Industrial Rubber Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Industrial Rubber Market is Segmented by Application (Conveyor Belts, Transmission Belts, Pressure Hoses, and Other Applications) and Geography (Asia Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Industrial Rubber in revenue (USD million) for all the above segments.

Market Snapshot

Industrial Rubber Market Size
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >4 %
Industrial Rubber Market Major Players

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Market Overview

The Global Industrial Rubber Market size is projected to register a CAGR of over 4% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, the automotive manufacturing activities and mineral mining activities were on a temporary halt during the lockdown, thus led to a decrease in the demand for conveyor and transmission belts, pressure hoses, and other rubber products from the end-user industries such as automotive and mining, which in turn negatively impacts the demand for the industrial rubber market.

  • Over the short term, the increasing application as conveyor, transmission belts, and the growing demand for high-pressure hoses from different end-user industries including mining is expected to drive the market's growth.
  • On the flip side, stringent environmental regulations and unfavorable conditions arising due to the impact of COVID-19 are expected to hinder the growth of the market studied.
  • The application of industrial rubber as conveyor belts and transmission belts dominated the market and is expected to grow during the forecast period owing to the increasing demand from mining and other major industries.
  • The Asia-Pacific region dominated the market for industrial rubber with India, China, and Japan representing major countries in terms of consumption.

Scope of the Report

Industrial rubber finds its major application in the 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, and others. 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. By application, the market is segmented into conveyor belts, transmission belts, pressure hoses, and other applications. The report also covers the market size and forecasts for the industrial rubber market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

By Application
Conveyor Belts
Transmission Belts
Pressure Hoses
Other Applications
By Geography
Asia Pacific
China
India
Japan
South Korea
Rest of Asia Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Increasing Application as Conveyor and Transmission Belts

  • Industrial rubber is also termed synthetic rubber. It is mainly used in the manufacture of conveyor belts and transmission belts that constitutes 60% of its use.
  • In the material handling industry, conveyor belts act as a continuous loop system in carrying materials like coal, minerals, ore, and others making these industries dependent on its 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 Organisation Internationale des Constructeurs d'Automobiles (OICA), about 92.18 million vehicles were produced globally in 2019 and has reached about 77.62 million vehicles in 2020, registering a decline rate of about 15.8%, thus led to a decrease in the demand for the conveyor belts from the automotive segment, which in turn negatively impacts the market demand for industrial rubber.
  • 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 a major role in this market.
  • According to United States Geological Survey (USGS), the total value of metal production through mining in the United States was about USD 26.9 billion in 2019 and reached about USD 27.7 billion in 2020, with a growth rate of about 3%, thus led to an increase in the demand for conveyor and transmission belts from the mining industry, which in turn stimulates the demand of the studied market.
  • Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.
Industrial Rubber Market Trends

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.
  • The largest producers of industrial rubber are located in the Asia-Pacific region. Some of the leading companies in the production of industrial rubber are Bando Chemical Industries, LTD., Bridgestone Corporation, Rondex (Thailand) Co. Ltd, TSRC, and UBE INDUSTRIES, LTD.
  • In the Asia-Pacific region, China is the largest country accounting for 17% of the world's share in the mining industry followed by India accounting for about 8%. The demand for industrial rubber from these countries is high due to the increasing mining activity.
  • In 2019, the Indian government allowed 100 % Foreign Direct Investment in the mining sector and the exploration of metal and non-metal ores creating a major scope for this market over the coming years.
  • According to the Ministry of Mines of the Indian Government, mineral production (excluding atomic and fuel minerals) in India was valued at about USD 17.52 billion in FY19 and was estimated at about USD 17.01 billion in FY20, with a decline rate of about 3%, thus led to a decrease in the demand for conveyors and transmission belts from the mining industry, which in turn negatively impacts the demand for the industrial rubber market.
  • The use of industrial rubber has been increasing rapidly because of its wide application in manufacturing hose pipes, drive belts, pneumatic valves apart from conveyor belts and these products find its wide application in the automotive industry.
  • According to OICA, China had produced about 25.75 million vehicles in 2019 and reached about 25.23 million vehicles in 2020, with a decline rate of about 2%, which in-turn negatively impacted the demand for the studied market.
  • Additionally, India had produced about 4.52 million vehicles in 2019 and reached about 3.39 million vehicles in 2020, with a decline rate of about 25%, which in-turn negatively impacted the demand for the industrial rubber market.
  • Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.
Industrial Rubber Market Revenue Share

