Surge in demand from the automotive industry and rise in construction activities across the world drive the growth of the global industrial rubber market.
OREGON, PORTLAND, UNITED STATES, August 12, 2022 /EINPresswire.com/ — Surge in demand from the automotive industry and rise in construction activities across the world drive the growth of the global industrial rubber market. Based on geography, Asia-Pacific is expected to garner the highest share of the market, accounting for more than one-third of the total market share of the global industrial rubber market. This region is expected to witness the highest CAGR of 5.8% from 2019 to 2026.
Allied Market Research published a report, titled, “Industrial Rubber Market by Type (Natural and Synthetic) and End-use Industry (Automotive, Construction, Manufacturing, Electrical & Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026” According to the report, the global industrial rubber industry was estimated at $31.3 billion in 2019 and is expected to hit $44.6 billion by 2026, registering a CAGR of 5.2% from 2019–2026.
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COVID-19 impact analysis:
The outbreak of the COVID-19 pandemic left a significant impact on the global economy. The industrial rubber market report provides a detailed study of the micro- and macro-economic impacts of the pandemic. Moreover, the analysis depicts the direct impact of COVID-19 on the industrial rubber market. It recapitulates the detailed information about the market extent and shares owing to the impact of the outbreak. The report also emphasizes on the supply chain and the sales of the industrial rubber market. Last but not the least; the study also exhibits a post-COVID-19 scenario, portraying different measures and initiatives taken by the government bodies across the world.
The synthetic segment is estimated to register more than three-fifths of total share of the global industrial rubber market in 2019, and is estimated to remain its dominant position from 2019 to 2026. In addition, this segment is expected to grow at the fastest CAGR of 5.7% from 2019 to 2026. This is due to synthetic rubber being more abrasion resistant as compared to natural rubber. The research also analyzed the natural rubber segment.
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Some ruling enterprises in the global industrial rubber market are examined in the report along with the citation of innovative product launches by them, their collaborative undertakings & endeavors, several merges & acquisitions, and many more. The frontrunners operating in the global industrial rubber industry include Sinopec Corporation, The Goodyear Tire & Rubber Company, LG Chem Ltd., Bridgestone Corporation, Toyo Tire & Rubber Co., Ltd., Arkema S.A., Lotte Chemical Corporation, Celanese Corporation.
The automotive segment is anticipated to hold more than one-third of the global industrial rubber market revenue in 2019, and would lead the trail throughout the forecast period. Moreover, the segment is predicted to showcase the fastest CAGR of 6.0% till 2026. The growing use of rubber and rubber products in automotive antivibration, fluid transfer systems, adhesives & coatings, body sealing systems, molded parts, flat seals, foam and converting products is expected to drive growth of the market.
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