Industrial Rubber Products Market Anticipates to Rise at 5.5% CAGR by 2025 Owing to Shift in Synthetic Rubber
The global industrial rubber products market players are expanding their portfolios across other countries to rise in the market. According a report by Transparency Market Research, the companies in the market are reducing their dependency on automotive sector. Manufacturers are shifting to synthetic rubber from natural rubber due to irregular supply and high price. Manufactures are engaging in research and development to cater the demands of their consumers. The major players have adopted various strategies such as acquisitions, partnerships, joint ventures, expansions, agreements, product launches and others so as to expand their horizon in the market. Some of the key players in the global industrial rubber products market are Yokohama Rubber CO., Ltd., Cooper Standard Inc., Bridgestone Corporation, Freudenberg Group, Continental AG, HEXPOL AB, The Goodyear Tire & Rubber Company, NOK CORPORATION, Gates Corporation, Eaton, Sumitomo Riko Company Limited, and Myers Industries, Inc.
The global industrial rubber products market is expected to grow at a healthy CAGR of 5.5% during the forecast period of 2017 to 2025. According to product type, the global industrial rubber products market is leading by mechanical goods. It is dominating the market as it held 50% of the share in the market during 2016. It is expected to rise significantly during the forecast period. Asia Pacific among all other regions is leading the market. It held one third of the shares in market during 2016 and is expected to lead the market during the forecast period.
Rise in Demand from End Users to Boost the Market
The global industrial rubber products market is driven majorly by manufacturers of auto component and motor cycle output. The rise in demand from automotive industry is likely to fuel the market for industrial rubber products market during the forecast period. End users have also increased consumption of rubber products that has led to rise in demand of industrial rubber products. End users such as automotive industry, aerospace industry, energy industry, construction and infrastructure industry has shown significant rise in the demand of industrial rubber products market and is expected to keep rising in the coming years.
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