Latest News- Rubber Market: Tires is expected to lead the Application segment during 2023-2027

The Rubber Market is being driven by Increasing demand from the automotive industry

The Rubber Market is expected to grow at a CAGR of 5.28% during 2022 and 2027. During this period, the market is also expected to show a growth of 8795.35 MT. The global bio-adhesives market is experiencing significant growth, projected to expand at a Compound Annual Growth Rate (CAGR) exceeding 13% throughout the forecast period. Bio-adhesives, derived from natural polymeric substances, serve as eco-friendly alternatives to traditional adhesives. These adhesives are devoid of formaldehyde and sourced entirely from renewable plant or animal resources. A key factor fueling market expansion is the low Volatile Organic Compound (VOC) content in bio-adhesives, which is significantly lower than that of petrochemical-based adhesives. This attribute is anticipated to boost the adoption of bio-adhesives during the forecast period. Government policies favorable to bio-adhesives in both consumer and industrial applications are expected to contribute to market growth. Regulatory bodies such as the European Union (EU) and the Food and Drug Administration (FDA) have implemented stringent regulations to curb the usage of synthetic adhesives, particularly in food contact materials. This regulatory environment will significantly drive the growth of the bio-adhesives market in various end-user applications, most notably in food and beverage packaging. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Tires
  • Non-tires
• Type
  • Synthetic rubber
  • Natural rubber
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand from the automotive industry
• Rising rate of industrialization
• Increased production of PBD-based plastic

However, the market also witnesses some limitations, which are as follows:

• Stringent regulations for rubber manufacturing
• Fluctuation in prices of raw materials
• Availability of alternatives

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Market Scope in Rubber Market Research Report

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Research Analysis Overview

The Rubber Market encompasses a wide range of applications, from aircraft and automotive industries for weatherproofing, fire resistance, and elasticity, to medical equipment and agriculture for chemical resistance, sustainability, and tear resistance. Rubber's properties, including tensile strength, wear resistance, and shock absorption, are utilized in manufacturing machinery, construction materials, hoses, and consumer goods. Innovation continues to drive the market, with advancements in insulation, sealing, adhesives, and noise reduction for various industries, such as electronics, vehicles, and building materials. Rubber's versatility also extends to the production of surgical equipment parts, gaskets, and footwear components, making it a vital material in numerous sectors.

Market Research Overview

The global rubber market is a significant segment of the larger commodity chemicals market, which encompasses businesses primarily engaged in the production of industrial and basic chemicals. This market, as defined by Technavio, includes sectors such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably, this market excludes companies producing diversified chemicals, fertilizers, agricultural chemicals, industrial gases, and specialty chemicals. The expansion of the global commodity chemicals market is primarily attributed to the surge in construction activities worldwide, leading to heightened demand for commodity chemicals, including paints and pigments, and other construction-related chemicals.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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