The analysts forecast global rubber market to grow at a CAGR of 4.66% during the period 2017-2021. The latest trend gaining momentum in the market is Bio-based tires helping market growth.
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The tires used in automotive vehicles are going to be bio-based during the forecast period.
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There is a great turmoil in the rubber industry to manufacture automotive vehicle tires made from renewable raw materials. Companies such as DuPont have been working on the use of renewable raw materials, which can be used to manufacture tires.
DuPont Industrial Biosciences is working to develop a product known as BioIsoprene, which is a bio-based alternative for petroleum-derived isoprene. BioIsoprene can be used to produce synthetic rubber, which is regarded as an alternative for natural rubber and other elastomers.
Major key players in the global rubber market: Bridgestone, ExxonMobil, MICHELIN, Sri Trang Agro-Industry, The Dow Chemical Company, Advanced Multitech, Ansell, Asahi Kasei Advance Corporation, China National Petroleum Corporation, LANXESS, LG Chem, Nishikawa Rubber, THAI RUBBER CORPORATION (THAILAND), Tianjin Lugang Petroleum Rubber, Trinseo, and Versalis.
According to the rubber market report, one of the major drivers for this market is Growing demand for rubber in APAC. APAC accounted for the largest market for rubber consumption in 2016 and is expected to be the fastest growing market for rubber consumption during the forecast period.
Countries such as Indonesia, India, Vietnam, Thailand, and China will also witness a high rubber consumption. China was the world’s largest rubber market in 2016.
China will continue to be the largest consumer of natural rubber in the world, accounting a 36%-39% of the natural rubber consumption by 2021. China uses 80% of its natural rubber to manufacture tires.
Indonesia and Malaysia are the major markets for natural and synthetic rubbers.
Report at www.reportsnreports.com/.aspx?name=1256906.
The high production of natural rubber in these countries is expected to increase the growth of the rubber market. The rising demand for tires in the automotive sector is a major factor that is encouraging the growth of the rubber market in APAC.
Further, the rubber market report states that one of the major factors hindering the growth of this market is Fluctuating raw material prices for synthetic rubber. Synthetic rubber is manufactured by refining crude oil to naphtha and natural gas.
These are derived from the fractional distillation of petroleum products. Petrochemical prices are heavily dependent on crude oil prices.
Fluctuating crude oil prices have affected the prices of raw materials, thereby affecting the costs to produce synthetic rubber. As per the US Energy Information Administration (EIA), the crude oil price for Brent was around $48.67 per barrel in 2015, but the price decreased by 10.97% in 2016.
However, in 2017, it is estimated that the price of crude oil per barrel will increase at a rate of nearly 15%. These prices are expected to fluctuate during the forecast period.
Complete report on rubber market spread across 85 pages, analyzing 16 major companies and providing 40 data exhibits now available at www.reportsnreports.com/reports/12…t-2017-2021.html.
Few Points from List of Exhibits Market:
Exhibit 1: Related Market
Exhibit 2: Global Rubber Market Segments
Exhibit 3: Global Rubber Market: Validation Techniques For Market Sizing 2016
Exhibit 4: Global Rubber Market 2016-2021 (Kilotons)
Exhibit 5: Global Rubber Market: Year-Over-Year Growth 2017-2021 (% Share)
Exhibit 6: Five Force Analysis
Exhibit 7: Global Rubber Market By Type 2016-2021 (%)
Exhibit 8: Global Rubber Market Comparison By Type
Exhibit 9: Global Synthetic Rubber Market 2016-2021 (Kilotons)
Exhibit 10: Global Synthetic Rubber Market: Year-Over-Year Growth 2017-2021 (% Share)
Exhibit 11: Global Natural Rubber Market 2016-2021 (Kilotons)
Exhibit 12: Global Natural Rubber Market: Year-Over-Year Growth 2017-2021 (% Share)
Exhibit 13: Global Rubber Market Opportunity By Type
Exhibit 14: Global Rubber Market By Application 2016-2021 (%)
Exhibit 15: Global Rubber Market Comparison By Application
Exhibit 16: Global Rubber Market By Tires 2016-2021 (Kilotons)
Exhibit 17: Global Rubber Market By Tires: Year-Over-Year Growth 2017-2021 (% Share)
Exhibit 18: Global Rubber Market By Non-Tires 2016-2021 (Kilotons)
Exhibit 19: Global Rubber Market By Non-Tires: Year-Over-Year Growth 2017-2021 (% Share)
Exhibit 20: Market Opportunity By Application