Industrial Rubber Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Industrial Rubber Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The industrial rubber market is projected to register a CAGR of more than 4% during the forecast period.

The COVID-19 negatively impacted the market in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.

• The growth of the market is likely to be driven by the increasing use of industrial rubber in conveyors and transmission belts and the growing demand for high-pressure hoses from different end-user industries.
• On the other hand, strict rules about the environment are likely to slow the growth of the market that was studied.
• Further, the introduction of new manufacturing techniques to reduce hazardous waste is expected to create market opportunities in the future.
• The Asia-Pacific region dominated the market for industrial rubber, with India, China, and Japan representing major countries in terms of consumption.

• Industrial rubber finds significant use in the manufacture of conveyor belts and transmission belts. In the material handling industry, conveyor belts act as a continuous loop system for carrying materials like coal, minerals, ore, and others, making these industries dependent on their 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 making other drive belts.
• In the first three quarters of 2022, around 50 million passenger cars were manufactured worldwide, up nearly 9% compared to the same quarter in the previous year, as per the European Automobile Manufacturers' Association (ACEA) report.
• Also, the China Association of Automobile Manufacturing says that the number of New Energy Vehicles made in the country rose by 96.9% from December 2021 to December 2022.Thus, the expanding electric vehicle market is expected to increase market demand during the forecast period.
• The 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 major roles in this market.
• According to the United States Geological Survey (USGS), in 2022, non-fuel mineral commodities produced by U.S. mines were worth about USD 98.2 billion. thus boosting the growth of the market.
• Also, the USGS spent USD 74 million on a number of projects to collect geochemical, geological, and geophysical data in order to improve the mapping of important mineral resources in the US by 2022.thus supporting the demand for industrial rubber during the forecast period.

Therefore, the aforementioned factors are expected to have a significant impact on the market in the coming years.

• The Asia-Pacific region is expected to dominate the market during the forecast period. With the growing application of industrial rubber in countries such as China, India, Japan, South Korea, and Malaysia, its demand has been increasing in the region.
• In the Asia-Pacific region, countries like India and China account for a significant share of the global mining industry.
• For example, the Ministry of Mines of the Indian Government said that in the fiscal year 2022, almost half of India's mineral production came from the state of Odisha. Meanwhile, Chhattisgarh provided roughly 16% of the nation's overall mineral production value.
• The use of industrial rubber has been increasing rapidly because of its wide application in the manufacturing of hose pipes, drive belts, and pneumatic valves, apart from conveyor belts. These products find wide application in the automotive industry.
• According to the China Association of Automobile Manufacturers (CAAM), China has the largest automotive production base in the world, with a total vehicle production of 27 million units in 2022, registering an increase of 3.4 percent compared to the 26 million units produced last year.
• Further, in the first 7 months of 2022, the country has produced 14.57 million units of cars, registering a growth rate of 31.5% year on year. thus supporting the demand for industrial rubber in the region.

Therefore, the aforementioned factors are expected to have a significant impact on the market in the coming years.

The industrial rubber market is fragmented in nature. Some of the major players in the market include THE YOKOHAMA RUBBER CO., LTD., UBE Corporation, Rondex (Thailand) Co., Ltd., Bridgestone Corporation, and China Petrochemical Corporation, among others.

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