ALBANY, New York, June 17, 2019 /PRNewswire/ -- The global rubber processing chemicals market is reasonably competitive in nature says Transparency Market Research (TMR). As a result of various regional players in the market, the competition has grown even more intense. The major players influencing the market have established dominance based on their product portfolios and robust geographical range. These players are investing relentless efforts by bringing innovations on the table in order to maintain their dominance in the global rubber processing chemicals market. They are also adopting strategies such as mergers, collaborations, and partnerships in order to tighten their grip in the regional market. Acquisition of the various small and medium scale businesses is the part of expansion strategies that the players are adopting in order to gain a competitive edge over their rivals.
The major players who dominate the global rubber processing chemicals market are BASF SE, Lanxess Aktiengesellschaft, Akzo Nobel N.V., and Eastman Chemical Company. Cumulatively, these organizations account for 41% of the total share of global rubber processing chemicals market.
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According to the experts at TMR, the global rubber processing chemicals market is expected to witness a staggering 4.7% CAGR growth from 2016 to 2024. The market is projected to rise from US$3.4 bn in 2015 to US$5.1 bn by the end of 2024.
Based on various applications, the tire manufacture segment is projected to show the maximum growth in the forecast period. The growth of the segment is majorly driven by the rising demand for rubber tires in automobiles manufacturing. These chemicals are excellent methods to enhance the efficiency of rubber tires used in vehicles.
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Geographically, the experts at TMR predicts that Asia Pacific has maximum potential during the forecast period. The growth of the region is attributed to the thriving demand for rubber processing chemicals in construction and automobile industry. Also, various emerging economies such as India and China are welcoming these automobile companies to set up their power plants in their countries. This is another reason that supports the dominance of Asia Pacific in global rubber processing chemicals market in the forecast period.
Booming Tires and Non-Tires Applications Influence Growth
The global rubber processing chemicals market is expected to grow majorly as a result of the rising demand for the chemicals in various tires and non-tires applications in multiple industries. These industries include electric and electronics, aerospace, medical, footwear, and construction. The rapid increasing application of rubber processing chemicals in these industries is bolstering the global rubber processing chemicals market.
Moreover, the increasing use of these chemicals in tire manufacturing for industries such as automobile, and aerospace is also aiding the global rubber processing chemicals market to grow substantially in the forecast period. Various constructional equipment requires specialized rubber. Their application may differ from situation and necessity. Owing to this growing demand for various rubber grades in manufacturing constructional equipment, the global rubber processing chemicals market is expected to see a hiked up growth in the forecast period of 2016 to 2024.
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Toxicity of Some Chemicals May Hinder the Growth of Market
The growth of global rubber processing market may face some setbacks in the forecast period. This turbulence can be the result of the toxicity of some chemicals that are used in processing the rubber. They may impact the environment quite adversely and as well as the health of the population living near the processing plant. However, various innovations are being carried out by players to sublime the toxicity of the chemicals used. They are also incorporating infrastructural changes in order to purify air and water before emitting out in the atmosphere. Owing to these actions, the global rubber processing chemicals market is expected to overcome its challenges and achieve sustained growth in the forecast period.
The study presented here is based on a report by Transparency Market Research (TMR), 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 global rubber processing chemicals market is segmented on the basis of:
- Vulcanizing Agents
- Processing Aids
- Anti-tack Agents
- Building & Construction
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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