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Global market for industrial rubber forecast to reach a CAGR of 6.1 percent and valued at $167.9 billion by 2026
Editor:Lisa Tan  Post Time:2017-04-18  Click:

Global market for industrial rubber forecast to reach a CAGR of 6.1 percent and valued at $167.9 billion by 2026

 

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The global industrial rubber market is estimated to be valued at $93,067.7 million. Much like the last decade, the global demand for industrial rubber is less likely to halt and will bring in around $167,935 million in revenues by the end of 2026. During these years, the global market for industrial rubber has also been anticipated to soar at an impressive CAGR of 6.1 percent, according to the latest report from Persistence Market Research. Cushioning rough surfaces and controlling the incidence of abrasion-based damages makes adoption of rubber solutions quite practical for industries. By the end of 2026, nearly 55 million metric tons of industrial rubber will be consumed across the globe. In the report, titled, “Industrial Rubber Market: Global Industry Analysis and Forecast, 2016-2026,” Persistence Market Research has attributed the market’s growth to factors such as rising global construction output, soaring sales of industrial rubber through digital marketing, technological advancements improving large-scale production of industrial rubber, and effective application of industrial rubber in automotive as well as emerging industrial verticals. Global consumption of industrial rubber will remain at the mercy of fluctuating raw rubber prices and stringent environmental regulations regarding production, use and disposal of rubber products. The report also highlights the downtrend in global demand for natural rubber products. In 2017 and beyond, industrial use of natural rubber is projected to slow down, procuring just over 37 percent of global market value. With respect to synthetic industrial rubbers, the global consumption of styrene butadiene rubber will be growing at 7 percent CAGR during the forecast period. Besides, the market is also likely to exhibit higher growth in demand for polybutadiene rubber, ethylene-propylene rubber and silicone rubber. The report reveals that a considerable portion of industrial rubber produced in the world will be processed through injection molding method. In 2016, more than $37,189.5 million in revenues were accounted by global sales of injection molded industrial rubber. Higher adoption of injection molding will also lower the market presence of compression molding process. Meanwhile, industrial rubber obtained through the extrusion process is likely to impose a consistent share on global market value, 34.2 percent, through 2026. The automotive industry will indisputably be the largest end-user of industrial rubber in the world. Over 40 percent of global industrial rubber production is accounted by automotive and transportation businesses. Correspondingly, rampant production of automobiles makes the Asia-Pacific excluding Japan (APEJ) region the world’s largest industrial rubber market. With over one-third share of global revenues, industrial rubber sold across the APEJ region is expected to bring in $55,939.3 million in revenues by 2026. Meanwhile, industrial rubber revenues in the Middle East and Africa region will record a rampant growth by exhibiting a healthy CAGR of 6.6 percent.

 

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