Rubber Market Worth by Top International Players USD 60.38 Billion by 2026| Fortune Business Insights
Chemical Clean-Up & Control Services
Updated on Nov 14, 2019
View more like this | Visit United States Minor Outlying Islands, UN | Contact Fortune BI
The global rubber market is anticipated to gain impetus from a rise in the demand from tire and non-tire automotive parts sector. This information is published in a report by Fortune Business Insights, 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, 2019-2026.” The report further mentions that the rubber market size is projected to reach USD 60.38 Billion by 2026, thereby exhibiting a CAGR of 5.1% during the forecast period. However, the market was valued at USD 40.71 Billion in 2018. Furthermore, rubber consists of numerous crucial properties, namely, high flexibility, insulation property, and weather resistance. Hence, it is used in manufacturing non-flat belts, elevators, and transmission belts.
Browse Complete Report [email protected] https://www.fortunebusinessinsights.com/industry-reports/rubber-market-101612
The report provides a detailed analysis of the market growth rate and size for all the significant segments. It further offers qualitative and quantitative insights into the industry, such as rubber market trends, growth drivers, hindrances, competitive landscape, and challenges. It also aids in highlighting and analyzing the most important business strategies of the renowned market players. Combined with this, it presents accurate information regarding the market value, size, and volume.
Synthetic Rubber Segment to Dominate Owing to its Various Beneficial Properties
In terms of type, the rubber market is categorized into synthetic and natural. Amongst these, synthetic rubber is exhibiting higher demand due to various applications, namely, industrial goods, footwear, and tire. It is because they possess superior properties, such as toughness, elasticity, high head resistance, and abrasion resistance. All these vital properties have resulted in the rapid inclination of consumers towards synthetic rubber from natural rubber. They are used widely for commercial purposes, especially for manufacturing tires. It is considered to be very cost-effective as compared to natural rubber