Global rubber chemicals market can reach 6.1 billion US dollars (2024)
Recently, the American research company released a rubber chemicals market development report.The mentioned rubber chemicals mainly include rubber accelerator ,rubber antixoidant ,Antiscorching agent,Vulcanizing agentetc.
It is predicted that by 2024, the global rubber chemicals market will reach US$6.1 billion, with a compound annual growth rate of 4.3%.
The former mainly produces high-performance and durable automobile tires, and the latter mainly involves the production of wire and cable, electrical and electronic products, industrial products and modified polymers.
According to the report, the rapid growth in consumption of tires and non-tire products has greatly boosted the market demand for such products.
The growth of the rubber chemicals market is largely dependent on the tire industry. Demand for green, high-performance and energy-efficient tires is growing rapidly in emerging market countries and is driving the development of the rubber chemicals market.
The diversified applications in the medical, aerospace, electrical, electronics and construction industries are also expected to further expand the demand for such products.
The data shows that the Asia-Pacific region dominates the global rubber chemicals market, accounting for 47.2% of total global sales in 2015. This is mainly due to the high demand for the automotive and construction industries in China and India.
As China is accelerating industrialization, it has become a leader in the production and consumption of rubber chemicals.
It is estimated that in 2015, the market value of China’s rubber chemicals was 1.18 billion US dollars. With the increasing awareness of safety protection in countries around the world and the rising demand for flame retardant rubber products, flame retardants will achieve rapid growth during the forecast period.