Rubber Products Global Market Report 2021- COVID-19 Impact And Recovery

The Business Research Company’s Rubber Products Global Market Report 2021: COVID-19 Impact And Recovery To 2030

LONDON, GREATER LONDON, UK, January 13, 2022 /EINPresswire.com/ -- The global rubber products market is made up of the sales of rubber products by companies that produce tires and retreading, rubber hoses and belting, rubber sealants and all other rubber products which have domestic and industrial applications.

Having shown steady growth to 2019 (CAGR 5.9% between 2015-2019), the global market suffered a dramatic fall with the onset of COVID-19 as data in the Global Market Model shows. In 2020, the global rubber industry was worth $327.7 billion, a -11.4% decline from its $370 billion value in 2019. With COVID-19 came the cessation followed by the slow reopening of manufacturing and industrial facilities affecting both the production and supply of finished goods for and from major sectors such as automotive, textiles, chemicals, footwear, and construction. At the same time, falls in economic activity affected demand for many consumer goods. These factors and their impacts on global supply chains for the supply of raw materials and distribution of final products, drastically affected the global rubber industry.

In 2021, the rubber product market size is forecast to return to near 2019 levels, having a value of $359.8 billion, as industry resets itself, economic activity recovers and industry adapts to operations in environments ‘living with’ COVID-19. By 2030, the industry will be worth $549.8 billion globally. While environmental and sustainability concerns about the impact of industrial manufacturing and end use categories such as cars will have some dampening effects, the automotive sector will still be a major factor driving demand, especially as techno developments are providing greener alternatives such as green tires, which offer reduced fuel consumption through better grip and low rolling resistance. The market overall will also be affected by increased use of alternative materials such as plastics.

Asia Pacific is the largest regional market for rubber products worth $158.8 billion in 2020, accounting for a 48.5% share of the overall market. This is followed by North America at more than half its value at $65.5 billion (20% share) and Western Europe ($56.2 billion, 17.1% share), then Eastern Europe, South America, Middle East, and Africa together accounting for the remaining $4.4% share of $47.1 billion. The APAC region is the largest producer, especially of natural rubber such as latex whereas the regions of South America, the Middle East and Africa tend to be reliant on importing the natural raw materials and tire production is less. Between 2015 and 2019, the greatest market growth was seen in the Middle East (11% CAGR). South America Africa and Asia Pacific showed growth rates between 7-7.8%, whereas the other regions showed growth rates between 3.1% and 4.4%. By 2030, Asia Pacific will retain its leadership of the global market exhibiting a 4.5% CAGR (2025-2030) to reach a value of $264.7 billion and 48.1% share of market, compared with second place North America’s market worth $100.2 billion (3.4% CAGR 2025-2030). Between 2025-2030 South America will show the highest growth rate of 8.1% CAGR to reach $36.6 billion.

In 2020, it is the tires segment that accounted for the greatest share (55.5%) of the total market and was worth $182 billion while hoses and belting accounted for 12.8% of the global market with a value of $42.0 billion. The ‘other’ segment accounts for 31.6%, worth $103.7 billion. Between 2015-2019, tires grew at 6.6% compound annual growth rate, with hoses and belting showing a 4.4% CAGR.
From 2021 to 2025, tires will show a 5.3% CAGR to reach $245.7 billion, compared with a 3.8% CAGR for hoses and belting to reach $52.8 billion. By 2030, the tires market is forecast to be worth $304.9 billion, hoses and belting $61.0 billion and ‘other’ rubber products $183.9 billion.

Rubber Products Global Market Report 2021 is one of a series of reports from The Business Research Company that provides rubber products market overviews, analyzes and forecasts the rubber products industry market size, share, key market players, market segments and geographies, the market’s leading competitors’ revenues, profiles as well their market shares.

Here are some related reports:
Plastics and Rubber Products Global Market Report 2021
https://www.thebusinessresearchcompany.com/report/plastics-and-rubber-products-global-market-report-2020-30-covid-19-impact-and-recovery

Rubber Products Manufacturing Global Market Report 2020
https://www.thebusinessresearchcompany.com/report/rubber-products-manufacturing-global-market-report

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