Industrial Rubber Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Industrial Rubber Manufacturers and the Market is Segmented by Application (Conveyor Belts, Transmission Belts, Pressure Hoses, and Other Applications) and Geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The Market Size and Forecasts are Provided in Terms of Revenue (USD) for all the Above Segments.

Industrial Rubber Market Size

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Industrial Rubber Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 15.73 Billion
Market Size (2029) USD 18.96 Billion
CAGR (2024 - 2029) 3.81 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Industrial Rubber Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Industrial Rubber Market Analysis

The Industrial Rubber Market size is estimated at USD 15.73 billion in 2024, and is expected to reach USD 18.96 billion by 2029, growing at a CAGR of 3.81% during the forecast period (2024-2029).

The COVID-19 pandemic negatively impacted the industrial rubber market in 2020 because of the disruptions in the supply chain of raw materials and finished products. However, the market recovered in 2021 and marked year-on-year growth later on.

  • The growth of the market is likely to be driven by the increasing use of industrial rubber in conveyors and transmission belts and the growing demand for high-pressure hoses from different end-user industries.
  • Strict rules about the environment are likely to decelerate the growth of the market studied.
  • The introduction of new manufacturing techniques to reduce hazardous waste is expected to create market opportunities in the future.
  • The Asia-Pacific region dominated the market for industrial rubber, with India, China, and Japan representing major countries in terms of consumption.

Industrial Rubber Market Trends

Increasing Application as Conveyor and Transmission Belts

  • Industrial rubber is extensively utilized in the production of conveyor belts and transmission belts. Within the material handling sector, conveyor belts function as a perpetual loop mechanism for transporting materials such as coal, minerals, ore, and other substances, making these industries dependent on their use.
  • Industrial rubber also has a major application in the automobile industry. They are used as car and worker conveyor belts, belts for conveying metal sheets and plastic parts, transportation within metal stamping and vacuum lines, and making other drive belts.
  • According to the International Organization of Motor Vehicle Manufacturers (OICA) report, in 2022, a total of around 85 million passenger cars and commercial vehicles were manufactured worldwide, up nearly 6% compared to the previous year.
  • According to the China Association of Automobile Manufacturing (CAAM), the number of New Energy Vehicles made in the country rose by 99% in 2022 compared to 2021. Thus, the expanding electric vehicle market is expected to increase market demand during the forecast period.
  • The application of industrial rubber is rapidly increasing in mining and other major industries, with China, Germany, the United Kingdom, the United States, and India playing major roles in this market.
  • According to the United States Geological Survey (USGS), in 2023, non-fuel mineral commodities produced by U.S. mines were worth about USD 105 billion. Thus boosting the growth of the market.
  • Therefore, the demand for industrial rubber in applications such as conveyors and transmission belts is expected to increase during the forecast period.
Industrial Rubber Market: Annual Production of New Energy Vehicles, In volume (units), China, 2019-2023

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region is expected to dominate the market during the forecast period. With the growing application of industrial rubber in countries such as China, India, Japan, South Korea, and Malaysia, its demand has been increasing in the region.
  • In the Asia-Pacific region, countries like India, Australia, Indonesia, and China account for a significant share of the global mining industry.
  • In 2023, according to the US Geological Survey, Australia, China, and India were among the top 5 major countries in terms of iron ore mine production volume worldwide. For instance, Australia's and China's mine production of iron ore reached around 960 million metric tons and 280 million metric tons, respectively.
  • The use of industrial rubber has been increasing rapidly because of its wide application in the manufacturing of hose pipes, drive belts, and pneumatic valves, apart from conveyor belts. These products have wide applications in the automotive industry.
  • According to the China Association of Automobile Manufacturers (CAAM), China has the largest automotive production base in the world, with a total vehicle production of 30.16 million units in 2023, registering an increase of 11.7% compared to the 27 million units produced last year.
  • Furthermore, China, Japan, India, and South America were among the top 5 largest producers of cars and commercial vehicles in the world in 2023, according to the International Organization of Motor Vehicle Manufacturers (OICA).
  • Therefore, the aforementioned factors are expected to have a significant impact on the market in the coming years.
Industrial Rubber Market - Growth Rate by Region

Industrial Rubber Industry Overview

The industrial rubber market is fragmented in nature. Some of the major players in the market include THE YOKOHAMA RUBBER CO., LTD, UBE Corporation, Rondex (Thailand) Co., Ltd, Bridgestone Corporation, and China Petrochemical Corporation, among others.

Industrial Rubber Market Leaders

  1. Rondex (Thailand) Co., Ltd.

  2. THE YOKOHAMA RUBBER CO.,LTD.

  3. Bridgestone Corporation

  4. UBE Corporation

  5. China Petrochemical Corporation

*Disclaimer: Major Players sorted in no particular order

Industrial Rubber Market Concentration
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Industrial Rubber Market News

