Global rubber products market to reach $ 550 billion by 2030

The Business Research Company’s Global Rubber Products Market 2021 Report: Impact of COVID-19 and Recovery to 2030

LONDON, GREATER LONDON, UK, January 13, 2022 /EINPresswire.com/ – The global rubber products market is made up of the sales of rubber products by companies that produce tires and retreads, hoses and belts in rubber, rubber sealants and all other rubber products which have domestic and industrial applications.

After showing steady growth until 2019 (CAGR of 5.9% between 2015-2019), the global market suffered a dramatic fall with the onset of COVID-19, as shown by the data of the global market model . In 2020, the global rubber industry was worth $ 327.7 billion, a drop of -11.4% from its value of $ 370 billion in 2019. With COVID-19 came the shutdown followed by the slow reopening of manufacturing and industrial facilities affecting both production and supply of finished products. goods to and from large sectors such as automobiles, textiles, chemicals, footwear and construction. At the same time, the decline in economic activity has affected the demand for many consumer goods. These factors, and their impacts on global supply chains for the sourcing of raw materials and the distribution of finished products, have significantly affected the global rubber industry.

In 2021, the rubber products market size is expected to return to levels close to 2019, with a value of $ 359.8 billion, as the industry resets, economic activity recovers and the industry s suitable for operations in environments “living with” COVID-19. By 2030, the industry will be worth $ 549.8 billion globally. While environmental and sustainability concerns regarding the impact of industrial manufacturing and end-use categories such as cars will have moderating effects, the automotive sector will remain a major driver of demand, especially as technological developments offer greener alternatives such as green tires, which offer lower fuel consumption thanks to better grip and low rolling resistance. The market as a whole will also be affected by the increased use of alternative materials such as plastics.

Asia-Pacific is the largest regional market for rubber products, valued at $ 158.8 billion in 2020, accounting for 48.5% of the global market. Next come North America at more than half of its value at $ 65.5 billion (20% share) and Western Europe ($ 56.2 billion, 17.1% share), then Eastern Europe, South America, the Middle East and Africa together account for the remaining $ 4.4. % share of $ 47.1 billion. The APAC region is the largest producer, especially of natural rubber such as latex, while the regions of South America, the Middle East and Africa tend to depend on the import of natural raw materials and tire production is lower. Between 2015 and 2019, the strongest market growth was observed in the Middle East (11% CAGR). South America, Africa and Asia-Pacific showed growth rates between 7 and 7.8%, while other regions showed growth rates between 3.1% and 4, 4%. By 2030, Asia-Pacific will maintain its leadership in the global market showing a CAGR of 4.5% (2025-2030) to reach a value of $ 264.7 billion and 48.1% market share , compared to the second largest North American market valued at $ 100.2 billion (3.4% CAGR 2025-2030). Between 2025-2030, South America will show the highest growth rate of 8.1% CAGR to reach $ 36.6 billion.

In 2020, it was the tire segment that accounted for the largest share (55.5%) of the total market and was worth $ 182 billion while hoses and belts accounted for 12.8% of the global market with a value of 42 , 0 billion dollars. The “other” segment represents 31.6%, with a value of 103.7 billion dollars. Between 2015 and 2019, tires grew at a compound annual growth rate of 6.6%, with hoses and belts posting a CAGR of 4.4%.
From 2021 to 2025, tires will show a CAGR of 5.3% to reach $ 245.7 billion, compared with a CAGR of 3.8% for pipes and belts to reach $ 52.8 billion. By 2030, the tire market is expected to reach $ 304.9 billion, hoses and belts $ 61.0 billion, and “other” rubber products $ 183.9 billion.

The 2021 Global Rubber Products Market report is part of a series of reports by The Business Research Company that provides Rubber Products market overviews, analysis, and forecast on Rubber Products industry market size. Rubber Products, share, major market players, market segments and geographies, major market competitors’ revenue, profiles as well as their market share.

Here are some related reports:
Global Plastic and Rubber Products Market Report 2021
https://www.thebusinessresearchcompany.com/report/plastics-and-rubber-products-global-market-report-2020-30-covid-19-impact-and-recovery

Global Rubber Products Manufacturing Market Report 2020
https://www.thebusinessresearchcompany.com/report/rubber-products-manufacturing-global-market-report

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