Amid the COVID-19 crisis and the looming economic recession, the Industrial Rubber Products market worldwide will grow by a projected US$55.5 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 5%. The global analysis and forecast periods covered are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Mechanical Rubber Goods, one of the segments analyzed and sized in this study, is forecast to grow at over 5% and reach a market size of US$91.5 Billion by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Mechanical Rubber Goods market will be reset to a new normal which going forward in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 4% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over US$1.7 Billion to the region’s size over the next 7 to 8 years. In addition, over US$1.7 Billion worth of projected demand in the region will come from Rest of the European markets. In Japan, the Mechanical Rubber Goods segment will reach a market size of US$4.4 Billion by the close of the analysis period.