Rubber Additives Market Growing Demand to Impact Revenue Share during 2018-2028
There has been a rise in the demand for rubber additives from the rubber & tire industries. Rubber additives are various kinds of chemicals used for the improvement of rubber strength and performance.
[UKPRwire, Fri Jul 19 2019] The global rubber additives market is anticipated to be dominated by Asia Pacific with China leading the market in terms of both production and consumption. India is also anticipated to witness sound growth in the demand for rubber additives, owing to the rapid growth in the country’s automotive industry. North America and Europe are collectively anticipated to hold a significant share in the Rubber Additives Market and the increasing demand for green tires is anticipated to drive the demand in the coming years. Significant investments and recovering economies in Brazil and Argentina are projected to drive the Latin America rubber additives market.
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There has been a rise in the demand for rubber additives from the rubber & tire industries. Rubber additives are various kinds of chemicals used for the improvement of rubber strength and performance. Rubber additives generally include sulfur, sulfonamide, thiazoles, carbon black, silica, amines, aliphatic esters, silanes and many other chemical compounds. Rubber additives are added during the vulcanization process for imparting strength and specific properties to the final product. Rubber additives find applications in tires, wires & cables, insulation, tapes, gaskets, conveyer belts and roll coverings, among others. The quality of rubber is dependent on the number of additives added during the processing of rubber. Every additive has its own function, which imparts the respective property to the final rubber product.
The rapid growth of the automotive industry has created an upsurge in the demand for rubber additives for the manufacturing of tires as well as other rubber products. Additives are largely comprised of fillers and there has been a rise in the demand for rubber additives from the tire industry, which is projected to support the demand for rubber additives over the forecast period. There has been a significant increase in the demand for tires, which has been driving the rubber additives business growth. Increasing disposable income in developing countries is pushing the demand for the automotive market. Rise in the demand for tires from the automotive industry is expected to boost the growth of the rubber additives market.
One of the major challenges faced by the global rubber additives market is the need for continuous research & development for product improvement. Large players in the market are continuously focusing on innovations and developing new sets of additives to maximize the performance of end products. Therefore, the sustainable growth of small players in the market is a great challenge in the rubber additive market.
Additionally, a rise in the demand for green tires and other green technologies has been observed from mature markets, which poses new challenges for rubber additive manufacturers to satisfy customer expectations.
Another major challenge faced by the global rubber additives industry is the stringent regulations on the chemicals used as additives in rubber manufacturing.
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The manufacturers of rubber additives are entering into long-term supply contracts with tire manufacturing companies as part of their business strategy to expand their customer base and global footprint.
Big manufacturers such as Lanxess are acquiring other small additive manufacturers to expand their business geographically. Rubber additive companies are also trying increase their product portfolio through the new product development.
The Middle East and Africa region is projected to witness higher growth in the demand for rubber additives over the forecast period, owing to the initiatives by various Middle Eastern countries towards making a diversified economy.
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