Cleveland, Ohio – World demand for rubber is to rise 3.9 percent per year to 31.7 million tonnes by 2019, according to a recent report by US-based industry market research firm Freedonia Group.
According to the report, gains will be driven by increased tire manufacturing, which represents the largest application for rubber.
Rising income levels in developing regions, particularly in the Asia/Pacific region, will support gains in motor vehicle manufacturing and usage, fueling demand for tires and, in turn, rubber.
Synthetic rubber is projected to hold steady at 55 percent of world rubber demand in 2019. While use of synthetic rubber is expected to become more common in some applications, particularly rubber gloves, natural rubber will remain a crucial material in the tire industry.
“Growth in manufacturing activity will also support increased demand for rubber in non-tire applications such as automotive components, industrial rubber products, medical products, and footwear,” said analyst Elliott Woo.