April 17, 2024
Rubber Processing Chemicals

Rubber Processing Chemicals Market Trend To Be Driven By Growing Tire Manufacturing Industry

The rubber processing chemicals market comprises a wide range of products such as accelerators, vulcanizing agents, activators and retarders, antioxidants and antidegradants, vulcanized agents, and other protective chemicals that are used to enhance the physical and chemical properties of rubber. These chemicals are added during the production of various rubber-based products like tires, conveyor belts, hoses, footwear, adhesives, and other technical rubber goods.

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 2024 to 2031.

Key Takeaways

Key players operating in the Rubber Processing Chemicals Market Share 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. The rising automotive sector is augmenting the demand for tires which is subsequently driving the global rubber processing chemicals market. Furthermore, increasing use of rubber in various industrial sectors such as building & construction, wires & cables, and machinery is propelling the market growth.

The global rubber processing chemicals market is witnessing robust growth driven by increasing automobile sales across the world. Major automotive hubs like China, the U.S., Germany, and India are emerging as lucrative markets for rubber processing chemicals manufacturers. Key players are expanding their production capacities and geographical footprint to leverage the opportunities in developing nations. Furthermore, the development of eco-friendly rubber chemicals in line with green tires trend will open new paths of growth for market participants.

The key trend gaining traction in the rubber processing chemicals market is development of bio-based and green chemicals. With increasing environmental regulations regarding vehicular emissions, manufacturing of green tires using bio-based and sustainable raw materials is the new standard. Market leaders are investing heavily in R&D to commercialize bio-derived accelerators, antidegradants and other rubber chemicals. Sustainable sourcing of raw materials and greener manufacturing processes will remain important for chemical companies in the impending future.

Porter’s Analysis

Threat of new entrants: Low requirement for capital investment and consumer brand loyalty makes the entry of new players easy in this market.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiation in product offerings by existing players.

Bargaining power of suppliers: Suppliers of raw materials like synthetic rubber have significant influence over rubber processing chemical manufacturers due to limited availability of resources.

Threat of new substitutes: Bio-based rubber chemicals pose potential threat to synthetic rubber chemicals market; however, technology and performance limitations restrict their widespread adoption currently.

Competitive rivalry: The market is highly fragmented with numerous global and local players competing on pricing and product differentiation; leading to intense competition.

Geographical Regions

North America accounts for the largest share of the global rubber processing chemicals market currently, owing to presence of major rubber manufacturing industries and technical advancement in the region.

The Asia Pacific region is expected to witness the fastest growth during the forecast period. This can be attributed to increasing rubber consumption driven by thriving automobile and footwear industries in developing economies like China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.