by Rubber processing chemicals are primarily used in the production of automobile tires. They help improve various properties of rubber including but not limited to adhesion, scorch resistance, resilience, and tensile strength. They are essential inputs for manufacturing high-quality tires used in automobiles, aircrafts, construction vehicles and other applications. Rising automobile production across the world owing to growing transportation needs has emerged as a key driver for the rubber processing chemicals market.
The Global rubber processing chemicals market is estimated to be valued at US$ 6.39 Bn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period.
Rubber processing chemicals are primarily used as accelerators, retarders and activators in the production of tires as well as hoses, belts, gaskets and seals. They help accelerate the vulcanization process of rubber, regulate its curing time and improve mechanical properties and quality. Growing automobile production especially in developing Asian economies has augmented the demand for rubber tires which is the largest application area of rubber processing chemicals. The global tire industry has witnessed steady growth in the recent past driven by increasing vehicle ownership and replacement demand. This has had a direct impact on the consumption of rubber processing chemicals. Besides, expansion of industries utilizing rubber-based products such as construction, mining and aircraft also contributes to market growth.
Key Takeaways
Key players operating in the rubber processing chemicals are Lanxess, Solvay, Akzo Nobel N.V., BASF SE, Arkema, Eastman Chemical Company, R.T. Vanderbilt Holding Company, Inc., Behn Meyer, KUMHO PETROCHEMICAL, Paul & Company, China Petrochemical Corporation, Merchem Limited.
Growing automobile production globally has significantly augmented the demand for Rubber Processing Chemicals Market Demand. The global automotive industry has been growing steadily over the past few decades driven by factors such as increasing disposable incomes, expanding middle-class population and rapid urbanization in emerging economies. According to OICA, annual global vehicle production exceeded 90 million units in 2019 which has served to stimulate consumption of rubber chemicals.
Asia Pacific currently dominates the global rubber processing chemicals market owing to large automobile manufacturing bases in China, India, Japan, Indonesia, Thailand and other countries. Growing trade relations are also encouraging regional as well as global expansion of key market players. They are investing in capacity expansion and moving production facilities closer to key end-use markets in Asia and other developing regions.
Market key trends
One of the key trends gaining prominence in the Rubber Processing Chemicals Market Size And Trends is the rising preference for bio-based and green rubber processing chemicals. With growing environmental regulations regarding vehicular emissions and fuel efficiency, tire manufacturers are under increasing pressure to reduce the carbon footprint of their products. This is driving research into plant-based, renewable and more environment-friendly substitutes for conventional petroleum-derived rubber chemicals. Their adoption can help reduce reliance on fossil fuels and minimize emission of volatile organic compounds during rubber processing.
Porter’s Analysis
Threat of new entrants: New entrants find it difficult to enter the market as they need to have stringent safety and environmental regulations certifications.
Bargaining power of buyers: Buyers have high bargaining power due to the presence of numerous established players providing rubber processing chemicals.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials.
Threat of new substitutes: Threat of substitute is moderate as rubber processing chemicals have applications across various end-use industries.
Competitive rivalry: The market is moderately competitive due to presence of numerous international and domestic players.
The rubber processing chemicals market in Asia Pacific, by value and volume, is currently the largest as well as the fastest growing regional market. Countries like China, India, Indonesia, and Thailand are the major contributors to the market growth in the region due to their large automotive production bases and increasing rubber consumption in other end-use industries like footwear, industrial rubber products etc.
North America is the second largest rubber processing chemicals market globally, primarily driven by the increasing demand from the automotive and tire industries in the US. Europe is another major regional market driven by automobile production and sales in countries like Germany, Italy, UK and France.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
