Rubber Compound Market Size, Share, Analysis, Trends, Growth Report, 2030

Rubber Compound Market

Rubber Compound Market By End-User (Building & Construction, Automotive & Transportation, Industrial Machinery Equipment, and Others), By Processing Method (Compression Molding, Injection Molding, and Other Methods), By Product Type (Synthetic Rubber and Natural Rubber), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030

Category: Chemical & Materials Report Format : PDF Pages: 202 Report Code: ZMR-7648 Published Date: Oct-2023 Status : Published
Market Size in 2022 Market Forecast in 2030 CAGR (in %) Base Year
USD 8.90 Billion USD 15.69 Billion 7.34% 2022

Rubber Compound Industry Prospective:

The global rubber compound market size was worth around USD 8.90 billion in 2022 and is predicted to grow to around USD 15.69 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.34% between 2023 and 2030.

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Rubber Compound Market: Overview

The rubber compound industry is the market segment in the larger chemicals and materials industry that deals with the production, distribution, and consumption of rubber compounds. They are produced by mixing raw rubber with other chemical substances that enhance the overall properties of rubber and help it perform better. For instance, during the vulcanization process, the added chemical is sulfur which assists in creating hardened crosslinks. Sulfur facilitates enhancement in the elastic property of rubber. Rubber, as a standalone material, does not have specific applications in the commercial sector since it is not elastic and other certain restraints of its mechanical properties. However, the rubber compounding process can improve its overall characteristics including elasticity. Rubber compounding is a complex procedure and should always be conducted under the guidance and supervision of technical experts to avoid loss of human and other resources. The rubber compound industry is expected to grow at a tremendous pace driven by growing research and development.

Key Insights:

  • As per the analysis shared by our research analyst, the global rubber compound market is estimated to grow annually at a CAGR of around 7.34% over the forecast period (2023-2030)
  • In terms of revenue, the global rubber compound market size was valued at around USD 8.90 billion in 2022 and is projected to reach USD 15.69 billion, by 2030.
  • The rubber compound market is projected to grow at a significant rate due to the rising applications in the automotive sector
  • Based on end-user segmentation, automotive & transportation was predicted to show maximum market share in the year 2022
  • Based on product type segmentation, synthetic rubber was the leading type in 2022
  • On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Rubber Compound Market: Growth Drivers

Rising applications in the automotive sector to drive market growth

The global rubber compound market is expected to grow owing to the increasing applications of compounded rubber in the automotive sector which is also one of the fastest-growing industries in the commercial world. The increase in disposable income of the general population along with the rising number of automotive vehicle providers catering to a broad group of audience by launching affordable and luxury cars are two of the main reasons for the automotive industry to witness a surging growth rate. For instance, as per official reports, Toyota Motor Corp sold more than 10 million vehicles in 2022 thus maintaining its status as the third-largest automaker in the world. One of the main applications of compounded rubber in the vehicle segment is during the production of tires. Compounded rubbers are the most crucial raw materials used for tire protection. It imparts all the critical properties that tires must exhibit including flexibility, oil & chemical resistance, grip, heat resistance, and shock absorption, and traction.

In addition to this, the rising number of road accidents has resulted in regional governments drawing new safety provisions for automobile makers resulting in higher sales for improved rubber compounds to avoid vehicle skidding.

Growing demand for electric vehicles (EVs) is leading consumption of compounded rubber

The rising prices of non-renewable fuel and growing awareness about the environmental impact of fuel burning have been primary drivers for EVs across the public and private sectors. Governments and world leaders are working on building sustainable public transport systems by investing in electric buses which in turn positively impact the demand in the rubber compound industry. In January 2023, GreenPower Motor Company Inc. launched round 3 of its pilot project demonstration related to all-electric school buses in West Virginia, USA.

Rubber Compound Market: Restraints

Environmental impact of industry operations to restrict market growth

The global rubber compound market growth is likely to be restricted due to the negative environmental impact of rubber compounding. The procedure is highly resource-intensive, especially in terms of energy consumption. There is an existing mounting pressure on fuel providers to meet the basic needs of the general population and players may fall short of energy supply for rubber compounding procedures. Other factors such as extreme waste generation and the use of harsh chemicals during the production process that impacts the environment could act as growth barriers.

Rubber Compound Market: Opportunities

Growing investments in new production facilities to create growth opportunities

The rubber compound industry will witness higher growth opportunities driven by the increasing investments in new plant installation and expansion of existing production facilities. The increased production rate will help market players align with the surging demand for compounded rubber while also navigating through the demand challenges they may face when entering emerging markets. For instance, Guanlian launched a new rubber compounding facility in China with two 150L and two 190E mixing lines. In September 2023, the company announced that it would expand its production facility in China to meet changing demand rates. In February 2022, MAXAM Tire launched the EcoPoint3, a completely new proprietary compound equipped with state-of-the-art manufacturing and automation technologies. The compound will be installed in the company’s existing production line for solid tires. In September 2022, HÜBNER Group was working on building modern compounding plants to be used for the production of elastomer products.

