Growing Demand from APAC to Boost the Global Rubber Market | Technavio

LONDON–(BUSINESS WIRE)–#Chemicals–The global
rubber market is expected to grow at a CAGR of close to 5%
during the period 2017-2021, according to a new market research study by Technavio.

The report categorizes the global rubber market by type (synthetic
rubber and natural rubber) and by application (tires and non-tires). The
report also determines the geographic breakdown of the market in terms
of detailed analysis and impact, which includes key geographies such as
APAC, the Americas, and EMEA.

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Market driver: growing demand for rubber in APAC

APAC accounted for the largest market for rubber consumption in 2016 and
is expected to be the fastest growing market for rubber consumption
during the forecast period. Countries such as Indonesia, India, Vietnam,
Thailand, and China will also witness a high rubber consumption.
Indonesia and Malaysia are the major markets for natural and synthetic
rubbers. The high production of natural rubber in these countries is
expected to increase the growth of the rubber market. The rising demand
for tires in the automotive sector is a major factor that is encouraging
the growth of the rubber
market in APAC.

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Market trend: bio-based tires helping market growth

The tires used in automotive vehicles are going to be bio-based during
the forecast period. There is a great turmoil in the rubber industry to
manufacture automotive vehicle tires made from renewable raw materials.

According to Hitesh Bhatia, a lead analyst at Technavio for plastics,
polymers, and elastomers research, “Companies such as DuPont have
been working on the use of renewable raw materials, which can be used to
manufacture tires. DuPont Industrial Biosciences is working to develop a
product known as BioIsoprene, which is a bio-based alternative for
petroleum-derived isoprene. BioIsoprene can be used to produce synthetic
rubber, which is regarded as an alternative for natural rubber and other
elastomers.”

Market challenge: fluctuating raw material prices for synthetic rubber

Synthetic rubber is manufactured by refining crude oil to naphtha and
natural gas. These are derived from the fractional distillation of
petroleum products. With price fluctuations in the crude oil market, the
manufacturing cost of synthetic rubber will fluctuate and have a
significant impact on the price of rubber in the global market. The
decline in the oil prices has compelled the vendors operating in the
market to implement various strategies in the form of cost-cutting
measures and other implications.

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Key vendors in the market

• Bridgestone
• ExxonMobil
• MICHELIN
• Sri Trang Agro-Industry
• The Dow Chemical Company

The major vendors in the global
rubber market have a global presence. Their products are used in
various applications, such as automotive industry. Vendors focus on
manufacturing products that comply with the fluctuation of crude prices.
These vendors have manufacturing facilities located around the world and
have operational capacities through strategic partnerships.

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