June 25, 2024

Rubber Market Size To Worth Around USD 70.17 Billion By 2032

The rubber market size is poised to grow by $ 70.17 billion by 2032 from $ 45.62 billion in 2023, exhibiting a CAGR of 4.90% during the forecast period 2023-2032.

Rubber Market Revenue 2023 To 2032

Key Takeaways

  • North America contributed more than 42% of revenue share in 2022.
  • Asia-Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
  • By type, the natural segment has held the largest market share of 52% in 2022.
  • By type, the synthetic segment is anticipated to grow at a remarkable CAGR of 5.2% between 2023 and 2032.
  • By application, the tire segment generated over 34% of revenue share in 2022.
  • By application, the industrial goods segment is expected to expand at the fastest CAGR over the projected period.

The global rubber market is a dynamic sector crucial to various industries, with its products serving as fundamental components in manufacturing processes. Rubber, a versatile and indispensable commodity, plays a pivotal role in sectors ranging from automotive to construction, making it a significant contributor to the global economy.

Rubber is primarily sourced from natural rubber trees and synthetic sources, creating a diverse market landscape. Natural rubber remains a key player, contributing to the majority of the market share. The Asia-Pacific region, particularly countries like Thailand, Indonesia, and Malaysia, stands out as a major hub for natural rubber production.

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Growth Factors:

  • Automotive Industry Demand: The automotive industry is a major driver of the rubber market, with tires being a predominant product. As the global demand for automobiles continues to rise, especially in emerging economies, the need for rubber in tire manufacturing experiences a simultaneous surge. Technological advancements in tire design and the shift toward electric vehicles further contribute to the growth of the rubber market.
  • Industrial Applications: Rubber’s versatility extends its reach to various industrial applications. It is a key material in the production of conveyor belts, hoses, seals, and gaskets. As industrialization expands across different regions, the demand for these products increases, fostering the growth of the rubber market.
  • Economic Development in Emerging Markets: Emerging economies, undergoing rapid industrialization and infrastructure development, play a crucial role in the growth of the rubber market. Increased construction activities, expansion of manufacturing facilities, and rising consumer spending contribute to the demand for rubber-based products.
  • Innovation in Synthetic Rubber Production: The development of innovative technologies in synthetic rubber production has a significant impact on the market. Advanced synthetic rubbers exhibit enhanced performance characteristics, catering to specific industrial needs. As research and development efforts continue, the market is likely to witness a steady influx of novel synthetic rubber products.
  • Environmental Concerns and Sustainable Practices: Growing environmental awareness has prompted the rubber industry to adopt sustainable practices. Initiatives such as sustainable rubber farming and eco-friendly processing methods are gaining traction. Consumer preferences for environmentally responsible products are influencing market trends, encouraging the adoption of sustainable rubber sources.

Rubber Market Scope

Report Coverage Details
Market Size in 2023 USD 45.62 Billion
Market Size by 2032 USD 70.17 Billion
Growth Rate from 2023 to 2032 CAGR of 4.90%
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Type and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Read More: Plasticizers Market Size to Garner USD 26.01 Billion by 2032

 By Type

The rubber market is segmented based on type and application, providing a comprehensive overview of the industry. In terms of types, natural rubber and synthetic rubber are the primary categories. Natural rubber, derived from latex extracted from rubber trees, is widely used for its elasticity and durability. Synthetic rubber, on the other hand, is artificially produced and encompasses various types like styrene-butadiene rubber (SBR), polybutadiene rubber (BR), and others, each tailored for specific applications.

By Application

When considering applications, the rubber market exhibits a diverse range of uses. The automotive industry stands out as a significant consumer, employing rubber in the production of tires, hoses, belts, and various components. Additionally, the construction sector relies on rubber for seals, gaskets, and insulation materials. Medical applications include gloves and other healthcare-related products, emphasizing the material’s hygienic properties. In the consumer goods sector, rubber is prevalent in the manufacturing of footwear, sports equipment, and a variety of household items. Furthermore, the industrial segment incorporates rubber in machinery components and conveyor belts, highlighting its versatility across various sectors. These segmented insights contribute to a nuanced understanding of the rubber market’s dynamics and its widespread applications in diverse industries.

Reasons to Purchase this Report:

  • Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
  • In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
  • Market size in USD million and volume in million units provided for each segment and sub-segment.
  • Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
  • Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.

Rubber Market Players

  • Bridgestone Corporation
  • Michelin
  • Goodyear Tire and Rubber Company
  • Continental AG
  • Sumitomo Rubber Industries, Ltd.
  • Pirelli & C. S.p.A.
  • Hankook Tire
  • Apollo Tyres Ltd.
  • Yokohama Rubber Company
  • Cooper Tire & Rubber Company
  • Kumho Tire
  • Toyo Tire Corporation
  • Zhongce Rubber Group Co., Ltd. (ZC Rubber)
  • Linglong Tire
  • MRF Limited

Segments Covered in the Report

By Type

  • Natural
  • Synthetic

By Application

  • Industrial Goods
  • Footwear
  • Non-Tire Automotive
  • Tire
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology (Premium Insights)

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Rubber Market 

5.1. COVID-19 Landscape: Rubber Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Rubber Market, By Type

8.1. Rubber Market Revenue and Volume, by Type, 2023-2032

8.1.1. Natural

8.1.1.1. Market Revenue and Volume Forecast (2020-2032)

8.1.2. Synthetic

8.1.2.1. Market Revenue and Volume Forecast (2020-2032)

Chapter 9. Global Rubber Market, By Application

9.1. Rubber Market Revenue and Volume, by Application, 2023-2032

9.1.1. Industrial Goods

9.1.1.1. Market Revenue and Volume Forecast (2020-2032)

9.1.2. Footwear

9.1.2.1. Market Revenue and Volume Forecast (2020-2032)

9.1.3. Non-Tire Automotive

9.1.3.1. Market Revenue and Volume Forecast (2020-2032)

9.1.4. Tire

9.1.4.1. Market Revenue and Volume Forecast (2020-2032)

9.1.5. Others

9.1.5.1. Market Revenue and Volume Forecast (2020-2032)

Chapter 10. Global Rubber Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.1.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.1.3. U.S.

10.1.3.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.1.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.1.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2. Europe

10.2.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.2.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.3. UK

10.2.3.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.2.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.4. Germany

10.2.4.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.2.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.5. France

10.2.5.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.2.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.2.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3. APAC

10.3.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.3. India

10.3.3.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.3.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.4. China

10.3.4.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.3.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.5. Japan

10.3.5.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.3.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.3.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4. MEA

10.4.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.3. GCC

10.4.3.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.4.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.4. North Africa

10.4.4.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.4.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.5. South Africa

10.4.5.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.4.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.4.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.5. Latin America

10.5.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.5.3. Brazil

10.5.3.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.5.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.5.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

Chapter 11. Company Profiles

11.1. Bridgestone Corporation

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Michelin

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. Goodyear Tire and Rubber Company

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Continental AG

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Sumitomo Rubber Industries, Ltd.

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. Pirelli & C. S.p.A.

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Hankook Tire

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. Apollo Tyres Ltd.

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. Yokohama Rubber Company

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Cooper Tire & Rubber Company

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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