Owing to diverse product portfolios and solid outreach,, many players have established themselves well in the global rubber processing chemicals market, observes Transparency Market Research. The vendor landscape is majorly consolidated with a handful of players accounting a significant chunk of the market share. Eastman Chemical Company, Akzo Nobel N.V. LANXESS, and BASF SE are the four companies that clocked about 41.0% of the total market share in 2015. Besides these, Sumitomo Chemical Company, China Petroleum & Chemical Corporation, Merchem, Solvay, and Emerald Performance Materials, are some other prominent players operating in the global rubber processing chemicals market. With never-ending product innovations, a cutthroat competitive scenario is expected to unfold in future, especially with many regional players entering the market.
Speaking about numbers, the global rubber processing chemicals market clocked a revenue of US$3.4 bn in 2015. This valuation is further expected to rise up to US$5.1 bn by 2024 on account of a CAGR of 4.7% during the forecast period from 2016 and 2024.
From the applications perspective, the global rubber processing chemicals market was dominated by the tire segment. It held a maximum share of over 70% in 2015. Rapid development of the automotive industry has mainly served to catapult this segment to the fore.. Going forward, the segment is expected to hold on to its dominant share.
On the basis of geography, the global rubber processing chemicals market in Asia Pacific held a remarkable revenue that amounted to 62% of the total market shares in 2015. This region is expected to surge further in the near future as a result of the continuously evolving automobile industry. Asia Pacific is likely to emerge as a leading geographical segment during the forecast period.
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AExtensive Use in Construction Industry Boosts Growth
With never-ending and skyrocketing automobile sales being recorded all over the globe, the demand for quality tires has increased, thus contributing towards improving sales in this market. Owing to rising disposable income among the masses, the spending power has increased, further pushing the requirement for quality rubber processing chemicals market. Several recent developments in the tire industry have significantly contributed towards a rising rubber processing chemicals market from a global perspective. Apart from the tire industry, rubber processing chemicals are largely used in the several construction-based activities such as floor coverings, insulating agents, roofing materials, and sealants. Such applications increase the demand for these chemicals, thus boosting the global rubber processing chemicals market.
In contrast to these driving factors, the global rubber processing chemicals market is negatively affected by a few hindrances. Utilization of hazardous chemicals and their ill effects on the environment is a prominent restraint that has been affecting this market. However, new chemicals are being developed by some businesses are expected to open up new avenues for growth.