ALBANY, New York, October 15, 2018 /PRNewswire/ --
High degree of consolidation notwithstanding, the global rubber processing chemicals market is increasingly competitive, notes Transparency Market Research (TMR). Around a sizeable portion of the shares of the global rubber processing chemicals market - amounting to 41% -- lies at the hands of four chemical producers. These leading players are Eastman Chemical Company, Akzo Nobel N.V., Lanxess Aktiengesellschaft, and BASF SE. These players are likely to hold sway in the global rubber processing chemicals market by capitalizing on their extensive product portfolios and strong distribution channels.
A growing number of players in the rubber processing chemicals market, new entrants and emerging players alike, are focused on bringing innovation in their offerings by exploiting advanced chemistries in specialty chemicals. Constant focus by regional players to develop advanced products to meet major rubber processing chemicals industries is expected to potentially influence the intensity of the prevailing completion in the market.
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The global rubber processing chemicals market stood at US$3.4 billion in 2015 and is projected to rise at a modest CAGR of 4.7% during 2016-2024. By the end of this period, the opportunities in the global market is anticipated to touch a valuation of US$5.1 billion.
Among the broad types of application, the tire industry is by far the leading segment in the overall rubber processing chemicals market. The segment contributed more than 70.0% of the demand in the global market in 2015 and is expected to maintain its lead throughout the assessment period. The growth is attributed to the copious application in the automotive industry for making new vehicle tires.
On the regional front, Asia Pacific led the global rubber processing chemicals market as it held the leading share of 62% in 2015. The regional market is expected to rise at robust CAGR over the assessment period. The dominance is attributed to the extensive uptake in the automotive and construction industry.
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Rising Application of Rubber Processing Chemicals in Tire Manufacturing Industry boost Market
The substantial drive for rubber processing chemicals stems from the need for specialty chemicals as additives in making rubber commercially useful. The rubber processing chemicals market is primarily driven by the rising application of these additives in the tire industry. The growth of the rubber processing chemicals market is also bolstered by the rising use of rubber processing chemicals for end-use applications in various other industries, including electrical and electronics, aerospace, medical, footwear production, and construction.
The rubber processing chemicals market has been receiving substantial growth momentum from the rising application in the automotive end-use industry, world over. The rising use of these specialty chemicals in making tires for a range of vehicles is on the account for the burgeoning production of vehicles, especially for buyers in emerging economies, thus catalyzing the rubber processing chemicals market. The rapid strides being taken by the automotive industry in various parts of the globe is a notable factor supporting the expansion of the rubber processing chemicals market.
The addition of rubber processing chemicals in manufacturing rubber has enhanced product-specific end-use applications, such as in making insulating agents, sealants, floor coverings, and a range of roofing materials. The rising demand for these in the construction industry is imparting a sustained impetus to the growth of the rubber processing chemicals market.
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Efforts to develop Rubber Processing Chemicals with better Toxicity Profiles to open New Avenues
The lack of better understanding of the toxicity profile of these specialty chemicals is posing as a crucial bottleneck in the expansion of the rubber processing chemicals market. In particular, the concern relies on the adverse effect of these chemicals on the overall environment, thus leading to regulatory curbs in a number of countries on the use of some of these additives in processing rubber. This has been impeding the steady rise of the rubber processing chemicals market during the assessment period.
However, several of these concerns are being addressed by the ceaseless efforts of chemical producing companies in developing rubber processing chemicals with better toxicity profile. Innovation in formulations will help support these developments. Moreover, burgeoning application in the tires manufacturing industry will pave way for vast lucrative prospects in the rubber processing chemicals market.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Rubber Processing Chemicals Market (Type - Antidegradants, 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".
Global Rubber Processing Chemicals Market is segmented based on:
- Vulcanizing Agents
- Processing Aids
- Anti-tack Agents
- Building & Construction
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