Market Size of Industrial Rubber Industry
| 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 |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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 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 |
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Industrial Rubber Market Size Summary
The industrial rubber market is poised for steady growth over the forecast period, driven by its extensive application in sectors such as material handling and automotive industries. The demand for industrial rubber is particularly bolstered by its use in conveyor belts and transmission belts, which are essential for transporting materials in various industries. Additionally, the automotive sector's reliance on industrial rubber for components like drive belts and conveyor systems further fuels market expansion. The rise of electric vehicles is also expected to contribute to increased demand, as the production of new energy vehicles continues to grow. However, environmental regulations pose challenges to market growth, although advancements in manufacturing techniques aimed at reducing hazardous waste present new opportunities.
The Asia-Pacific region is anticipated to maintain its dominance in the industrial rubber market, with countries like China, India, and Japan leading in consumption. The region's robust mining industry and significant automotive production base, particularly in China, support the high demand for industrial rubber. The market's fragmented nature sees major players like THE YOKOHAMA RUBBER CO., LTD, UBE Corporation, and Bridgestone Corporation actively participating in expansion and innovation efforts. Recent investments and product launches, such as AMMEGA Group's expansion in the Americas and Yokohama Rubber Co. Ltd.'s introduction of high-temperature conveyor belts, highlight the industry's dynamic nature and ongoing development. These factors collectively indicate a positive outlook for the industrial rubber market in the coming years.
Industrial Rubber Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Application as Conveyor and Transmission Belts
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1.1.2 Growing Demand for High-pressure Hoses
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1.2 Restraints
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1.2.1 Stringent Environmental Regulations
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Application
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2.1.1 Conveyor Belts
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2.1.2 Transmission Belts
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2.1.3 Pressure Hoses
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2.1.4 Other Applications
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2.2 Geography
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2.2.1 Asia Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Thailand
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2.2.1.6 Indonesia
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2.2.1.7 Vietnam
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2.2.1.8 Malaysia
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2.2.1.9 Rest of Asia Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Canada
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2.2.2.3 Mexico
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 France
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2.2.3.4 Italy
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2.2.3.5 Spain
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2.2.3.6 Russia
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2.2.3.7 NORDIC
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2.2.3.8 Turkey
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2.2.3.9 Rest of Europe
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Colombia
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2.2.4.4 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 South Africa
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2.2.5.3 United Arab Emirates
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2.2.5.4 Qatar
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2.2.5.5 Nigeria
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2.2.5.6 Egypt
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2.2.5.7 Rest of Middle-East and Africa
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Industrial Rubber Market Size FAQs
How big is the Industrial Rubber Market?
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.
What is the current Industrial Rubber Market size?
In 2024, the Industrial Rubber Market size is expected to reach USD 15.73 billion.