  • January 2024: AMMEGA Group announced an investment of USD 100 million in the Americas to expand the production of conveyor belts and improve the company's service capabilities.
  • April 2023: China Petroleum & Chemical Corporation or Sinopec's subsidiary Hainan Baling Chemical New Material Co. Ltd launched production of its styrene-butadiene copolymer (SBC) project in Hainan, China, to reach an annual production capacity of 170,000 tons. SBC is a type of TPE (thermoplastic elastomer), which includes different rubber types widely used in shoes, asphalt modification, resin modification, adhesives, food packaging, medical equipment, sports equipment, automotive, and consumer electronics.
  • March 2023: Yokohama Rubber Co. Ltd. launched the Hamaheat Super 80, a high-temperature heat-resistant conveyor belt from the Hamaheat series. This conveyor belt is suitable for high-temperature conveyance up to an allowable belt surface temperature of 180°C/350.
  • February 2023: Cabot Corporation introduced its latest E2C DX9660 innovation to enhance rubber longevity by offering superior abrasion resistance. This cutting-edge solution boasts a 30% improvement in abrasion resistance compared to traditional compounds. The addition of this new product further enriches Cabot's lineup of E2C solutions, catering to various on-road commercial tire applications and industrial rubber goods.

Industrial Rubber Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Application as Conveyor and Transmission Belts

      2. 4.1.2 Growing Demand for High-pressure Hoses

    2. 4.2 Restraints

      1. 4.2.1 Stringent Environmental Regulations

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Application

      1. 5.1.1 Conveyor Belts

      2. 5.1.2 Transmission Belts

      3. 5.1.3 Pressure Hoses

      4. 5.1.4 Other Applications

    2. 5.2 Geography

      1. 5.2.1 Asia Pacific

        1. 5.2.1.1 China

        2. 5.2.1.2 India

        3. 5.2.1.3 Japan

        4. 5.2.1.4 South Korea

        5. 5.2.1.5 Thailand

        6. 5.2.1.6 Indonesia

        7. 5.2.1.7 Vietnam

        8. 5.2.1.8 Malaysia

        9. 5.2.1.9 Rest of Asia Pacific

      2. 5.2.2 North America

        1. 5.2.2.1 United States

        2. 5.2.2.2 Canada

        3. 5.2.2.3 Mexico

      3. 5.2.3 Europe

        1. 5.2.3.1 Germany

        2. 5.2.3.2 United Kingdom

        3. 5.2.3.3 France

        4. 5.2.3.4 Italy

        5. 5.2.3.5 Spain

        6. 5.2.3.6 Russia

        7. 5.2.3.7 NORDIC

        8. 5.2.3.8 Turkey

        9. 5.2.3.9 Rest of Europe

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Colombia

        4. 5.2.4.4 Rest of South America

      5. 5.2.5 Middle-East and Africa

        1. 5.2.5.1 Saudi Arabia

        2. 5.2.5.2 South Africa

        3. 5.2.5.3 United Arab Emirates

        4. 5.2.5.4 Qatar

        5. 5.2.5.5 Nigeria

        6. 5.2.5.6 Egypt

        7. 5.2.5.7 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AMMEGA

      2. 6.4.2 Bando Chemical Industries, LTD.

      3. 6.4.3 Bridgestone Corporation

      4. 6.4.4 China Petrochemical Corporation

      5. 6.4.5 Denka Company Limited

      6. 6.4.6 ENEOS Corporation

      7. 6.4.7 Rondex (Thailand) Co. Ltd.

      8. 6.4.8 SIBUR Holding PJSC

      9. 6.4.9 The Goodyear Tire & Rubber Company

      10. 6.4.10 THE YOKOHAMA RUBBER CO., LTD.

      11. 6.4.11 Trinseo

      12. 6.4.12 TSRC

      13. 6.4.13 UBE Corporation

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Introducing New Manufacturing Techniques to Reduce Hazardous Waste

    2. 7.2 Other Opportunities

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Industrial Rubber Industry Segmentation

Industrial rubber is made of polymers and has a major application in end-user industries, including mining, automotive, and others. In the automotive industry, industrial rubber is mainly used as flexible shaft couplings, drive belts, high-pressure hoses, process control rubber sheets, etc. In the mining industry, it is used to make conveyors and transmission belts to carry minerals.

The industrial rubber market is segmented by application and geography. The market is segmented by application into conveyor belts, transmission belts, pressure hoses, and other applications (insulations, gaskets, etc.). The report also covers the market size and forecasts in 27 countries across major regions. Market sizing and forecasts were made for each segment based on USD revenue.

Application
Conveyor Belts
Transmission Belts
Pressure Hoses
Other Applications
Geography
Asia Pacific
China
India
Japan
South Korea
Thailand
Indonesia
Vietnam
Malaysia
Rest of Asia Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Russia
NORDIC
Turkey
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
United Arab Emirates
Qatar
Nigeria
Egypt
Rest of Middle-East and Africa
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Industrial Rubber Market Research FAQs

The Industrial Rubber Market size is expected to reach USD 15.73 billion in 2024 and grow at a CAGR of 3.81% to reach USD 18.96 billion by 2029.

In 2024, the Industrial Rubber Market size is expected to reach USD 15.73 billion.

Rondex (Thailand) Co., Ltd., THE YOKOHAMA RUBBER CO.,LTD., Bridgestone Corporation, UBE Corporation and China Petrochemical Corporation are the major companies operating in the Industrial Rubber Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Industrial Rubber Market.

In 2023, the Industrial Rubber Market size was estimated at USD 15.13 billion. The report covers the Industrial Rubber Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Rubber Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Industrial Rubber Industry Report

Statistics for the 2024 Industrial Rubber market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Industrial Rubber analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Industrial Rubber Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)