Rubber Market Market Share Growing Rapidly with Recent Trends, Development, Revenue, Demand and Forecast to 2027
The global rubber market size is expected to reach USD 51.21 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period. The heavy demand from the automotive industry owing to its insulation property, and will propel the growth of the market during the forecast period, states Fortune Business Insights, in a report, titled “Rubber Market Size, Share & Industry Analysis, By Type (Natural, and Synthetic), By Application (Tire, Non-Tire Automotive, Footwear, Industrial Goods, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 40.77 billion in 2019.
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Rising Application of Rubber in Numerous Industries to Boost Market
The growing demand for tire and other automotive parts will simultaneously spur opportunities during the forecast period. The growing utilization of rubber in wide-ranging automotive products such as tires, crap tubes, adhesives, hoses, pipes, gaskets, and roll coverings will further enhance the scope of the market. Moreover, the increasing application in footwear, industrial goods, construction, textiles, and other consumer products will aid the expansion of the market. For instance, the use of latex offers substantial protection against water, chemicals, electricity, impact, and low temperatures. Additionally, its use in a variety of textiles, and consumer products, such as bands, protective covers, mats, and others will further foster the growth of the market.
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