According to Global Market Insights, the rubber processing chemicals market is forecast to exceed US$5.3bn by 2025. This will be primarily driven by the rapidly growing automobile industry as well as growth in the construction market. According to the latest OICA reports, global vehicle sales in 2017 totalled 97 million.
Due to the hazardous nature of rubber chemicals, new regulations are being brought into place. This is likely to hamper product demand over the forecast time period (2018-2025). Furthermore, as the tire industry shifts from conventional tires to green tires, this could further cut sales in the rubber processing chemicals market.
In 2017 accelerator products generated a revenue of over US$1.5bn and are projected to experience the highest CAGR during the forecast period. With increasing application of rubber across the globe, the accelerator market is anticipated to experience a healthy growth in demand in the near future. Anti-degradant rubber chemicals are also likely to experience significant growth over the forecast period.
Tires were the largest application segment for rubber processing chemicals in 2017 and is forecast to grow at the highest CAGR due to escalating automobile sales across the globe.
Asia Pacific is anticipated to grow with the highest CAGR over the forecast timeframe. The vehicle market is the largest consumer in the rubber chemicals market and as 40% of vehicles are produced in China, the Asia Pacific region saw the highest demand in 2017, with a market share of more than 60%. The North American rubber processing market is forecast to grow with a prominent CAGR in near future, due to the presence of many of the major automobile manufacturers in the USA.
Some major players on the rubber processing chemicals market include BASF SE; Solvay; Kumho Petrochemicals; Eastman Chemical Company; AkzoNobel; Emerald Performance Materials; Linkwell; Sumitomo Chemicals; R.T. Venderbilt Holding Company; Merchem; and Pukhraj Additives.
Explore more about the topic by purchasing the full report from Global Market Insights: https://www.gminsights.com/industry-analysis/rubber-processing-chemicals-market.
