Natural Rubber Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)

“Natural Rubber Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)”

Due to lockdown restrictions, there are disruptions in the supply of raw materials. The automotive industry, witnessed a slump that affected the rubber industry. Many top players in tire industry, such as Michelin, Goodyear, and Continental AG, shut down their operations during the pandemic. The delay in farming activities and latex collection further compounded the issue. The restrictions on imports and exports have resulted in shortages of major input. The changing global markets have further exhausted the industry perspective.

Natural rubber is preferred over synthetic rubber due to its high tensile strength and vibration dampening properties, along with tear resistance. This makes it important for the construction and automobile industries. The growth of the automobile market across countries is anticipated to increase the demand for natural rubber production. The rise in demand for latex products, such as catheters, gloves, and belts, is also a factor that is likely to aid in the growth of the rubber market

The increasing demand for natural rubber in China is augmenting the growth of the market studied. China is the world’s largest importer and consumer of natural rubber, consuming around 40.0% of the total global output annually. China being one of the major three automobile manufacturers in the world, the increasing growth of the automobile industry has resulted in the increased demand for raw materials such as natural rubber. Therefore, the rising demand for latex products coupled with the stable growth of the automobile and construction industry will prove beneficial for the rubber market. Thus, the market is anticipated to record steady growth during the forecast period.

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