Industrial Rubber Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 15.73 Billion |
| Market Size (2029) | USD 18.96 Billion |
| CAGR (2024 - 2029) | 3.81 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Industrial Rubber Market Analysis
The Industrial Rubber Market size is estimated at USD 15.73 billion in 2024, and is expected to reach USD 18.96 billion by 2029, growing at a CAGR of 3.81% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the industrial rubber market in 2020 because of the disruptions in the supply chain of raw materials and finished products. However, the market recovered in 2021 and marked year-on-year growth later on.
- The growth of the market is likely to be driven by the increasing use of industrial rubber in conveyors and transmission belts and the growing demand for high-pressure hoses from different end-user industries.
- Strict rules about the environment are likely to decelerate the growth of the market studied.
- The introduction of new manufacturing techniques to reduce hazardous waste is expected to create market opportunities in the future.
- The Asia-Pacific region dominated the market for industrial rubber, with India, China, and Japan representing major countries in terms of consumption.
Industrial Rubber Market Trends
Increasing Application as Conveyor and Transmission Belts
- Industrial rubber is extensively utilized in the production of conveyor belts and transmission belts. Within the material handling sector, conveyor belts function as a perpetual loop mechanism for transporting materials such as coal, minerals, ore, and other substances, making these industries dependent on their use.
- Industrial rubber also has a major application in the automobile industry. They are used as car and worker conveyor belts, belts for conveying metal sheets and plastic parts, transportation within metal stamping and vacuum lines, and making other drive belts.
- According to the International Organization of Motor Vehicle Manufacturers (OICA) report, in 2022, a total of around 85 million passenger cars and commercial vehicles were manufactured worldwide, up nearly 6% compared to the previous year.
- According to the China Association of Automobile Manufacturing (CAAM), the number of New Energy Vehicles made in the country rose by 99% in 2022 compared to 2021. Thus, the expanding electric vehicle market is expected to increase market demand during the forecast period.
- The application of industrial rubber is rapidly increasing in mining and other major industries, with China, Germany, the United Kingdom, the United States, and India playing major roles in this market.
- According to the United States Geological Survey (USGS), in 2023, non-fuel mineral commodities produced by U.S. mines were worth about USD 105 billion. Thus boosting the growth of the market.
- Therefore, the demand for industrial rubber in applications such as conveyors and transmission belts is expected to increase during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market during the forecast period. With the growing application of industrial rubber in countries such as China, India, Japan, South Korea, and Malaysia, its demand has been increasing in the region.
- In the Asia-Pacific region, countries like India, Australia, Indonesia, and China account for a significant share of the global mining industry.
- In 2023, according to the US Geological Survey, Australia, China, and India were among the top 5 major countries in terms of iron ore mine production volume worldwide. For instance, Australia's and China's mine production of iron ore reached around 960 million metric tons and 280 million metric tons, respectively.
- The use of industrial rubber has been increasing rapidly because of its wide application in the manufacturing of hose pipes, drive belts, and pneumatic valves, apart from conveyor belts. These products have wide applications in the automotive industry.
- According to the China Association of Automobile Manufacturers (CAAM), China has the largest automotive production base in the world, with a total vehicle production of 30.16 million units in 2023, registering an increase of 11.7% compared to the 27 million units produced last year.
- Furthermore, China, Japan, India, and South America were among the top 5 largest producers of cars and commercial vehicles in the world in 2023, according to the International Organization of Motor Vehicle Manufacturers (OICA).
- Therefore, the aforementioned factors are expected to have a significant impact on the market in the coming years.
Industrial Rubber Industry Overview
The industrial rubber market is fragmented in nature. Some of the major players in the market include THE YOKOHAMA RUBBER CO., LTD, UBE Corporation, Rondex (Thailand) Co., Ltd, Bridgestone Corporation, and China Petrochemical Corporation, among others.
Industrial Rubber Market Leaders
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Rondex (Thailand) Co., Ltd.
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THE YOKOHAMA RUBBER CO.,LTD.
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Bridgestone Corporation
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UBE Corporation
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China Petrochemical Corporation
*Disclaimer: Major Players sorted in no particular order
Industrial Rubber Market News
- January 2024: AMMEGA Group announced an investment of USD 100 million in the Americas to expand the production of conveyor belts and improve the company's service capabilities.
- April 2023: China Petroleum & Chemical Corporation or Sinopec's subsidiary Hainan Baling Chemical New Material Co. Ltd launched production of its styrene-butadiene copolymer (SBC) project in Hainan, China, to reach an annual production capacity of 170,000 tons. SBC is a type of TPE (thermoplastic elastomer), which includes different rubber types widely used in shoes, asphalt modification, resin modification, adhesives, food packaging, medical equipment, sports equipment, automotive, and consumer electronics.
- March 2023: Yokohama Rubber Co. Ltd. launched the Hamaheat Super 80, a high-temperature heat-resistant conveyor belt from the Hamaheat series. This conveyor belt is suitable for high-temperature conveyance up to an allowable belt surface temperature of 180°C/350.
