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Industrial Rubber Market Size Forecast to Reach $160 Billion by 2026

The Industrial Rubber Market size is forecast to reach US$160 billion by 2026, after growing at a CAGR of 7% during 2021-2026. Natural rubber and synthetic rubber are often used in various end-use industries for applications such as belts, hoses, tubes, and bearings. The rapid growth in tire manufacturing has been contributing towards the industrial rubber products industry growth. In addition, there is a surge in the production of medical equipment, which as a result is increasing the demand for industrial rubber for the manufacturing of medical equipment. Furthermore, for the manufacturing of vehicles, the automotive industry uses industrial rubber in many of its parts and components, which is also set to accelerate the market growth during the forecast period.

COVID-19 Impact

The industrial rubber products market was affected by the COVID-19 pandemic in 2020, due to the strict lockdown guidelines. The lockdown enforced the closure of non-essential activities, owing to which there was a supply disruption of raw materials. Moreover, due to delays in the farming operation resulted in the decline of natural rubber production. Also, production and consumption were adversely affected by it. According to the International Rubber Study Group (IRSG), in the year 2020, there was a decline in the production of rubber by -4.9% and the demand for rubber declined by -6.5%. However, due to the proactiveness of the countries and the gradual opening of lockdowns, the situation was controlled. As a result, the industrial rubber products market was not as adversely affected as it was affected in 2020. It is anticipated that by mid-2022 the effect of COVID-19 will be curbed out and this would lead the market situation back to normalcy as it was before the COVID-19 pandemic.

Industrial Rubber Products Market Segment Analysis – By Type

The synthetic rubber segment held the largest share in the industrial rubber products market in 2020. Synthetic rubber has its application across industries where it is used in various parts and components. Synthetic rubber is preferred over natural rubber, due to its better abrasion resistance, as well as it has superior resistance to heat. The advantage of synthetic rubber is that in comparison with natural rubber, they are available in different variants. For instance, according to the International Rubber Study Group, synthetic rubber is available in over 200 variants with its own constituents and qualities. From the synthetic rubber variants, the demand for nitrile rubber (NBR) is widely used in various industries, because its versatility and reliability make it a good choice for the general-purpose application. As a result, the demand for synthetic rubber can be seen in almost every core industry, which contributes to increased business growth, and this is leading towards the growth of the industrial rubber products market.

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