In a study, PMR reviewed a wide range of rubber-chemical markets: from antioxidants and UV stabilisers to activators, accelerators, stabilisers, vulcanising agents and processing aids, among others.
The growth, from a projected value of about $4,750 million last year, will be driven largely by expansion in global demand for tires, according to the study.
“The tires and related products application category are considered to be largely attractive in the global market and is projected to record a 4.2% CAGR in the approaching years,” it said.
Rubber processing chemicals are also finding increasing application in non-tire applications, such as latex items, footwear, belts and hoses.
On the other hand, the rubber chemicals market faces challenges from environmental regulation, as well as from potential product-substitutions and fluctuating crude oil costs.
The Asia Pacific region (excluding Japan) is set to dominate the global market for rubber processing chemicals, continued the report. This region, said PMR, is likely to exhibit a 5.6% CAGR in the coming years and be worth almost $4,500 million by 2026.
(Lead image source: Continental)