The global rubber processing chemicals market is highly consolidated with the top four companies accounting for nearly 41% of the overall market in 2015. These companies were BASF SE, Eastman Chemical Company, LANXESS, and Akzo Nobel N.V. Of these, the dominant share was with BASF SE due to its persistent efforts toward technological innovations and launching novel products, finds Transparency Market Research (TMR) in a recent study.
The success of companies operating in the global rubber processing chemicals market is determined to an extent by their goodwill and product portfolio. Besides this, a considerable number of companies seek long-term contracts to sustain their market position.
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These forces have rendered the vendor landscape of the global rubber processing chemicals market highly competitive despite consolidation. In addition, the presence of numerous regional players has made the prevailing competition fiercer.
TMR forecasts the global rubber processing chemicals market to exhibit a CAGR of 4.7% between 2016 and 2024. At this pace the market, which stood at US$3.4 bn in 2015, will reach US$5.1 bn by the end of 2024. Based on type, the antidegradants segment emerged dominant with a value-based share of 57.1% in 2015. The market share held by the segment is expected to remain more or less constant through the course of the forecast period. This in turn will seal its dominance in the market.
Regionally, Asia Pacific held the dominant value share of 62% in the global rubber processing chemicals market in 2015. Exhibiting a moderate growth, the region market will remain at the fore through the forecast period. In Asia Pacific, the market players will witness lucrative opportunities in China due to the strong growth witnessed in its automotive and manufacturing industries.
Rising Demand from Tire Industry Emerges as Chief Growth Driver
The increasing demand for rubber processing chemicals on account of recent developments in the tire industry will emerge as a chief growth driver. Due to its unique properties such as elasticity and molding, tires are manufactured from rubber. It also provides tire better capability to withstand wear and tear and offers strong grip even in adverse environments. With the demand for vehicles exponentially rising on account of increasing affordability of consumers, the tire market is poised to expand in the coming years. This will in turn create lucrative opportunities for the global rubber processing chemicals market.
Besides their use in manufacturing tire, rubber processing chemicals are widely used across construction activities. For instance, rubber processing chemicals are used in the construction industry as sealants, floor coverings, roofing materials, and sound insulators. They also protect joint materials against corrosion, pollution, and harsh weather conditions. Other than this, their wide application across diverse industries will fuel the demand for rubber processing chemicals in the coming years.
Environmental Threats of Rubber Processing Chemicals to Render Market’s Trajectory Unwieldy
On account of the potentially harmful impact of rubber processing chemicals on the environment, stringent regulations are implemented to avert ecological issues. For instance, wastewater discharged during processing contain a high level of biological oxygen. Besides this, the evolution of green tires also pose threat to the overall market.
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While these restraints could make the market’s trajectory unwieldy, the rising demand from Asia Pacific will keep the demand for rubber processing chemicals high in the near future. The market is also expected to gain from the increasing market penetration of the leading companies.
This review is based on a TMR study, titled “Rubber Processing Chemicals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The report segments the global rubber processing chemicals market as:
Rubber Processing Chemicals Market – Type Analysis
- Vulcanizing Agents
- Others (include processing aids, peptizers, anti-tack agents etc.)
Rubber Processing Chemicals Market – Application Analysis
- Building & Construction
- Others(include medical, aerospace, footwear etc.)
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