Global Industrial Rubber Products Market: Overview
The global industrial rubber products market is envisaged to gain a dependable momentum in its growth with the swelling application of top-selling products such as mechanical rubber goods in the automobile sector. Automobile vehicles have been experiencing a heavy deployment of mechanical rubber goods, making them a possible massive contributor to market growth. Furthermore, the increasing application of rubber roofing in both residential and commercial sectors is envisioned to fuel the demand in the market. Rubber roofing could witness a steep rise in its growth with the revival of the construction sector.
The report offered here presents valuable projections and estimations about the global industrial rubber products market, which could affect growth in the near future. Buyers of the report could be able to easily compare different segments of the market and poise their position well for the coming years.
Global Industrial Rubber Products Market: Dynamics
The world industrial rubber products market is forecast to gain a strong impetus due to growing applications in the automotive as well as footwear industry, mostly in developed regions such as North America. However, Asia Pacific could be among the more dominant regions of the market where China and India are anticipated to provide a fillip to the sales of industrial rubber products, mainly in the automotive sector. The expanding industrial base in these countries could also add to the growth of the regional market. Rubber products being involved right from the start of the industrial era are predicted to earn a rising significance for their market.
Global Industrial Rubber Products Market: Segmentation
The international industrial rubber products market is projected to be classified as per product, end-use industry, and sales channel. In terms of product, the market could see a classification into mechanical goods, hose, belts, roofing, and others. According to the report, mechanical goods could top the market with their higher share of US$51.4 bn expected to be achieved by the end of 2022. The annual absolute growth attained by this product could be larger than that of other segments in the category. During the forecast timeframe, it could expand at an annual rate of US$2.1 bn.
On the basis of end-use industry, there could be segments such as industrial machinery and equipment, off-road equipment, automotive and transportation, aerospace, building and construction, and other industries. By sales channel, the international industrial rubber products market could be segregated into original equipment manufacturer (OEM) and maintenance, repair, and operations (MRO).
By region, the international rubber products market is anticipated to witness the dominance of Asia Pacific Excluding Japan (APEJ). Japan and the Middle East and Africa (MEA) could showcase a lethargic growth in the coming years. Contrastingly, North America and Europe are foreseen to exhibit an improved growth. Latin America could be another classification of the market.
Global Industrial Rubber Products Market: Competition
The worldwide industrial rubber products market is foretold to roof the presence of companies such as Parker Hannifin Corporation, Gates Corporation, Eaton Corporation, Continental AG, Dana Incorporated, Delphi Automotive LLP, Yokohama Rubber Corporation, Freudenberg & Co. KG, Bridgestone Corporation, and Avon Rubber.
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