Bernice J. Hicks ROCKVILLE, Md., March 22, 2022 (GLOBE NEWSWIRE) — Fact.MR’s global rubber processing chemicals market report forecasts a subdued outlook, anticipating a CAGR of around 3% to reach nearly $6 billion. dollars by the end of 2021- 2031 Forecast Period. Adoption is most likely expected in the automotive tire manufacturing sector, owing to the increase in the number of vehicle owners, both commercial and private.
Despite maintaining a positive trajectory, growth has been sluggish over the historical period. According to the Fact.MR report, sale of rubber processing chemicals widened to just over 2% CAGR. This is largely attributed to a general slowdown in the global automotive industry. Additionally, the COVID-19 induced depression in major industry verticals further slowed the growth of the market, leading the market to close at around US$5 billion in 2020.
Fortunately, the outlook should rebound, as several countries resume industrial production activities amid flattening infection curves. Leading manufacturers are expected to find new growth opportunities in synthetic rubbers. Due to their structural superiority over natural rubber, synthetic rubbers are rapidly advancing in major industries, prompting chemical companies to focus on synthetic rubber processing chemicals.
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What does the analysis of the demand for rubber processing chemicals in the United States conclude?
The rubber processing chemicals market in the United States surpassed US$1 billion in 2020, amid massive adoption in the automotive industry. As the number of vehicle owners increases, consumers are spending on tire maintenance to improve automobile performance through reduced abrasion resistance and better grip on the road.
Additionally, manufacturers are incorporating synthetic rubber, due to its ability to bond to metals, making it an excellent option for rubber seals, gaskets, tires, and other products. Therefore, the processing of chemicals for synthetic rubber has a considerable slope.
How is China likely to generate growth opportunities for suppliers of rubber processing chemicals?
Sales of rubber processing chemicals in China are expected to increase by more than 5% CAGR to be valued at over US$1 billion by 2031. The growth is driven by the significant development of the Chinese chemical industry , as well as the swelling automotive aftermarket in the United States. following the surge in car sales.
The International Council of Chemical Associations (ICCA) estimates that in 2019, the chemical industry in China has become one of its main manufacturing industries, while a study by BASF concludes that chemical production is expected to increase by 6, 3% until 2021 and beyond.
Hence, the government policies are modeled to allow entry of major manufacturers of rubber processing chemicals which will lead to significant expansion of the market in the future.
Key segments covered by the market study
Product
- Anti-degrading chemicals for rubber processing
- Rubber processing accelerators
- Rubber Flame Retardant Chemicals
- Rubber processing adjuvants/promoters
- Other rubber processing chemicals
Application
- Rubber processing chemicals for tire applications
- Rubber processing chemicals for non-tire applications
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Competitive scenario
BASF SE, Arkema Group, Behn Meyer Holding AG, China Petroleum & Chemical Corporation (SINOPEC), Eastman Chemical Company, Emerald Kalama Chemical LLC, Emery Oleochemicals Group, Kumho Petrochemical Co. Ltd. (KKPC) and Sinochem Group Co. Ltd. are prominent manufacturers of rubber processing chemicals profiled in the Fact.MR report.
- In March 2019, Emerald Kalama Chemical LLC announced the launch of two new exclusive innovations in its VITROFLEX® A90 and A99 benzoate plasticizers, which are used in the A (polymer) side of 2-component polysulfide sealants, ensuring superior performance.
- In May 2021, Behn Meyer Holding AG companies operating across Thailand achieved ISO 14001:2015 certification for their impressive Environmental Management Systems (EMS). These include its chemical and agri-food units.
Profiled Key Companies
- BASF SE
- Arkema group
- Behn Meyer Holding AG
- China Petroleum & Chemical Corporation (SINOPEC)
- Eastman Chemical Company
- Emerald Kalama Chemical LLC
- Emery Oleochemicals Group
- Kumho Petrochemical Co. Ltd. (KKPC)
- LANXESS AG
- Merchem Limited
- Sinochem Group Co.Ltd.
insights by category
Will the demand for rubber flame retardants remain high in the long term?
Fact.MR’s Rubber Processing Chemicals Demand Outlook predicts sales of flame retardants to register a CAGR above 3% over the forecast period 2021-2031. Sales are expected to increase amid a growing need to prevent overheating in moving automotive tires.
In addition, applications abound in other areas of rubber processing, including silicone rubber production, wire and cable manufacturing, roofing, and mine belts. Players such as Huber offer a wide range of halogen-free flame and smoke retardants for rubber processing applications.
Why Are Rubber Processing Chemicals Sales Forecast Promising in Tire Manufacturing?
By application, the demand for rubber processing chemicals in tire manufacturing is growing massively, accounting for over 40% of global demand by 2031. The increased demand for improved abrasion resistance, superior grip on the road and high load capacity stimulates demand.
The demand for antioxidants, anti-ozonants and curing systems is expected to be the main cash cow as these are widely incorporated to prevent excessive wear of rubber tires. For example, Brenntag SE offers the stabilizers AMINOX® and BLE® 65, among others.
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Key insights from market research
- Demand for flame retardants in rubber processing will decline at a CAGR above 3%
- Sales of anti-degrading chemicals for rubber processing will reach nearly US$3 billion by 2031
- By application, tire manufacturing accounts for over 40% of rubber processing chemical demand
- US sales topped US$1 billion in 2020, driven by applications in synthetic rubber manufacturing
- Robust growth in the chemical industry to increase sales across China, poised to expand at over 5% CAGR
- India, Australia and South Korea will contribute more than US$800 million in total by 2031
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