Rubber Compound Market: Challenges

Concerns over the production and supply of natural rubber to act as the most crucial challenge

The global rubber compound market players are expected to face challenges due to the growing concerns over the production and supply of natural rubber. The essential raw material does not have a significant negative impact on the environment as a product. However, the production process of natural rubber is known as one of the leading causes of deforestation. As per official data,520km2 of deforestation has occurred in central and west Africa since 2000 due to industrial rubber cultivation. On the other hand, the use of synthetic rubber for compounding also has specific drawbacks since the production process is carried out using petrochemicals which in turn leads to the emission of harmful greenhouse gasses.

Rubber Compound Market: Segmentation

The global rubber compound industry market is segmented based on end-user, processing method, product type, and region.

Based on end-user, the global market segments are building & construction, automotive & transportation, industrial machinery equipment, and others. In 2022, the highest growth was witnessed in the automotive & transportation segment driven by higher production and sale of automotive vehicles that are a part of personal consumption and for public transport. The growing market for second-hand cars, regular vehicle maintenance, and an increasing number of tire manufacturers pushed segmental growth in 2022 and will continue the trend in the coming years. Compounded rubber has applications in manufacturing car seats and as a suspension component. In Germany alone, more than 2.6 million cars were sold in 2022.

Based on processing, the rubber compound industry is divided into compression molding, injection molding, and other methods.

Based on product type, the global market is segmented into synthetic rubber and natural rubber. The revenue was higher in the synthetic rubber segment as the demand for chemically produced rubber is higher in end-user verticals. Natural rubber production is limited and the supply chain is typically volatile depending on trading relationships, especially in international collaborations. Synthetic rubber has extensive application in consumer goods and building & construction sectors as well as leading segmental growth. As of 2022, global natural rubber production was around 14 million metric tons.

Rubber Compound Market: Report Scope

Report Attributes Report Details
Report Name Rubber Compound Market
Market Size in 2022 USD 8.90 Billion
Market Forecast in 2030 USD 15.69 Billion
Growth Rate CAGR of 7.34%
Number of Pages 202
Key Companies Covered Zeon Corporation, Huntsman Corporation, Kraiburg TPE, LANXESS AG, Sumitomo Chemical, Polyone Corporation, Kumho Petrochemical, Dynasol Group, Sibur, Kuraray Co. Ltd., Arlanxeo, Elastomeric Specialties Inc. (ESI), Trinseo, Shin-Etsu Polymer, Parker Hannifin Corporation., and others.
Segments Covered By End-User, By Processing Method, By Product Type, and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2022
Historical Year 2017 to 2021
Forecast Year 2023 - 2030
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Rubber Compound Market: Regional Analysis

Asia-Pacific to witness the highest growth rate during the forecast period

The global rubber compound market will be led by Asia-Pacific during the forecast period. The region has several factors working in its favor for global dominance. For instance, Thailand is the largest producer of natural rubber in the world. The second and third leading nations are Indonesia and China. Around 3 million metric tons of natural rubber was produced in Indonesia in 2022. In addition to abundance in terms of natural rubber, Asia is home to some of the largest rubber-compounding players. China has an extensive production line and regional market players are consistently investing more resources in production expansion. On the other hand, the automotive industry is also dominated by Asian players. China and Japan are leading automobile manufacturers across the globe. These countries not only have international clients but tremendous domestic demand for efficient cars and other vehicles. India is witnessing growing investments in its regional automotive sector. By 2024, the country aims to push its automotive industry to INR 15 lakh crore as per official reports.

Rubber Compound Market: Competitive Analysis

The global rubber compound industry market is led by players like:

  • Zeon Corporation
  • Huntsman Corporation
  • Kraiburg TPE
  • LANXESS AG
  • Sumitomo Chemical
  • Polyone Corporation
  • Kumho Petrochemical
  • Dynasol Group
  • Sibur
  • Kuraray Co. Ltd.
  • Arlanxeo
  • Elastomeric Specialties Inc. (ESI)
  • Trinseo
  • Shin-Etsu Polymer
  • Parker Hannifin Corporation.

The global rubber compound market is segmented as follows:

By End-User

  • Building & Construction
  • Automotive & Transportation
  • Industrial Machinery Equipment
  • Others

By Processing Method

By Product Type

  • Synthetic Rubber
  • Natural Rubber

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

The rubber compound industry is the market segment in the larger chemicals and materials industry that deals with the production, distribution, and consumption of rubber compounds.

The global rubber compound market is expected to grow owing to the increasing applications of compounded rubber in the automotive sector which is also one of the fastest-growing industries in the commercial world.

According to study, the global rubber compound market size was worth around USD 8.90 billion in 2022 and is predicted to grow to around USD 15.69 billion by 2030.

The CAGR value of rubber compound market is expected to be around 7.34% during 2023-2030.

The global rubber compound market will be led by Asia-Pacific during the forecast period.

The global rubber compound market is led by players like Zeon Corporation, Huntsman Corporation, Kraiburg TPE, LANXESS AG, Sumitomo Chemical, Polyone Corporation, Kumho Petrochemical, Dynasol Group, Sibur, Kuraray Co., Ltd., Arlanxeo, Elastomeric Specialties, Inc. (ESI), Trinseo, Shin-Etsu Polymer, and Parker Hannifin Corporation.

The report explores crucial aspects of the rubber compound market including a detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.

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