ALBANY, New York, January 21, 2019
ALBANY, New York, January 21, 2019 /PRNewswire/ --
The global rubber processing chemicals market is prognosticated to expand notably in the coming years, with a decent competitive scenario, says Transparency Market Research (TMR) in its recent report. The four major players in the market are BASF SE, Akzo Nobel N.V., Lanxess Aktiengesellschaf, and Eastman Chemical Company. These players, in 2015, held the collective share of whooping 41%. The key players are foreseen to sustain their lead owing to their improved product portfolios along with better global reach. The other important players in the rubber processing chemicals market include Solvay, Emerald Performance Materials, Merchem Limited, Sumitomo Chemical Company, and China Petroleum & Chemical Corporation. The companies are putting in constant efforts so as to manufacture and launch more and more innovative products to the market that is likely to result in great degree of competitive scenario in future years.
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As per the research report by Transparency Market Research (TMR), the global rubber processing chemicals market is anticipated to project a steady CAGR of 4.7% within the forecast period from 2016 to 2024. In 2015, the market was valued worth US$3.4 bn. The global market is projected to touch a valuation of US$5.1 billion by 2024 end
The usage of rubber processing chemicals in tires help produce more strong and durable tires, so that they can bear the extreme environmental conditions. Owing to this, the segment of tire sector is likely to emerge as a key contributor in the market growth. Geographically, Asia Pacific region was foreseen to lead the entire rubber processing chemicals market in 2015, owing to the surging demand from rapidly growing construction and automobile industries in nations like Japan. This is also to provide huge scope of opportunities in future, for market players.
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The rubber processing chemicals market is majorly fueled by the flooding demand for such chemicals for non-tires and tires applications in several sectors, for example, the electric and electronics, construction, aerospace, footwear production, and medical. The ongoing efforts taken by these sectors is contributing majorly in the growth of the entire market.
Increased Sales in Automotive Sector to Fuel Global Demand
The increased usage of rubber processing chemicals in the manufacturing of tires in the automobile sector is a significant factor propelling the growth of the market. The demand is rapidly fueled by the burgeoning sales of automotive in several regions across the globe. The demand for rubber processing materials is also supported by the usage in construction of various building and such materials. The chemicals are used widely in the making of insulating agents, sealants, floor coverings, and roofing materials. The vivid usage of rubber is one of the key reason behind the expansion of the global rubber processing chemicals market.
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Toxicity of Chemicals to Hinder Growth of Market
However, with so many support factors, there are certain hindering factors pulling back the market growth. Some of the rubber processing chemicals are toxic in nature, which hamper the purchase of the products. Issues which result in harmful effects of these chemicals on the nature are likely to restrict the demand in several areas across the world. This is also catalyzed by the government rules in some nations.
Regardless, the market is expected to come across several favorable circumstances due to the increasing efforts by key players so as to explore new chemicals for the rubber processing.
The review is based on the findings of a report by Transparency Market Research, titled "Rubber Processing Chemicals Market (Type - Anti-degradants, Accelerators, Stabilizers, and Vulcanizing Agents; Application - Tire and Non-tire (Automotive, Building & Construction, and Industrial)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
The rubber processing chemicals market has been divided into the following segments:
Rubber Processing Chemicals Market - Type Analysis
Rubber Processing Chemicals Market - Application Analysis
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