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
- Antidegradants
- Accelerators
- Stabilizers
- Vulcanizing Agents
- Others (include processing aids, peptizers, anti-tack agents etc.)
Rubber Processing Chemicals Market – Application
Analysis
- Tire
- Non-tire
- Automotive
- Building & Construction
- Industrial
- Others(include medical, aerospace, footwear etc.)
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