Competitive Landscape

The industrial rubber market is fragmented with players accounting for a marginal share of the market. The major companies include THE YOKOHAMA RUBBER CO., LTD., UBE INDUSTRIES, LTD., Rondex (Thailand) Co., Ltd., Bridgestone Corporation, and China Petroleum & Chemical Corporation (SINOPEC), among others.

Recent Developments

  • In February 2020, AMMEGA, the holding company of Ammeraal Beltech and Megadyne, which are involved in manufacturing conveyor and power transmission belts, has announced the acquisition of Midwest Industrial Rubber, in turn, enhances the company's product portfolio.
  • In September 2019, China Petroleum & Chemical Corporation (SINOPEC) and SIBUR signed a memorandum of understanding (MoU) to create a joint venture (JV) for the production of nitrile butadiene rubber with a capacity of 50 kilotons per annum in China. China Petroleum & Chemical Corporation (SINOPEC) may hold 60% of the total JV share. This JV may further enhance the business of both companies.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Application as Conveyor and Transmission Belts

      2. 4.1.2 Growing Demand for High-pressure Hoses

    2. 4.2 Restraints

      1. 4.2.1 Stringent Environmental Regulations

      2. 4.2.2 Unfavorable Conditions Arising due to the Impact of COVID-19

      3. 4.2.3 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Buyers

      2. 4.4.2 Bargaining Power of Suppliers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Application

      1. 5.1.1 Conveyor Belts

      2. 5.1.2 Transmission Belts

      3. 5.1.3 Pressure Hoses

      4. 5.1.4 Other Applications

    2. 5.2 By Geography

      1. 5.2.1 Asia Pacific

        1. 5.2.1.1 China

        2. 5.2.1.2 India

        3. 5.2.1.3 Japan

        4. 5.2.1.4 South Korea

        5. 5.2.1.5 Rest of Asia Pacific

      2. 5.2.2 North America

        1. 5.2.2.1 United States

        2. 5.2.2.2 Canada

        3. 5.2.2.3 Mexico

      3. 5.2.3 Europe

        1. 5.2.3.1 Germany

        2. 5.2.3.2 United Kingdom

        3. 5.2.3.3 France

        4. 5.2.3.4 Italy

        5. 5.2.3.5 Rest of Europe

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Rest of South America

      5. 5.2.5 Middle-East and Africa

        1. 5.2.5.1 Saudi Arabia

        2. 5.2.5.2 South Africa

        3. 5.2.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AMMEGA

      2. 6.4.2 Bando Chemical Industries Ltd

      3. 6.4.3 Bridgestone Corporation

      4. 6.4.4 China Petroleum & Chemical Corporation (SINOPEC)

      5. 6.4.5 Denka Company Limited

      6. 6.4.6 Rondex (Thailand) Co. Ltd

      7. 6.4.7 SIBUR

      8. 6.4.8 The Goodyear Tire & Rubber Company

      9. 6.4.9 THE YOKOHAMA RUBBER CO. LTD

      10. 6.4.10 Trinseo

      11. 6.4.11 TSRC

      12. 6.4.12 UBE INDUSTRIES, LTD

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Introducing New Manufacturing Techniques to Reduce Hazardous Waste

    2. 7.2 Other Opportunities

**Subject to Availability

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Frequently Asked Questions

The Industrial Rubber Market market is studied from 2016 - 2026.

The Industrial Rubber Market is growing at a CAGR of >4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

China Petroleum & Chemical Corporation (SINOPEC), UBE INDUSTRIES,LTD., Rondex (Thailand) Co., Ltd., THE YOKOHAMA RUBBER CO.,LTD., Bridgestone Corporation are the major companies operating in Industrial Rubber Market.

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