PUNE, Sept. 23, 2020 (GLOBE NEWSWIRE) — The global rubber market size is expected to reach USD 51.21 billion by 2027, growing at a CAGR of 5.3% during the forecast period.In a report titled “Rubber Market Size, Share and COVID-19 Impact Analysis” by Fortune Business Insights, insulation properties in the automotive industry have created a huge demand and will drive market growth over the forecast period.2020-2027 Type (Natural & Synthetic), By Application (Tire, Non-Tire Automotive, Footwear, Industrial Supplies, etc.) and Regional Forecast.”The market size in 2019 was $40.77 billion.
The coronavirus event has wreaked havoc on all industries across the globe.Governments in several countries have launched lockdowns to stop the spread of the deadly virus.Such plans are already disrupting production and supply chains.But, with time and determination, we will be able to overcome these dire times and return to normalcy.Our carefully revised reports will help companies gain in-depth information on the current situation in each market so that you can take the necessary strategies accordingly.
Growing demand for tires and other auto parts will simultaneously stimulate opportunities during the forecast period.The increasing use of rubber in a wide range of automotive products such as tires, waste pipes, adhesives, hoses, pipes, gaskets and roller sleeves will further expand the market.Furthermore, increasing applications in footwear, industrial goods, construction, textiles, and other consumer goods will help expand the market.For example, the use of latex provides substantial protection against water, chemicals, electricity, shock and low temperatures.Moreover, its use in various textiles and consumer products such as straps, protective covers, cushions, etc., will further boost the market growth.
The coronavirus event has shut down production facilities and restricted transportation.Disruptions in supply and distribution will further limit the scope of the market.Major countries affected include China, India, Germany, Italy, Brazil and Canada.China is a major consumer of rubber.Restricted import and export activities of industrial rubber products and tires will act as a restraining factor for the development of the global market.
The Asia Pacific market size was valued at USD 22.09 billion in 2019 and is expected to grow exponentially over the forecast period.Growth in the region is attributed to rising production and consumption in India and China.Thailand is the largest natural rubber producer.The booming automotive and construction industries are expected to drive rapid market expansion in the region.The North American market is expected to witness substantial growth owing to rising demand from footwear applications.Growing automotive, chemical and textile industries are expected to create opportunities for the North American market.
June 2018: Kumho Petrochemical announced that it has expanded NB Latex capacity at its Ulsan manufacturing plant by 400 t/y to 550 t/y.
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