Revenue declines recorded in 2024 by majority of manufacturers in Europe, North America, Japan
Combined sales among the world’s 50 largest non-tire rubber product makers reached $84,828 million in 2024, representing a decline of around 2.3% from the prior-year total.
The negative trend is in marked contrast to last year’s survey, when the top players registered a 6.4% increase in revenues – at that stage reflecting a consolidation of recovery from the impact of the Covid-19 pandemic on the global industry.
This time around sales among European-based rubber product manufacturers – recorded in the survey both this year and last – reached a total of around $34,134 million, representing a year-on-year decline of 2.1%. This compares to a year-on-year increase of 2.0% in the 2024 survey.
On a similar basis, North American rubber parts makers registered a more modest decline, with combined sales down 1.4% year-on-year to $24,978 million. This compares to a combined sales increase of 1.2% last year.
Meanwhile, revenue among Japanese-based rubber-component manufacturers fell 4.4% to $14,630 million – versus a 3.4% increase in 2023 sales, as recorded in last year’s survey.
The declining trend in the three regions was reflected in the business performance of the world’s largest rubber product manufacturers, with revenue reversals a recurring theme among most major players.
Despite a 1.5% decline in sales from 2023, Freudenberg Group strengthened its longstanding grip on top spot with estimated rubber-based product sales of $7.72 billion.
Nearest rival Continental saw its sales fall by 6.3%, as the German group’s ContiTech business – now lined up for divestment (see p22) – registered estimated sales of $6.0 billion in 2024.
For the second year in a row, US-based Parker-Hannifin secured third spot over Hutchinson, as the group maintained a solid margin of about $400 million over the French manufacturer.
Total group subsidiary Hutchinson rounded out the top four, outperforming its main rivals with a 4.1% increase in total sales to $5.1 billion for fiscal 2024. This kept it about $1.2 billion ahead of its closest competition.
Sumitomo Riko, Gates Industrial and Trelleborg follow next in the top 10 rankings, which also includes Chinese sealing/functional parts maker Anhui Zhongding – bolstered in 2022 by the acquisition of Bridgestone’s €424-million turnover, anti-vibration rubber business.
Helped by increasing demand from the automotive, construction and railway industries, the Anhui-based manufacturer moved up two places in the rankings to no. 8: sales lifting by an impressive 7.7% year-on-year to $2.5 billion.
Thailand-based Sri Trang Gloves had the biggest rise among the top 50 this year, rising up the charts all the way to No. 34 after making an appearance at No. 43 last year – growth fuelled by a 32.4% year-on-year uptick in total sales.