Global Rubber Chemicals Market will grow to US$ 6601.94 Mn by 2028 at CAGR of 4.3% over the forecast period - says Absolute Markets Insights

PUNE, India, Dec. 15, 2020 /PRNewswire/ --

• Global rubber chemicals market was valued at US$ 4539.62 million in 2019 and is expected to reach US$ 6601.94 million by 2028

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• Rubber chemicals has numerous applications during tyre manufacturing, significant number of vehicles is driving the demand for rubber chemicals in the market. Rubber chemicals aids providing grip and increase performance of the automotive tyres.
• Significant increase in the number of vehicles especially in countries like China, India and other countries in Asia Pacific region is increasing the demand for rubber chemicals in this market. In the global vehicle manufacturing and production United States stands second thus demand for rubber chemicals is rapidly increasing in this region. Due to growing automotive sector the country is witnessing surge in the demand for rubber chemicals.
• Due to widespread use of rubber chemicals the need for high quality rubber chemicals is rising, rubber chemicals finds various applications in the construction sector. Tyre manufacturing companies are the major consumers of rubber chemicals followed by other end users. Major tyre manufacturer for instance Bridgestone Corp. MRF Ltd. are increasing their production due to growing automotive sector in various regions. Increase in tyre manufacturing will create a huge demand for usage of rubber by various end users.

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• North America region will see a substantial growth in the usage of rubber chemicals across various end use industries, as the manufacture of vehicles is increasing the demand for rubber chemicals is rising. United States is the major market in this region as numerous companies are present in this region and the growing automotive sector is fueling the demand for rubber chemicals in United States.
• The major players operating in the market include Assochem, Brenntag North America, Inc., China Sunsine Chemical Holdings Ltd., Eastman Chemical Company, Kemai Chemical Co.,Ltd., LANXESS, NOCIL LIMITED., PMC Rubber Chemicals India Private Limited, Polmann India Ltd., Shandong Yanggu Huatai Chemical Co., Ltd., and other market participants.

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SOURCE Absolute Markets Insights