its use and demand are likely to gradually increase in the tyre industry for electric vehicles, where grounding and abrasion performance are more important than for vehicles with internal combustion engines because of heavier bodies. The new silica that Kumho Petrochemical would employ was made from rice bran (rice husk) extract.

In 2021, South Korean producer LG Chem announced that it would fully run its Yeosu nitrile butadiene rubber (NBR) plant, along with its Osan Tech Centre, on renewable energy that year. The move was in line with the company’s target of becoming carbon neutral by 2050.

Key Findings of the Report:

• The global rubber market is likely to be driven by uses in important applications across industries.

• Thailand, Indonesia, Vietnam, India, China, and Malaysia, are major producers of natural rubber.

• North America, Europe and Asia are projected to be key markets.

Market Analysis by Type, Application and Region:

• By type, the market is segmented into Natural Rubber and Synthetic Rubber.

• By application, the market is classified into Auto-Tyre Sector, Non-Tyre Automotive, Footwear, Electrical and Electronics, and Others.

• By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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