The global rubber processing chemicals market size is expected to reach USD 7.84 billion by 2028 according to a new study by Polaris Market Research. The report “Rubber Processing Chemicals Market Share, Size, Trends, Industry Analysis Report, By Product (Accelerators, Anti-Scorch Agents, Blowing Agents, Anti-degradants, Flame Retardants, Processing Aid, Polymerization Regulation); By Application; By End-Use; By Regions; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for rubber processing chemicals is expected to increase during the forecast period owing to wide applications in industries such as building and construction, automotive, manufacturing, and other sectors. Increasing demand for modernized and high-performing vehicles along with stringent vehicular safety regulations, increasing investment in non-tire rubber applications, especially in emerging economies of Asia Pacific, supplement demand.
The different products include accelerators, anti-scorch agents, blowing agents, anti-degradants, flame retardants, processing aid, polymerization regulation, and others. The demand for anti-degradants is expected to be high during the forecast period. The use of anti-degradants protects rubber products from external influences and the aging process. Long-term exposure to environmental factors such as heat, oxygen, and UV light among others result in damaged rubber products, supporting the market growth of the rubber processing chemicals.
The tire segment dominated the global market for rubber processing chemicals in 2020. Rubber processing chemicals are used in tire manufacturing for greater strength, enhanced temperature resistance, and increased durability. These chemicals offer reinforcement to tires, preventing erosion and making them stronger.
There has been an increasing penetration of passenger vehicles, driving the market growth of the rubber processing chemicals. The growth in production volume of electric vehicles, increasing need for fuel-efficient vehicles, and stringent government regulations have increased the demand for rubber processing chemicals in tire manufacturing.
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Rubber processing chemicals are used in diverse industries such as automotive, electronics and semiconductors, aerospace and defense, industrial, healthcare, and others. The automotive segment accounted for the highest share in 2020 owing to a greater need for improved comfort, enhanced safety, greater environmental performance, and higher energy efficiency.
The increasing population of vehicles, rising demand for technologically advanced luxury vehicles, and adoption of vehicular safety standards drive the market growth in the region. Significant investments in the automotive sector, extensive research, and development activities increasing the adoption of electric vehicles, and the development of autonomous vehicles are expected to further support market growth.
Asia Pacific dominated the global market for rubber processing chemicals in 2020 and is expected to maintain its dominance over the forecast period. Increasing application in electronic and industrial sectors coupled with rising awareness regarding the adoption of electric vehicles fuels growth in this region. Rising industrial growth, urbanization, and growth in the automotive sector support market growth. Leading global players are expanding their presence in developing nations of China, Japan, India, and South Korea to tap the growth opportunities offered by these countries.
Owing to technological advancements, and the greater need to cater to customer requirements, companies are collaborating in order to strengthen the market presence and gain market share. Broadening of the product portfolio is another trend that is visible in the market.
Some of the major market participants include Eastman Chemical Company, Arkema Group, Emery Oleochemicals Group, Merchem Limited, BASF SE, Paul & Company, Kumho Petrochemical Co., Ltd., Sinochem Group Co., Ltd., Lanxess AG, Solvay SA, Behn Meyer Holding AG, Akzo Nobel N.V., China Petroleum & Chemical Corporation, R.T. Vanderbilt Holding Co., Inc., Nouryon, and Emerald Kalama Chemical, LLC.
Polaris Market Research has segmented the Rubber Processing Chemicals market report on the basis of product, application, end-use, and region.
Rubber Processing Chemicals Product Outlook (Revenue, USD Million, 2016 - 2028)
Rubber Processing Chemicals Application Outlook (Revenue, USD Million, 2016 - 2028)
Rubber Processing Chemicals End-User Outlook (Revenue, USD Million, 2016 - 2028)
Rubber Processing Chemicals Regional Outlook (Revenue, USD Million, 2016 - 2028)