Rubber chemicals market to reach $5.3bn by 2024

Cleveland, Ohio – The worldwide market for rubber processing chemicals will grow at a CAGR of 4.9% from $3.63 billion (€3.17 billion) last year to over $5.31 billion by 2025, according to Global Market Insights (GMI).

The CAGR figure is more-or-less in-line with other markets reports on the rubber processing chemicals sector. Some studies, however, project the market-value to approach $7.0 billion with volumes of around 45 million tonnes by 2026.

In its latest market study, GMI forecast the rubber-curing accelerators segment to deliver the highest levels of growth, building on 2017 revenues estimated at over $1.5 billion.

The pace of demand, it noted, reflects the contribution of accelerators to reducing production times and facilitating fast and economical production of rubber parts to required quality standards.

Demand for anti-degradant rubber chemicals is also set for to grow significantly to 2024, the report also indicated.

Overall, GMI said rubber chemicals demand is being mainly driven by the automotive industry and to a lesser extent by growing demand in construction applications, such as roofing materials, floor coverings and sealants.

On the other hand, the report noted market pressures around stringent regulations linked to human health and environmental concerns, as well as from a shift to the production of ‘green’ tires.

GMI listed major players in the rubber chemicals industry as including: BASF, Solvay, Kumho Petrochemicals, Eastman Chemical, AkzoNobel, Emerald Performance Materials, Linkwell, Sumitomo Chemicals, RT Venderbilt, Merchem and Pukhraj Additives.

Lead image source: Continental