Rubber Processing Chemicals Market to Boost at a CAGR of 3.8% to reach USD 6.7 Billion by 2034: Transparency Market Research Inc.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Rubber processing chemicals market (고무 가공 화학물질 시장) value estimated at US$ 4.5 billion in 2023. Towards the end of 2034, the market is expected to reach US$ 6.7 billion, expanding at a CAGR of 3.8% from 2024 to 2034. Technological advancements in rubber recycling could have a big effect on the market.
Rubber recycling can now be done more effectively and efficiently thanks to new technologies and procedures that are being developed. This allows rubber materials to be reused in a variety of applications. The circular economy and waste reduction are the goals of these inventions.
Synthetic rubber compositions use carbon nanotubes as a notable advancement. With this method, rubber's mechanical and electrical qualities are improved without compromising its flexibility, which improves rubber compounds' strength, conductivity, and durability.
Developing environmentally friendly rubber processing chemicals has been a priority as sustainable manufacturing practices have gained importance. These substances don't contain many volatile organic compounds (VOCs) and adhere to rules established by institutions such as the European Union. Manufacturers are spending money on research and development to provide cutting-edge, environmentally friendly rubber processing chemicals with improved performance, durability, and sustainability.
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Key Findings of the Market Report
- In 2023, the non-tire segment was forecast to account for the largest share of the market.
- A significant portion of the global economy was centered in the Asia Pacific region in 2023
- Rubber processing chemicals are expected to gain market traction as tire applications increase.
- A growing manufacturing sector boosts market revenue for rubber processing chemicals.
Global Rubber Processing Chemicals Market: Growth Drivers
- The growing automotive industry's demand for rubber goods, such as tires, hoses, and belts, places high demands on rubber processing chemicals. A large amount of the demand in the rubber sector is for tires.
- The market for rubber processing chemicals is influenced by variables such as rising car ownership, the need for high-performance tires, and tire replacement cycles.
- The demand for new and improved rubber processing chemicals is driven by advancements in technology and processes related to rubber processing, including green processing methods, automation, and creative formulations.
- Stringent laws governing product safety, quality, and environmental effects promote the creation and use of sustainable and environmentally friendly rubber processing chemicals. As high-performance rubber goods become more common in aerospace, electronics, and healthcare sectors, advanced rubber processing chemicals are in higher demand.
Global Rubber Processing Chemicals Market: Regional Landscape
- Asia Pacific is home to some of the world's largest automobile markets, including China, Japan, India, and South Korea. These nations' automotive industries, which are continuously expanding, fuel the demand for rubber products, especially tires. As the Asia-Pacific region becomes more industrialized and urbanized, rubber-based products will become more common in manufacturing, infrastructure, and construction. As a result of the increased demand for rubber products, the market is expanding.
- Governments in the Asia-Pacific area are making significant investments in trains, bridges, and other infrastructure projects. These initiatives increase the demand for rubber-based materials, raising the price of RPC. To lessen their reliance on fossil fuels and reduce carbon emissions, many Asian and Pacific nations are encouraging the use of electric vehicles.
- Specialized rubber components are needed to produce electric vehicles, which has increased demand for RPC to fit the unique specifications of EV production.
- Rising disposable income levels in countries like China and India have increased consumer spending on automobiles, goods, and infrastructure projects. Due to this growth in spending, rubber goods, and RPC are in high demand in the region.
- A growing concern about the environment is leading Asian governments to enforce stronger laws regarding product quality, safety, and environmental effects. This promotes the region's use of sustainable and environmentally friendly rubber processing chemicals.
Global Rubber Processing Chemicals Market: Competitive Landscape
Rubber processing chemical manufacturers are strengthening their positions in the global market by launching new products, investing in new production facilities, and merging with other companies.
Key Players
- BASF SE
- Eastman
- AkzoNobel N.V.
- Sumitomo Chemical Co., Ltd.
- LANXESS
- Arkema S.A.
- Solvay
- China Petroleum & Chemical Corporation (Sinopec)
- Emerald Performance Materials LLC
- Merchem Limited
Key Developments
- In March 2024, Specialty chemicals company LANXESS presented its tire additive and solution portfolio at the Tire Technology Expo 2024 in Hanover, Germany. Tire manufacturers were able to reduce their ecological footprint during production and during product use from March 19 to 21.
- In April 2024, The Sumitomo Chemical Group plans to attend Chinaplas 2024, a world-famous trade show for plastics and rubber. Using green chemistry to create a carbon-neutral future will be the group's slogan, which will exhibit polyolefins produced using renewable ethanol and recyclable Sumicle® polyethylene.
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Global Rubber Processing Chemicals Market: Segmentation
Type
- Antidegradants
- Accelerators
- Stabilizers
- Vulcanizing Agents
- Others (including Processing Aids, Peptizers, and Anti-tack Agents)
Application
- Tire
- Non-tire
- Automotive
- Building & Construction
- Industrial
- Others (including Medical, Aerospace, And Footwear)
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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