The industrial rubber market is expected to record a CAGR of about 4% during the forecast period. Major factors driving the market studied are increasing application as conveyor, transmission belts and the growing demand for high pressure hoses. Stringent environmental regulations are expected to hinder the growth of the market studied.
- Application of industrial rubber as conveyor belts and transmission belts dominated the market and is expected to grow during the forecast period owing to the increasing demand from mining and other major industries.
- In the automotive industry, industrial rubber is mainly used as flexible shaft couplings, drive belts, high pressure hoses, process control rubber sheets, and others.
- The Asia-Pacific region dominated the market for industrial rubber with India, China, and Japan representing major countries in terms of consumption.
Key Market Trends
Increasing application as Conveyor and Transmission belts
- Industrial rubber is also termed as synthetic rubber. It is mainly used in the manufacture of conveyor belts and transmission belts that constitutes 60% of its use.
- In the material handling industry, conveyor belts act as a continuous loop system in carryingmaterials like coal, minerals, ore, and others making these industries dependent on its use.
- Industrial rubber also has a major application in the automobile industry. They are used as car and worker conveyor belts, belts for conveying metal sheets and plastic parts, transportation within metal stamping and vacuum lines and in making other drive belts.
- Application of industrial rubber is rapidly increasing in mining and other major industries with China, Germany, the United Kingdom, the United States, and India playing a major role in this market.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market during the forecast period. With growing application of industrial rubber in countries, such as China, India, Japan, South Korea, and Malaysia, its demand has been increasing in the region.
- The largest producers of industrial rubber are located in the Asia-Pacific region. Some of the leading companies in the production of industrial rubber are Bando Chemical Industries, Bridgestone Corporation, Rondex (Thailand) Co. Ltd, TSRC, UBE Group.
- In 2019, the Indian government allowed 100 % Foreign Direct Investment in the mining sector and in exploration of metal and non-metal ores creating a major scope for this market over the coming years.
- According to Indian Bureau of Mines, the mining industry witnessed a 2.9% Y-o-Y growth in 2019 over 2.3% in 2018, which created a major market in this sector during the time period.
- In Asia-Pacific region China is the largest country accounting for 17% of worlds share in mining industry followed by India accounting for about 8%. The demand for industrial rubber from these countries is very high due to the increasing mining activity.
- The use of industrial rubber has been increasing rapidly because of its wide application in manufacturing hose pipes, drive belts, pneumatic valves apart from conveyor belts.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for industrial rubber market during the forecast period.
The industrial rubber market is fragmented with players accounting for a marginal share of the market. The major companies include THE YOKOHAMA RUBBER CO. LTD, UBE Group, Rondex (Thailand) Co. Ltd, Bridgestone Corporation, China Petroleum & Chemical Corporation.
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