The rubber testing equipment market is driven by factors such as a growing awareness about product quality, an increase in demand for quality control, and rise of automobile industry and tire testing.
PORTLAND, Ore., Oct. 4, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Rubber Testing Equipment Market by Product Type, and End Use: Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the rubber testing equipment market was valued for $13.69 billion in 2022 and is estimated to reach $22.19 billion by 2032, exhibiting a CAGR of 5.01% from 2023 to 2032.
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Rubber testing equipment plays an essential role in quality control, research and development, and ensuring the performance, safety, reliability and compliance of rubber products across industries, such as healthcare, automotive, aerospace, and manufacturing. The demand for rubber-based products such as tires, footwear, medical devices, rubber gloves, rubber hoses, and others are increasing.
Prime determinants of growth
The rubber testing equipment market is anticipated to expand significantly during the forecast period owing to growing awareness about product quality. In addition, the rise of automobile industry and tire testing, and increase in demand for quality control fuel market growth. Additionally, rubber testing equipment is anticipated to benefit owing to the rising demand for eco-friendly rubber testing equipment and is expected to present enormous opportunities for the market over the forecast period. On the other hand, high ownership cost is anticipated to restrain the market growth during the forecast period.
Report Coverage and Details:
Opportunities
Restraints
Report Coverage | Details |
Forecast Period | 2022–2032 |
Base Year | 2022 |
Market Size in 2022 | $13.69 billion |
Market Size in 2032 | $22.19 billion |
CAGR | 5.01 % |
No. of Pages in Report | 260 |
Segments covered | Product Type, End Use, and Region |
Drivers | The rise of automobile industry and tire testing |
Increase in demand for quality control | |
Growing awareness about product quality | |
Opportunities | Rising demand for eco-friendly rubber testing equipment |
Restraints | High ownership cost |
COVID-19 Scenario:
- The COVID-19 pandemic significantly impacted the rubber testing equipment market. In the initial stages, widespread disruptions in manufacturing, supply chains, and trade led to a slowdown in rubber-related industries, limiting the demand for testing equipment. Lockdowns and restrictions also hampered production and installation activities.
- However, as industries gradually adapted to the new normal and health concerns underscored the importance of quality control, the demand for rubber testing equipment showed resilience.
The Moving Die Rheometer segment to maintain its leadership status throughout the forecast period
Based on product type, the Moving Die Rheometer segment held the highest market share in 2022, accounting for nearly half of the global rubber testing equipment industry revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest the highest CAGR of 5.76% from 2023 to 2032, owing to increase in adoption of high quality and safe rubber-based products.
The industrial rubber products segment to maintain its leadership status throughout the forecast period
Based on end use, the industrial rubber products segment held the highest market share in 2022, accounting for around one-third of the global rubber testing equipment market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the General rubber Goods segment held the major CAGR of 6.23% from 2023 to 2032.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global rubber testing equipment market revenue. Moreover Asia-Pacific region is expected to witness the fastest CAGR of 6.19% from 2023 to 2032, owing to increasing adoption of advanced manufacturing practices which are fueling the growth of the market in this region.
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Leading Market Players:
- Qualitest Group, Inc.
- Goettfert Inc.
- Alpha Technologies Services, Inc.
- Prescott Instruments Ltd.
- TA Instruments
- Ektron Tek Co., Ltd.
- Illinois Tool Works Inc.
- MonTech Rubber Testing Solutions
- U-Can Dynatex Inc.
- Norka Instruments
The report provides a detailed analysis of these key players of the global rubber testing equipment market. These players have adopted different strategies such as Product launch and acquisition business strategies and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the rubber testing equipment market analysis from 2022 to 2032 to identify the prevailing rubber testing equipment market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the rubber testing equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global rubber testing equipment market demand.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global rubber testing equipment market trends, key players, market segments, application areas, and market growth strategies.
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