Rubber is one of the most useful petrochemical products in the world; due to its unique features, such as heat and abrasion resistance, rubber is used widely in many end-use products across different industries.
If you are interested in knowing the rubber industry market’s latest statistics and information, we highly invite you to read this article till the end.
Rubber Industry Market Overview
The global market size of the rubber industry was $40.77B in 2019; it’s expected that this market will grow 5.3% annually, and its market size to achieve $51.21B by 2027.
- 40% of the total rubber industry consumption is for manufacturing the different tires
- There are many uses and applications for the rubber industry, the most important ones include the following:
- Crap tubes
- Roll coverings
- The most important application for the rubber industry is in the production of tires for the automotive industry, which is a growth engine for this industry; rubber is used in tires due to its resistance and toughness.
Rubber Industry Producers & Consumers
1. Asia Pacific Region
The Asia Pacific is the most important region of the world for the rubber industry.
- The market size of the Asia Pacific for the rubber industry for 2019 has been at $22.09B; this region will experience the highest growth in the world.
- Thailand is the biggest manufacturer of natural rubber in the world, while China is the largest consumer of this region.
- China, Japan, and India are the most important countries in the Asia Pacific region that are contributing the most to the growth of the rubber industry. The main drivers for this growth are the growth and development in the automotive and construction industries.
2. North America Region
North America is the other important region for the rubber industry, the United States of America is leading in this region for both production and consumption of the rubber industry.
- In the North American region, the automotive industry and footwear applications are the two most growth drivers for the rubber industry.
- Also, in this region, rising applications in the textile and chemical industries and technological advancements are growing the rubber industry both in production and market size.
3. Europe Region
Europe is the other region of the world where the rubber industry is overgrowing.
- Applications for the automotive industry are the main engine for the growth of the European rubber industry.
4. Other Regions
The Middle East, Latin America, and Africa are regions of the world where the rubber industry will grow lower due to many factors, such as lower tire production, economic growth rate, geopolitical tensions, etc.
- These regions have lower incomes, and consumption is lower than in wealthy regions of the world
- Other applications of the rubber industry, such as footwear and clothing, are also experiencing lower growth in these three less advanced regions of the world
Rubber Industry Key Players
There are many rubber industry companies worldwide; key players and the biggest companies in the rubber industry are mainly in Asia Pacific, North America, and Europe.
These are the biggest manufacturers and companies in the rubber industry:
- ARLANXEO in the Netherlands
- Kumho Petrochemical Co, Ltd. in South Korea
- PetroChina in China
- TSRC Corporation in Taiwan
- LG Chem in South Korea
- Versalis in Italy
- Dow Chemicals in the United States of America
- Von Bundit in Thailand
- Sri Trang Agro-Industry in Thailand
- Southland Holding Lonza in Thailand
- Vietnam Rubber Group in Vietnam
- Tradewinds Plantation Berhad in Malaysia
- Tang Thai Rubber Group in Thailand
- Ravasco in India
- Halcyon Agri in Singapore
- Unitex Rubber in Thailand
Introducing Vira Petroleum
Vira Petroleum, with over 20 years of experience in the production and supply of different petroleum-related products, including different types of rubber process oil, has the following competitive advantages:
- Using top experts to manufacture different products with the highest quality
- Our state-of-the-art supply chain and transportation equipment let us supply all over the world as fast as possible
- We are offering you the most competitive prices in the market
For more information about Vira Petroleum, please refer to the official website.
The Final Thoughts
- The tire will be the leading application for the rubber industry in the coming years
- Growth in the automotive industry across the world is the major engine for market growth of the rubber industry
- The Asia Pacific has the largest market share of the rubber industry in the world
- Growing demand for the automotive industry and consumer goods are the market trends for now and in the future
To receive our expert free consultation about the latest market condition and place your order, please contact our experts using the phone numbers mentioned on the Vira Petroleum website.