- February 2023: Cabot Corporation introduced its latest E2C DX9660 innovation to enhance rubber longevity by offering superior abrasion resistance. This cutting-edge solution boasts a 30% improvement in abrasion resistance compared to traditional compounds. The addition of this new product further enriches Cabot's lineup of E2C solutions, catering to various on-road commercial tire applications and industrial rubber goods.
Industrial Rubber Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Application as Conveyor and Transmission Belts
- 4.1.2 Growing Demand for High-pressure Hoses
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4.2 Restraints
- 4.2.1 Stringent Environmental Regulations
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Application
- 5.1.1 Conveyor Belts
- 5.1.2 Transmission Belts
- 5.1.3 Pressure Hoses
- 5.1.4 Other Applications
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5.2 Geography
- 5.2.1 Asia Pacific
- 5.2.1.1 China
- 5.2.1.2 India
- 5.2.1.3 Japan
- 5.2.1.4 South Korea
- 5.2.1.5 Thailand
- 5.2.1.6 Indonesia
- 5.2.1.7 Vietnam
- 5.2.1.8 Malaysia
- 5.2.1.9 Rest of Asia Pacific
- 5.2.2 North America
- 5.2.2.1 United States
- 5.2.2.2 Canada
- 5.2.2.3 Mexico
- 5.2.3 Europe
- 5.2.3.1 Germany
- 5.2.3.2 United Kingdom
- 5.2.3.3 France
- 5.2.3.4 Italy
- 5.2.3.5 Spain
- 5.2.3.6 Russia
- 5.2.3.7 NORDIC
- 5.2.3.8 Turkey
- 5.2.3.9 Rest of Europe
- 5.2.4 South America
- 5.2.4.1 Brazil
- 5.2.4.2 Argentina
- 5.2.4.3 Colombia
- 5.2.4.4 Rest of South America
- 5.2.5 Middle-East and Africa
- 5.2.5.1 Saudi Arabia
- 5.2.5.2 South Africa
- 5.2.5.3 United Arab Emirates
- 5.2.5.4 Qatar
- 5.2.5.5 Nigeria
- 5.2.5.6 Egypt
- 5.2.5.7 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share(%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 AMMEGA
- 6.4.2 Bando Chemical Industries, LTD.
- 6.4.3 Bridgestone Corporation
- 6.4.4 China Petrochemical Corporation
- 6.4.5 Denka Company Limited
- 6.4.6 ENEOS Corporation
- 6.4.7 Rondex (Thailand) Co. Ltd.
- 6.4.8 SIBUR Holding PJSC
- 6.4.9 The Goodyear Tire & Rubber Company
- 6.4.10 THE YOKOHAMA RUBBER CO., LTD.
- 6.4.11 Trinseo
- 6.4.12 TSRC
- 6.4.13 UBE Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Introducing New Manufacturing Techniques to Reduce Hazardous Waste
- 7.2 Other Opportunities
Industrial Rubber Industry Segmentation
Industrial rubber is made of polymers and has a major application in end-user industries, including mining, automotive, and others. In the automotive industry, industrial rubber is mainly used as flexible shaft couplings, drive belts, high-pressure hoses, process control rubber sheets, etc. In the mining industry, it is used to make conveyors and transmission belts to carry minerals.
The industrial rubber market is segmented by application and geography. The market is segmented by application into conveyor belts, transmission belts, pressure hoses, and other applications (insulations, gaskets, etc.). The report also covers the market size and forecasts in 27 countries across major regions. Market sizing and forecasts were made for each segment based on USD revenue.
| Application | Conveyor Belts | |
| Transmission Belts | ||
| Pressure Hoses | ||
| Other Applications | ||
| Geography | Asia Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Thailand | ||
| Indonesia | ||
| Vietnam | ||
| Malaysia | ||
| Rest of Asia Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Russia | ||
| NORDIC | ||
| Turkey | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Colombia | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| United Arab Emirates | ||
| Qatar | ||
| Nigeria | ||
| Egypt | ||
| Rest of Middle-East and Africa |
Industrial Rubber Market Research FAQs
How big is the Industrial Rubber Market?
The Industrial Rubber Market size is expected to reach USD 15.73 billion in 2024 and grow at a CAGR of 3.81% to reach USD 18.96 billion by 2029.
What is the current Industrial Rubber Market size?
In 2024, the Industrial Rubber Market size is expected to reach USD 15.73 billion.
Who are the key players in Industrial Rubber Market?
Rondex (Thailand) Co., Ltd., THE YOKOHAMA RUBBER CO.,LTD., Bridgestone Corporation, UBE Corporation and China Petrochemical Corporation are the major companies operating in the Industrial Rubber Market.
Which is the fastest growing region in Industrial Rubber Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Industrial Rubber Market?
In 2024, the Asia-Pacific accounts for the largest market share in Industrial Rubber Market.
What years does this Industrial Rubber Market cover, and what was the market size in 2023?
In 2023, the Industrial Rubber Market size was estimated at USD 15.13 billion. The report covers the Industrial Rubber Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Rubber Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Industrial Rubber Industry Report
Statistics for the 2024 Industrial Rubber market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Industrial Rubber analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
