CHICAGO, April 3, 2020 /PRNewswire/ -- According to the new market research report "Rubber Repair Adhesives Market by Process (Hot Bond, Cold Bond), Application (Conveyor Belts, Tanks & Vessels, Pipes & Fittings, and Others), End-use Industry (Mining & Quarrying, Cement & Aggregate, Steel and Others), Region - Global Forecast to 2025", published by MarketsandMarkets™, the Rubber Repair Adhesives Market is expected to grow from USD 291 million in 2020 to USD 354 million by 2025, at a CAGR of 4.0% during the forecast period.
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The market is growing due to the increase in the demand for high performing rubber repair adhesives in the mining & quarrying, cement & aggregate and steel industries. Strict environmental regulations in Europe and North America are encouraging the development of novel rubber repair adhesives used in the cold bond process.
Rubber repair adhesives used in the hot bond process comprises the major share of the market in terms of value.
The hot bond segment dominated the market in terms of value, in 2019. Adhesives used in the hot bond process offers a strong, long-lasting repair with a minimal risk of tearing, snagging, and other wear to the belt. They are largely polyurethane-based and have high demand for rubber conveyor belt repairing in the mining & quarrying industry.
Conveyor belts is the largest application of rubber repair adhesives
Amongst all applications, conveyor belts is the largest application of rubber repair adhesives. Rubber repair adhesives are largely used for repairing conveyor belts that are damaged in transporting heavy loads or material handling. These belts are largely used in mining & quarrying, cement & aggregate, and steel industries.
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The mining & quarrying end-use industry accounted for the largest share in the global rubber repair adhesives market
Rubber repair adhesives are used in various end-use industries, such as mining & quarrying, cement & aggregate, steel, and others. The rubber repair adhesives in the mining & quarrying industry accounts for the largest share owing to wide usage in conveyor belts, pulleys and rollers. Further, the rubber repair adhesives in the mining & quarrying industry have better performance properties over mechanical fasteners.
APAC is the largest rubber repair adhesives market.
The rubber repair adhesives market is segmented on the basis of region into Europe, North America, APAC, MEA, and South America. APAC accounted for the largest share in the rubber repair adhesives market. The growth of the market in the region is mainly driven by the demand from the fast-growing end-use industries. The growth of the market is also attributed to the presence of established manufacturers and technological advancement related to the development of rubber repair adhesives products. China is the leading market in the region. China accounts for almost 50% steel and cement production of in the global market. This leads to high demand for rubber conveyor belts and their repair adhesives in China.
The key players in the market include LORD Corporation (US), Fourthane (Chile), 3M (US), Henkel AG & Co. KGaA (Germany), Sika AG (Switzerland), H.B. Fuller Company (US), Belzona International Ltd. (England), Rema Tip Top AG (Germany), ITW Performance Polymers (US) and Eli-Chem Resins UK Limited (UK).These companies are adopting various inorganic and organic strategies to increase their foothold in the market.
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