August 03, 2022 06:52 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The finished rubber material produced by processing a mixture of raw rubber, fillers, and other chemicals is referred to as a Rubber Compound Market. To achieve the specified set of performance requirements, chemicals are utilized to improve the qualities of raw rubber. In different concentrations, substances such as polymers, fillers, antioxidants, curing agents, oil, and accelerators are used to create Rubber Compound Markets. These Rubber Compound Markets are used in the automotive industry. Thus, mounting demand for these products from automotive industries is anticipated to drive the market.
The Global Rubber Compound Market revenue is expected to reach a value USD 1,2698.4 Million in 2028.
The Global Market revenue was valued at USD 8,182.3 Million in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period; states Vantage Market Research, in a report, titled “Rubber Compound Market Size, Share & Trends Analysis Report by Product Type (Natural Rubber, Synthetic Rubber), by Processing Method (Injection Molding, Compression Molding, Extrusion, Other Processing Methods), by End User (Automotive & Transportation, Building & Construction, Industrial Machinery & Equipment, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
Increased Applications in the Automobile Industry
The Rubber Compound Market is developing at a fast tempo due to growing demand in the car industry. The compound rubber is majorly used withinside the production of tires and seats of the car automobiles. It aids in imparting abrasion resistance, chemical and grease resistance, excellent resistance to petroleum and oil, hot and cold temperature sustainability, excessive tear strength, and ozone resistance to the car rubber components. The improvement withinside the car components and the advent of electrical automobiles will offer a rewarding boom within the car industry, with a purpose to similarly propel the call for Rubber Compound Markets. Furthermore, increased earnings and the easiness of owning and operating motor vehicles will further fuel the market to grow as per the forecast.
Strong Demand from the Industrial Sector
Rubber Compound Markets are used in business sectors for sealing, insulation, and applications. It is utilized in wires due to its energy and resistance to heat and electricity. It is used considerably withinside the insulation of cords and cables due to its sturdiness towards damages and atrocious environmental conditions. It successfully absorbs warmness and power internal and forestalls short circuits. Rubber Compound Markets are utilized in business equipment to shield the device from heat generalization. It tweaks the functioning of the machinery and dissipates heat successfully. Butyl rubber is used considerably in gloves to protect the employees against electric-powered currents and further damages in an industry. Increasing industrialization and the strict rules regarding workforce security are going to propel the demand further. These factors will help drive the Rubber Compound Market per the forecast period.
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Rubber Compound Market highlights:
Asia Pacific is expected to dominate the growth of Rubber Compound Market in 2021. Asia Pacific is predicted to steer the Rubber Compound Marketplace proportion due to the growing call for high-quality materials from business sectors in China. Further, evolving client options and growing spending behavior will bolster the call for the product. Additionally, the emergence of numerous production industries and improvement is envisioned to reinforce the boom of the Rubber Compound Market industry.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Rubber Compound Market Size, Share & Trends Analysis Report by Product Type (Natural Rubber, Synthetic Rubber), by Processing Method (Injection Molding, Compression Molding, Extrusion, Other Processing Methods), by End User (Automotive & Transportation, Building & Construction, Industrial Machinery & Equipment, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
List of Prominent Players in the Rubber Compound Market:
In October 2019, TOLINS Tyres Pvt. Ltd introduced T19 Pre-cured Tread Rubber, for truck and bus radials. It will help the company to expand its product portfolio.
Key questions answered in the report:
This market titled “Rubber Compound Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
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